- Former WeWork CEO Adam Neumann is considering selling one of the properties he owns on Irving Place in Manhattan’s coveted Gramercy Park neighbourhood, Bloomberg’s Gillian Tan reported Monday.
- Rumours of the sale come in the midst of Neumann reportedly regaining his billionaire status, thanks to Softbank’s October bailout of WeWork.
- Though estimates of Neumann’s exact net worth vary, the former CEO is now thought to be worth “at least $US1 billion,” according to Bloomberg.
- Neumann has a sprawling real-estate portfolio that includes luxury homes in New York and California, Business Insider’s Libertina Brandt and Meghan Morris previously reported.
- Visit Business Insider’s homepage for more stories.
Sources with knowledge of the WeGrow founder’s private affairs told Bloomberg that Neumann has hired real-estate brokerage Compass’ Nick Gavin to sell his triplex penthouse, located on Irving Place in Manhattan’s coveted Gramercy Park neighbourhood.
Neumann purchased four units in the Irving Place building in 2017 for $US35 million – a duplex penthouse, a unit on the floor below the penthouse, and two units on the first floor – a review of property records by Bloomberg found. He eventually combined the two-story penthouse and the apartment he’d purchased right below it to create the existing triplex penthouse he is now reportedly trying to offload.
The two first-floor units – which sources have told Business Insider houses the Neumann family’s personal support staff – will not be for sale, per Bloomberg‘s source.
A representative of Neumann did not immediately respond to Business Insider’s request for comment on the property’s reported sale.
The ousted CEO is reportedly a billionaire once again
News of the rumoured sale comes in the midst of Neumann reportedly regaining his status as a billionaire thanks to Softbank’s bailout of WeWork in October. Though estimates of his exact net worth vary, the former CEO is now thought to be worth “at least $US1 billion,” according to Bloomberg. As of November 11, Forbes also puts Neumann’s real-time net worth at $US1 billion.
Neumann made his fortune after founding coworking empire WeWork, and his net worth has paralleled the startup’s growth and subsequent plunge following the up-and-down IPO adventure that saw it whipsaw from a $US47 billion valuation to talk of bankruptcy in just six weeks.
The drop in Neumann’s personal net worth from a peak of $US4.1 billion was the result of the declining value of his 18% stake in WeWork, Forbes reported. WeWork was valued at $US47 billion in January following an investment from Japanese investment firm Softbank. However, the company reportedly sought a valuation as low as $US10 billion in September as public scrutiny over its steep losses and leadership structure threatened its IPO. Forbes now estimates that the company is worth “at most $US2.8 billion.”
Neumann has a sprawling real-estate portfolio that includes a Hamptons home in Water Mill, New York; a townhouse in a different area of Gramercy Park; a farm in Westchester County, New York, that is frequently visited by WeGrow students; and a 13,000-square-foot home in Corte Madera, California, Business Insider’s Libertina Brandt and Meghan Morris previously reported. The holdings cost Neumann over $US650,000 in property taxes annually.
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