Billionaire Buys 5th Avenue Duplex for a Fraction of Asking Price The Co-op Originally Listed for $120M

(istock.com)

A Fifth Avenue co-op that went on the market a few years ago for $120 million has now finally sold – but only at a fraction of that price

According to The Wall Street Journal, the 12,000-square-foot, seven-bedroom duplex that once belonged to Salomon Brothers executive John Gutfreund was bought by billionaire trader Stanley Druckenmiller for $53 million.

The lavish apartment at 834 Fifth Avenue was listed in 2016, the same year that Gutfreund died, and has undergone a number of price reductions. As of this past April, according to StreetEasy, the unit was last listed at $59 million.

With views of Central Park, the unit boasts over 20 rooms, 24-foot ceilings, a marble staircase and a 50-foot-living room, according to the Journal. The building's amenities include a health club, courtyard, and a doorman/attendant.

This marvelous duplex at 834 Fifth Ave is literally a mansion within the environs of a full service white glove building, and its scale and facilities allow for a lifestyle that distinguishes the apartment even amongst the best and grandest residences within NYC,” said on the web site of Sotheby's International Realty, which is handling the listing.

Druckenmiller--who recently sold his Greenwich, Connecticut estate for $25 million, according to Curbed--did not respond to the Journal's request for a comment.

David Chiu is an associate editor at The Cooperator. 

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