Los Angeles real estate and art mogul Eli Broad has been struggling to unload his two-bedroom $15 million apartment in the tower of the Sherry-Netherland in New York.
NY Observer: Since August, Mr. Broad, the Los Angeles real estate and art baron, has quietly been trying to sell a six-room, two-bedroom tower apartment at the Sherry-Netherland, the high-nosed Fifth Avenue hotel. The place is listed with Stribling for $15 million; the bad news is that there’s a disquieting $17,306 monthly maintenance, and the good news is that the sum covers daily maid service.
Addresses on a deed from 2006, when Mr. Broad’s trust bought a separate unit in the building for $9.45 million, connect him to the tower apartment. But he’s been at the Sherry for much longer than two years: “Sitting on a couch in his plush apartment at the Sherry-Netherland Hotel the other day,” a profile from 1985 began, “Eli Broad explained that he had begun collecting art in 1969. …”
In the ’90s, The Wall Street Journal reported that the Bronx-born septuagenarian had bought a floor of the building in 1996, had hired Jed Johnson and then Barbara Barry to redesign it, and had consigned to Christie’s the furniture that “didn’t work.”
Why might the billionaire suddenly be concerned with his wealth? Because most of it is tied up with AIG.
Someone who ranked between Murdoch and Geffen on September’s Forbes 400 probably doesn’t panic over $15 million apartments. But considering that Mr. Broad’s fortune is tied up with AIG, which bought his company SunAmerica 10 years ago, the unsold unit’s $17,306 monthly costs must suddenly seem less laughably trite.
Fortunately, his full-floor pied-à-terre is quite spacious, as pictures from Stribling’s listing illustrate.
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