Another Palazzo Chupi Price Chop - Save $31 Million!

by Jared Paul Stern (RSS feed)
Jun 26th 2009 at 8:01PM

Larger-than-life art star Julian Schnabel has cut the price on his outrageous Palazzo Chupi (above) in NYC yet again, and is now asking only $27.9 million for five floors combined of the pink palace. The 7,676-sq.-ft. spread consists of a duplex and triplex penthouse that were originally listed at $32 million and $27 million respectively when they were our Estate of the Day last year. The new price reflects an astounding discount of $31.1 million, less than the triplex itself originally. The apartments are also available separately with the triplex priced at $14.95 million and the duplex $12.95 million, Curbed reports. The previous reduction had them at $20 million and $18 million, respectively. As my colleague Deirdre Woollard reported recently, Schnabel has also been trying to rent the apartments out for $50,000 and $40,000 per month, respectively. Meanwhile he has had to sell a Picasso to finance the debt incurred in the building's construction.

Tags: Julian Schnabel, JulianSchnabel, New York, NewYork, Palazzo Chupi, PalazzoChupi