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The $20-Million Nine: Kips Bay Showhouse

Today's $20-million-tour stop brings us back to 64th St., where they all roll like that. For the design buffs in the crowd, this place was the Kips Bay Decorator Showhouse in 2005. For the media buffs, it was once the home of the NY Observer. And now, it is for sale for $20 million. According to the Real Deal, the apartment has already sold once this year ? for $9.5 million ? to a "Manhattan investor." Hmm. Are all those purty decorations really worth an extra $10.5 mil or are we missing something here? (Our lines are open. Please, be gentle.) UPDATE: NY Mag says, yes, it was the decorations.

After the jump, an exterior shot, the listing, and a question about the architectural lineage of yesterday's niner.

First, unfinished business from yesterday. A special correspondent writes, "Who is the