The fashion mogul first listed the place for $80 million
Another day, another chapter in the long, sad story of prep mogul Tommy Hilfiger’s surprisingly unpreppy Plaza duplex penthouse, which is now back on the market at the extremely discounted price of $50 million.
Hilfiger and his wife, Dee Ocleppo, picked up two units from the building’s developer in 2008 for $25.5 million, the Wall Street Journal reports, combined them, and spent $20 million building a lacquer-and-wood wonderland. Like the set of a very mod Through the Looking Glass (antiqued mirrors, lots of checker boarding), the 5,600-square-foot apartment features a domed tea room with an original hand-painted mirror by Hilary Knight (illustrator of the Eloise books), a terrace overlooking Central Park, and four bedrooms with various themes (one is nautical, one “rock & roll,” and one “lavender fields”).
But as Hilfiger told the WSJ, they have been spending most of their time at their houses in Greenwich, CT and Palm Beach, FL, where they just picked up a $34 million “oceanfront estate,” and so are interested in offloading the place. (They also put their home outside of Miami on the market in February.)
Historically, though, this has proven something of a challenge: after attempting and failing to flip the place shortly after buying it—2008 was perhaps not ideal timing—the couple renovated and relisted for $80 million. But that didn’t work either, presumably on account of costing $80 million, and since then the place has been on and off the market with slow and steady price drops: $75 million in March 2015, $68.95 million in January 2016, $58.9 million in November 2016, and now down to an even $50 million—37.5 percent off the original price.
Not, to be clear, that Hilfiger is desperate. “I had a couple of offers on it which didn’t come through,” he told the WSJ, reflecting on his real estate journey. “One I didn’t accept and the other the guy didn’t come up with the money. I’m of the belief that if it sells, it sells. If it doesn’t sell, I’ll just keep it.” So don’t expect any further chops…this month.
The property is listed with Nikki Field and Amanda Field Jordan of Sotheby’s.
- Tommy Hilfiger Again Slashes Millions off Plaza Hotel Penthouse [Wall Street Journal]
- Tommy Hilfiger will keep his Plaza Hotel penthouse after all [Curbed NY]
- Tommy Hilfiger’s Plaza penthouse undergoes a $10M pricechop [Curbed NY]
- Tommy Hilfiger’s Plaza Penthouse Is Now Asking Just $69M [Curbed NY]
- Tommy Hilfiger’s Artsy Plaza Penthouse Is Now Only $75M [Curbed NY]