Rupert Murdoch Takes a $20 Million Loss on His New York City Penthouse
The media tycoon took in just $23.8 million for the triplex aerie at One Madison that he acquired a decade ago for $43 million.
After a dizzying two years on and off the market and numerous price chops, Rupert Murdoch has finally sold his penthouse in New York’s Flatiron District to an as-yet-unidentified buyer for a speck under $24 million. The Fox News and News Corp owner bought the triplex at the One Madison tower in 2014 for a whopping $43 million, which means he took a stunning $20 million loss on the property, not counting carrying costs, improvement expenses and real estate fees. The nonagenarian billionaire originally aimed for a much higher (and profitable) sum when he first listed the apartment in 2022 for $62 million. Alas, failing to find an interested party at that sky-high price, the media magnate’s mansion in the sky received several price chops. It was last discounted in June to its final ask of $28.5 million.
The reason for the reductions was to keep the residence in line with comparable values in the area, Kyle Blackmon, the head of luxury sales at Compass, who represented the property, told Crain’s New York Business over the summer. “My client is a realist, and he is very astute about how markets function,” Blackmon explained to the newspaper.
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The condo occupies the 58th, 59th, and 60th floors of the bronze and glass skyscraper and has been renovated during Murdoch’s decade-long residence. Altogether, the three-level spread comprises six bedrooms and six and a half bathrooms across its 7,143 square feet and is decked out with double-height, floor-to-ceiling windows that offer up panoramic views of the Empire State Building, along with the gold dome that caps the New York Edition hotel. And, for those with no fear of heights, a slender terrace wraps around the great room.
