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Fashion Mogul Nets Only $500K On Pierre Pied-a-Terre Sale

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Giancarlo Giammetti, longtime business partner of Valentino, must have a better eye for fashion than interior design. His renovated apartment at the Pierre Hotel sold for just $8 million, reports the Real Deal, only $500,000 more than he paid for the place in 2007 and nearly $2 million less than the most recent ask. Giammetti originally listed the 2BR/2BA pad for $12.5 million, and then he pricechopped it a couple times down to $9.7 million. The brokerbabble describes it as "the most special two bedroom residence in Manhattan," and it comes with access to hotel services. The master bedroom is upholstered in pink silk, the library has custom shelving with hidden pocket doors, and the marble master bath has an oversized glass shower.
· Valentino Chief Sells Pierre Pad for $8M [TRD]
· Giancarlo Giammetti coverage [Curbed]