Not long ago, Larry Gagosian bought Gary Cooper’s old house in Los Angeles. J. Christopher Flowers, the private equity investor in banks, isn’t quite as glamorous as Cooper but his ill-fated Upper East Side private home is. The mansion was once owned by Jacqui Safra who sold it to Flowers for $53m. Flowers subsequently got divorced and decided to take a loss on the property. Enter Gagosian. The New York Post says that he just bought the place:
Gagosian has just closed on the HarknessMansion, the more than 20,000-square-foot townhouse at 4 E. 75th St., for $36.5 million. That might sound like a high price, but it’s actually a stunning $16.5 million less than what private equity titan J. Christopher Flowers paid for the 50-foot-wide townhouse in 2006.
Art of the Deal (NY Post)
