The Real Estate Value of $70 Million
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
One property recently sold in Palm Beach and another on the market in Manhattan both carry prices tags of $70 million, among the highest amounts ever paid for a residential property. The following is a comparison of what $70 million will buy in the two locations.
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PALM BEACH Revlon boss Ronald Perelman sold his Palm Beach home Casa Apava this month for $70 million. The cosmetics executive was recently in the news after he and the owner of a cafe across the street from his Upper East Side home settled a dispute over adding outdoor tables at the cafe.
SAND CASTLE The 26,000-squarefoot oceanfront landmark on “Billionaire’s Row” in Palm Beach was designed in 1918 for a congressman from Ohio, Chester Bolton, and his wife, Frances Payne Bolton. The home was on 18 acres until 1987, when developer E.F. Hansen bought the property for $14.25 million and carved it into small lots to sell individually. In 1993, when Mr. Hansen ran into financial difficulty, Citibank bought the estate at public auction for a mere $1 million and sold the 6-acre parcel with Casa Apava to Mr. Perelman, who is married to actress Ellen Barkin, for $11.6 million. Mr. Perelman spent millions restoring the seven-bedroom, 18-bath home.
FINANCIAL BLOW The $70 million sale includes the home’s furnishings, a lot across the street with a dock on the Intracoastal Waterway, and 500 feet of beach. It has an assessed value of $33.4 million.
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NEW YORK Wall Street financial guru Martin Zweig bought the penthouse apartment at the Pierre Hotel in 1999 for $21.5 million from Australian publishing heiress Lady Mary Fairfax. She first listed it in 1996 for $35 million. It would be the most expensive real estate sale in New York history.
PALATIAL ABODE The penthouse at the Pierre has 360-degree views and the 11,000-square-foot cooperative atop this tony hotel oozes pure luxury, with the original 2,800-square-foot ballroom boasting a 23-foot curved ceiling, 360-degree views, five wood-burning fireplaces, five bedrooms, two reception rooms, a chef’s kitchen, seven bathrooms, and three powder rooms. Other perks include a private elevator, four corner terraces, a separate guest apartment, and two full-time designated hotel staff.
OUCH FACTOR The price is $70 million, plus a cool $47,767 a month to cover the staff, who carry out hotel rituals such as leaving mints on the pillows, turn-over services, 24-hour concierge service, and room service.
