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Fendi Heir Grows Tired of One Beacon Court Condo He Barely Saw

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Today in reasons why it pays to be an heir to an Italian luxury goods fortune, we bring you the above 2BR/2.5BA apartment high up in Midtown's One Beacon Court, the celeb-friendly condo tower. It was just sold by Luca Formilli Fendi, but this transaction was by no means an easy journey, the Wall Street Journal reports. You see, Luca (we're on a first name basis) initially put the apartment on the market in March 2009 for $7.75 million. After brokers called him crazy, the price got cut to $6 million, but every time a potential buyer put in a bid, Luca kept raising the price. What a prankster!

Turns out he was too busy dealing with the stresses of racing speedboats in Europe to bother rushing into a sale (or even stepping foot inside the apartment). But now Luca wants "something more impressive downtown," so his broker finally talked him into accepting an offer just below $6.1 million. We're sure he was a little upset, but in the end he just had to accept getting only 38% more than he paid for the place in 2005. And that's why it pays to be an heir to an Italian luxury goods fortune.

· Listing: 151 East 58th Street #33D [Domus Realty]
· Fendi Scion Finally Finds Condo Buyer [WSJ]

One Beacon Court

151 East 58th Street, New York, NY 10022 Visit Website