Most Expensive Manhattan Mega-Mansion Sells At A Loss Of $16.5 Million
Back in 2006 when property prices were on the rise and economic optimism was in the air, investor J. Christopher Flowers purchased a luxury mansion in Manhattan for $53 million. The property in question was the Harkness Mansion , a mega-mansion that stands on 4 East 75th Street . Back then, the $53 million that Flowers paid for the building was a record-breaking sum that grabbed real estate headlines across New York. But the real estate market is no longer in a happy state. It is still struggling to shake off the negative impact of the global economic recession. So even the most expensive mega-mansion in Manhattan was sold at a big loss. According to reports, this mega-mansion Flowers has agreed to sell the property at $36.5 million. That would be a total loss of $16.5 million, given that Flowers spent $4 million just gutting the place. Apparently, Flowers has been trying to sell the 20,000-square-foot townhouse for a while now. Initially, he was willing to sell the New York ...