You have to spend money to make money, they say. And when it comes to flipping property, they are absolutely correct.
Despite owning one of New York City’s most prestigious pieces of living space – a triplex penthouse atop One Madison with 360-degree views of Manhattan – business magnate Rupert Murdoch is “downgrading” to a $25 million West Village townhouse.
The asking price? $72 million, which would be a record fee for real estate in New York.
He leaves behind 7,600 square feet of unparalleled real estate that boasts a 50-foot lap pool, fitness centre, yoga room, home theatre, five bathrooms, wraparound terrace, and a whole bunch of other ostentatious luxuries that would make this sentence too long if listed.
But before you question Murdoch’s sanity for ditching his digs, it’s important to consider he purchased the unit(s) for $57.25 million in 2014.
That’s a $15 million flip in one year.
All photos courtesy of One Madison Penthouse