David Geffen to Buy Denise Rich's 54M New York Penthouse

Socialite Denise Rich’s fabulously glamorous 20-room Park Cinq penthouse was originally listed at $65 million.

DreamWorks founder David Geffen currently resides at 785 5th Ave. and is moving to a new apartment, #17-18. The top Democratic donor renounced her American citizenship in November, according to her lawyer, and has now sold her New York City home. It made a huge splash in the Manhattan real estate market by becoming the most expensive co-op for sale in the Big Apple.

The now Austrian citizen was originally asking $65million for the stunning 12,000 square-foot duplex, but settled for a selling price of millions less.

By dumping her U.S. passport, the wealthy Socialite will likely save tens of millions of dollars or more in U.S. taxes over the long haul, tax lawyers say. However, she will still have to pay exit tax on her penthouse.

The New York Post’s Page Six exclusively reported the massive sale, noting that Geffen will likely spend two years renovating the space.

The Socialite‘s apartment is directly below the one he just purchased. Sources tell Page Six that David plans on selling his old place rather than combining the two properties.

The penthouse sits on Fifth Avenue, right outside of Grand Army Plaza, the Plaza Hotel and Central Park. Corcoran Group listed the apartment, calling it ‘the epitome of luxury and grandeur.’

Vanity Fair‘s description of Denise‘s famous Park Cinq apartment:
Rich’s mammoth two-story creamy-beige marbled apartment, said to be in the $40 million range, overlooks Fifth Avenue and Central Park, and is decorated with works by Picasso, Chagall, Miró, Léger, Braque, Warhol, Calder and Lichtenstein, as well as a Julian Schnabel broken-crockery portrait of her with black hair and larger features. A recording studio, an office, a spa and guest rooms are on the lower floor; there is also a rooftop garden.

When the Socialite listed the apartment in January, Denise told the Post that she had outgrown the space, as her daughters had recently moved out. ‘My greatest hope is that the next family loves and enjoys this home as much as we did.’

The real estate agents that held the listing at Corcoran Group were Noble Black, Chazz Levi and Bonnie Pfeifer Evans, described the apartment’s opulent features as:

The largest-ever offering of a penthouse on Fifth Avenue is the epitome of luxury and grandeur. 20 rooms, wrap-around terraces, plus a full rooftop terrace, seven bedrooms, 11 baths, three kitchens, all atop a white-glove Emery Roth cooperative overlooking Central Park. The upper level is home to the grand salon and the most amazing views of Central Park and the Manhattan skyline to be found …. The lower level is comprised of six bedrooms, large media room, professional recording studio, billiard room, two kitchens and a complete gym overlooking Central Park. A private roof terrace on the top floor is the perfect spot for a grand gathering. Truly incomparable. Pied-a-terre and International purchasers welcomed.

Denise once converted the outdoor terraces into an ice-skating rink with performing ice skaters to entertain guest for a party, according to the Post.

Geffen will have to pay a monthly maintenance fee of $25,000.

The Grammy-nominated songwriter has penned songs recording artist such as Aretha Franklin, Mary J. Blige, Jessica Simpson and Mandy Moore.

Lady Gatsby” now plans to live in London, it is said, and is a frequent habitué of Cannes, Monte Carlo, and St. Tropez, often sailing to each port on her 157-ft yacht, Lady Joy.

The media mogul and the Socialite were supposedly not on the best of terms. According to Page Six, David threatened to take Denise to court after her jacuzzi flooded, soaking parts of David’s apartment. She later settled with him out of court.

David Geffen, 69, is a stalwart in the media world, with properties both in New York and Malibu. Forbes ranks the University of Texas dropout’s net worth at $5.5billion. He began his career sorting mail at the William Morris talent agency, the magazine reports, and worked his way up from there.

He is the proud owner of a 453-foot yacht called the Rising Sun, which he bought from Larry Ellison. He expanded his maritime collection after he reportedly purchased one of Roman Abramovich’s yachts, the 377-foot Pelorus, for $300 million.

He parted ways from his much younger boyfriend, Jeremy Lingvall in February, the Post said. Lingvall, 28, a graduate of the University of Santa Barbara. Sources said that there was no one else involved in the split.

As MSNBC reports, Denise has never quite escaped the scandal that ensued after the pardon of her ex-husband by President Bill Clinton.

Denise’s ex-husband, one-time international oil fugitive Marc Rich, fled the U.S. in 1983 when indicted on charges of tax evasion, fraud, racketeering and illegal trading of oil with Iran. They divorced in 1996.

Marc Rich received a presidential pardon in 2001 on President Clinton’s last day in office. Federal prosecutors and Congress investigated the pardon, and in 2002 a House of Representatives committee concluded Denise Rich had swayed the action through donations to the Clinton library and campaign.

Park Cinq

785 Fifth Avenue, usually called the Park Cinq, (Park-V), is a luxury, cooperative apartment building on Fifth Avenue at the corner of 60th Street in Manhattan.

The eighteen-story building was constructed by the Fisher Brothers developers in 1960. Park Cinq shares its Fifth Avenue block with the Sherry Netherland Hotel. The building has eighteen stories and a penthouse. The upper floors offer “sweeping Central Park views.”

The year the building opened, the New York Times described it as containing sixty-six “mansions,” and described it as being “the world’s most luxurious multiple dwelling.” Among the luxury details considered remarkable in that era where the presence of telephone outlets in every room and special windows designed to keep out noise. There were also marble bathrooms and parquet floors, but the entire building was in modern style unlike the traditional Renaissance and Georgian styles of older buildings in the neighborhood. The building’s dedication was attended by Prince and Princess Serge Belosselsky-Belozersky of Russia.

Notable residents have included David Geffen, Denise Rich, Robert A. Daly, Barbara Broccoli and Fred Zollo. Shipping tycoon Daniel K. Ludwig lived in the penthouse when the building first opened.

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