David Geffen grabs Denise Rich’s Fifth Ave. co-op

The city’s most expensive co-op listing has found a buyer, although he’s getting almost 20 percent off on the deal. The New York Post reported music mogul David Geffen is purchasing Denise Rich’s duplex co-op penthouse — located directly above his current home — at 785 Fifth Avenue. Rich was asking $65 million for the 12,000-square-foot spread, which hit the market in January under Corcoran Group listing agents Bonnie Evans, Noble Black and Chezz Levi, but Geffen picked it up for just $54 million.

The DreamWorks co-founder reportedly does not plan to combine his new investment with his current 5,000-square-foot apartment, which he bought in 2010 for $14.7 million. Instead, he’ll sell his apartment once extensive renovations, which include gutting Rich’s recording studio, are complete. In fact, the location of his home below Rich’s apartment had previously been a source of discontent, as he nearly sued his neighbor for damaging his art and clothing when her Jacuzzi overflowed.

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The Post said numerous foreign buyers had come close to purchasing apartments before being stiff-armed by the strict co-op board. Meanwhile, Rich is renouncing her U.S. citizenship to avoid paying U.S. taxes and is moving abroad. [Post]