Find Out The Interesting Story Behind Rapper Sean ‘Diddy’ Combs’ Former Park Avenue Building That Recently Sold For $24 Million
It looks like luxury real estate is indeed a small world. An Upper East Side building, which is reportedly music mogul’s Sean ‘Diddy’ Combs’ former property, was recently sold for a whopping $24 million after multiple price slashes. This is the 12-story building’s interesting backstory.
Diddy’s Megamansion Dreams
The Park Avenue building first came into the rapper and entrepreneur’s ownership in the late ‘90s when he acquired the property for $12 million. The ‘I’ll Be Missing You’ singer then set up house in one of its units. He had bigger plans for the place though. According to sources, Combs wanted to turn the entire structure into a massive 24,000 square feet megamansion in the middle of New York City.
Unfortunately, his plans didn’t come to fruition. It’s still unclear whether the now-50-year-old musician simply lost interest or gave up on his initial plans. Years later, he eventually sold the property to real estate developer and investor AION Partners for $14.3 million.
Similar to Combs, the developer tried to package the building into larger residential condos with price tags ranging from $12 million to $16 million. The condos didn’t sell though so AION Partners reportedly chose to go for another broker. This decision then led to a lawsuit, which understandably didn’t result in sales either.
AION Partners didn’t give up just yet though and in 2008 it tried to demolish the building altogether. This is in an attempt to reimagine a new one in its place but the idea also failed. By 2017, the company has opted to list the entire building back in the real estate market with a $39 million price tag. This amount was eventually cut down to 426.5 million. The property finally sold for $24 million though.
At the time of its sale, the Park Avenue building featured three separate apartments built townhouse-style. Each had four floors and spanned an expansive 5,000 square feet. Each unit also features up to six bedrooms as well as its own elevator. According to the listing’s brokers, the units can serve as a family compound or be used to generate income.
Aside from the rapper, the building has also housed other members of the rich and famous club. Some of its former tenants include some European royal family members as well as Reed Krakoff, who was Coach’s former creative director.
Rents for its units have reportedly reached as expensive as $55,000 a month. The high price of living in the property is reflected in its current design, which involves details like walnut walls, marble floors, and silver-leaf vaulted ceilings. The building has also been outfitted with private outdoor terraces.
More in Loans & Credit
Planning to Take a Home Mortgage? Here are the Questions you should ask your Mortgage Broker
Often, people who are unable to manage their finances take loans or mortgages to deal with substantial expenditure like buying a...June 22, 2020
First-time Home Buyers, Here’s Your Guide to Finding the Best Mortgage Lender
Are you planning to buy your very first home? It’s not a small decision, especially considering the huge amount of money...June 17, 2020
Here’s How Single Moms Can Efficiently Save up to Buy a New House
Over the past couple of years, more and more people have entered the circle of single parenting. Be it because of...June 17, 2020
If you’re Taking a Loan to Buy a New Home, These Tips Are Sure to Help
With the worldwide pandemic sweeping interest rates to a record low, this is an excellent time to buy a house. A...June 17, 2020
Sofia Vegara and Joe Manganiello’s Latest Investment- A Beverly Park Mansion
Superstars Joe Manganiello and Sofia Vergara have recently bought a magnificent mansion in a lavish community of Beverly Park. According to...June 16, 2020
Don’t Worry about Mortgage Payments: We’ve Got You Covered
The Coronavirus pandemic is driving up the unemployment rate at a rapid pace. At this time, thousands are left without jobs...June 16, 2020
Why You Might Want to Reconsider Getting Your Mortgage at a Bank
Mortgages offered by banks come with hidden traps in the form of clauses. If you want to break the mortgage you’ve...June 16, 2020
How to Maintain a Sustainable Lifestyle- Change Starts With YOU!
Starting on the path to a sustainable lifestyle is nothing less than a challenge. Many people often hesitate because they have...June 15, 2020
Khloe Kardashian in Real Estate News for Plans to List Calabasas Home
Yet another news-bite from the celebrity real estate circle – Khloe Kardashian has joined the gang of celebs who are putting...June 4, 2020