November 19, 2012 11:00 AM
Record executive David Geffen just finalized a deal to buy socialite Denise Rich's Upper East Side luxury penthouse for a record-breaking $54 million!
Grammy-nominated songwriter Rich was originally asking $65 million but agreed to drop the price a staggering $11 million. Even with the cost reduction, the sale marks the highest price ever paid for a Manhattan co-op.
The 12,000 square-feet Fifth Avenue place boasts 7 bedrooms, 11 bathrooms, and panorama views of Grand Army plaza and Central Park. The interior has marble floors and 11 ft. ceilings throughout, as well as custom mahogany cabinetry, a library, fireplaces, and wraparound terraces.
As for the reason for the move, Rich reportedly renounced her U.S citizenship to avoid paying income taxes and will now live in London. Geffen, meanwhile, already resides in the building but will spend the next two years renovating before switching units.
This is one uber-rich housing swap!
Check Out Jessica Simpson's Wedding Location, The Famed San Ysidro Ranch
Check Out David Copperfield's $40k A Night Caribbean Resort
Peek Inside The W Maldives Resort Where Kate Bosworth And Michael Polish Vacationed