An Upper East Side home owned by the estate of a late oil heiress has been hit with a massive $10 million price cut.
The eight-bedroom dwelling of the late Anne Bass, ex-wife of Texas oil billionaire Sid Bass, first hit the market for $70 million in May. It’s now down to $60 million.
The 12th-floor spread is at 960 Fifth Ave., a Rosario Candela-designed building. Bass purchased the residence with Sid in the early 1980s. They divorced later that decade.
She passed away in 2020 at age 78 from ovarian cancer.
The full-floor unit boasts “as many bedrooms and bathrooms as you could ever want,” according to the listing, along with 10 windows facing Fifth Avenue with Central Park views. The living room, formal dining room, library and main corner bedroom suite all face Central Park. The home also features a chef’s kitchen, five woodburning fireplaces, high ceilings, wide hallways, and plenty of room for home offices and staff.
Building amenities include a common roof terrace, a roof gym and a private restaurant with an in-house chef.
This is the same building where the late Edgar Bronfman Sr. sold an apartment for a then-record $70 million in 2014; it’s currently home to cosmetics heir Aerin Lauder, who paid $47 million for her abode in 2019.
Some top brokers have speculated that this price drop reflects a certain reality — that, as one said, “buyers care about real estate, not the names of the people who lived there, no matter how wonderful they were.” The broker, requesting anonymity, cited an Upper East Side home formerly owned by the late Joan Didion, the legendary author of “The Year of Magical Thinking” as another example of “wishful, magical thinking” when it comes to real estate pricing.
Didion’s longtime home first hit the market for $7.5 million. It went into contract earlier this month, following a price cut to $5.75 million, Gimme Shelter reported. The home is still in contract, so the final price is not yet known.
Other brokers, however, say that certain names may not add value, but they do “add romance and bring eyeballs” to the listings. As one broker said: “Potential buyers love hearing who came to dinner parties in the apartment, secretly hoping their lives would also become as elegant and fabulous if they lived there too.”
In this case, a broker said, the price drop could also “show that the sellers are serious, unlike some people who put their homes on the market to see what they could get, without having any intention of selling.”
The listing brokers are Alexa Lambert and Alison Black of Compass, who both declined to comment.
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