Another $100+ million listing bit the dust yesterday (leaving just two) as the proposed $130 million River House mansion was pulled off the market after the River House reached an agreement to buy the River Club itself. Michael Gross reported that the amount the two boards agree upon is $45 million, a number that was then confirmed by the Journal.
How did the River House get to keep its club for only a third of the asking price? Some suspect that the entire listing was simply a bargaining chip, and there was never any actual danger of it going to an individual buyer. "It was never a real listing. They presented something that was outrageously priced and wasn't even a real product," one broker told the Observer. That theory is supported by the Journal's reporting that board turned down a $90 million (give or take) offer from an American buyer in order to make the $45 million deal. The sale is expected to close this summer.
· River Club to Remain in River House: Posh Club Signs Letter of Intent to Purchase Its Longtime Premises [NYO]
· Gripepad Exclusive: $45 million saves River Club [Michael Gross]
· River House in $45 Million Accord With Club [WSJ]
· River House coverage [Curbed]