DreamWorks founder David Geffen closes on citizenship-renouncing socialite Denise Rich's NYC duplex penthouse for record-breaking $54million



David Geffen, 69, is said to have purchased penthouse listed by Grammy-nominated songwriter and socialite Denise Rich

Rich recently renounced her American passport and will now live in London

Sold 12,000 square-foot Fifth Avenue co-op for $11m less than asking price

Record executive and producer David Geffen finalized a deal last week to buy the luxury penthouse apartment owned by socialite Denise Rich on Manhattan's Upper East Side for record-smashing $54million.



Rich, 68, the Grammy-nominated songwriter who renounced her American passport in November, was originally asking $65million for the stunning 12,000 square-foot Fifth Avenue dwelling, but settled for a sum nearly 17 per cent lower than her asking price, according to the Wall Street Journal.

Still, the deal marks the highest price ever paid for a co-op in Manhattan, according to Jonathan Miller, president at Miller Samuel Real Estate Appraisers & Consultants.



Moving on up: Media mogul David Geffen has just bought the seven bedroom, 11 bathroom penthouse on Fifth Avenue owned by Denise Rich

Grand views: The co-op offers a sweeping panorama of Grand Army Plaza and Central park

Shiny new beginnings: There are marble floors and 11-ft ceilings throughout

New and old: DreamWorks founder David Geffen, left, reportedly purchased Denise Rich's home for $54million; he currently lives one floor below in the exclusive Fifth Avenue co-op



By dumping her U.S. passport, Rich 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.

It is a matter of much speculation that the wealthy Ms Rich left the States so as not to pay any income tax - if that is the case, than she can afford a few million dollars loss.

The New York Post’s Page Six exclusi vely reported the massive sale, noting that Geffen already lives in the building and will likely spend two years renovating the space.

Geffen’s apartment is directly below the one he just purchased. Sources tell Page Six that Geffen 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. Th e Corcoran listin g for the apartment calls it ‘the epitome of luxury and grandeur.’

Complete with 11ft ceilings and custom mahogany doors, the apartment boasts seven bedrooms and 11 baths, as well a library, two fireplaces, and wraparound terraces.

The plush apartment offers sweeping views of the city, all the way across Central Park and to Columbus Circle. The dining room, which is off of the chef’s kitchen, can seat 22, and leads to one of three terraces.

Hearth and home: The property's library features a wood-burning fireplace, one of two in the 12,000 square foot home

Fancy feasts: The dining room, which overlooks one of three terraces, seats 22, and has an attached chef's kitchen

The suite life: The plush apartment offers sweeping views of the city, all the way across Central Park and west to Columbus Circle

At a loss? Geffen purchased the sprawling duplex for a reported $54million, $11million less than the listing price; he currently lives in an apartment on the floor below

Dream big: The Master Suite has two bathrooms and closets galore

Gutted: Rich had a professional recording studio in her home; it is reported that the DreamWorks founder will likely tear it out

The incredible space also has two kitchens, a full gym, and a professional recording studio that was used by Rich. Page Six reports that the DreamWorks founder will likely tear it out.

But aside from the $54million price tag, Geffen will have to pay a monthly maintenance fee of $25,000.

Rich has written songs recorded by Aretha Franklin, Mary J. Blige and Jessica Simpson, and Mandy Moore, to name a few.



When she listed the apartment in January, Rich 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.’



She 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.

Dining in style: This is one of two kitchens in the co-op, complete with granite counter tops and stainless tell appliances

Feel the burn: In case too much time was spent in the kitchens, the apartment also comes with a fully-equipped gym

Blueprints: The floor plan of Geffen's new lavish home shows the sprawling space over two levels



Panoramic views: Looking out the window, one can see the Plaza Hotel, left, and the southern entrance to Central Park, with Columbus Circle to the west

View from the top: The private rooftop terrace also affords a sweeping view of Central Park

But Geffen and Rich were supposedly not on the best of terms.



According to Page Six, Geffen threatened to take Rich to court after her Jacuzzi flooded, soaking parts of Geffen’s apartment. She later settled with him out of court.

Geffen, 69, is a stalwart in the media world, with properties both in New York and Malibu. 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 $300million.

Forbes ranks t he 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 parted ways from his much younger boyfriend, Jeremy Lingvall in February, the Post said. Lingvall, 28, is a graduate of the University of Santa Barbara.

Sources said that there was no one else involved in the split.



Media mogul: David Geffen and Oprah Winfrey at a special screening of the documentary 'American Masters Inventing David Geffen'