Investor J. Christopher Flowers paid a record-breaking $53 million for 4 East 75th Street's Harkness Mansion in 2006. What does one do to follow that? Turn around and resell the place?for less money! The mansion returned to market in December, with Flowers?who spent around $4 million to gut the place?hoping to get around $50 million for it. Interested buyers wanted to pay more like $40 million to $45 million, and maybe Flowers should have taken one of those offers. Now, the Post reports, he's agreed to sell the place for only $36.5 million. The buyer is art dealer and gallery owner Larry Gagosian, whose buy isn't quite the steal it might seem: he still needs to renovate the mansion. Hey, invite us over when you're done?
· Art of the deal [NYP]
· Harkness Mansion coverage [Curbed]