Karl Lagerfeld Finally Sells Gramercy Park Apartment for $4.5 Million

Karl Lagerfeld has finally sold his condo at 50 Gramercy Park North in New York City, but the fashion legend took a $2.25 million loss on the 2,151-square-foot sixth floor pad. Ouch!

The 3 bedroom, 3.5 bathroom home boasts a beautiful chef's kitchen with Varenna cherry wood cabinets, stainless steel countertops and a white Corian backsplash. All of the bedrooms have large closets and full baths, and there are dark oak floors, custom built-in bookcases and a washer/dryer in the condo.

Building amenities include valet, butler service, housekeeping, catering, room service, event planning, personal shopping, priority reservations, access to the gym and spa, and the private rooftop club.

Lagerfeld bought the place in 2006 for $6.75 million, tried to resell it last summer for $6.5 million, then chopped the price to $5.2 million, and after that it was taken off the market. Lagerfeld then hired a new broker, cut the price down again, and then lowered it even more in September for $4.85 million. According to the New York Post, Lagerfeld never actually moved in, and poor natural light and high maintenance costs contributed to the price cuts. Better luck next time!