» Fixer-Upper Goes for $31 Million at Auction

Fixer-Upper Goes for $31 Million at Auction

Sunday, January 31st, 2010

1-cpw The New York Post (via Curbed NY) reports that a foreclosed penthouse in the Trump International Hotel and Tower (Central Park West at 60th) was sold at auction for a pretty penny, despite the need for thorough renovations. The 5 bedroom, 6.5 bathroom, 5,500 square foot, “gutted” apartment has been the center of a period of financial troubles, starting with its most recent owner, Italian film producer Vittorio Cecchi Gori, who was arrested for bankruptcy in 2008. After Gori lost the penthouse, it contract for $18.5 million to a Russian family, who subsequently walked away from their deposit to avoid the high renovation costs. After being listed for $21 million, an auction was held for its sale. The apartment’s new owner is auction winner Jho Low (not Jenny from the Block, but a Malaysian party boy), who got the “fixer upper” for $31 million. On top of the hefty sale price, approximately $10 million in renovations may be needed. Quite an investment!