The Real Deal New York

Disgraced hotel CEO sells condo

June 18, 2008 03:09PM
By Adam Pincus

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The disgraced former president and CEO of Morgans Hotel Group, Walter Edward Sheetz, sold an apartment for $8.7 million, three months after buying a Soho condo for $10 million, according to property records posted today.

Sheetz sold the apartment at 81 Spring Street to Robert Goergen Jr., a vice president at Blyth Inc., a Greenwich-based marketer of candles, home fragrance and home decor. Sheetz purchased the apartment for $6.7 million in November, 2006.

Sheetz bought his Soho apartment at 20 Greene Street in March.

He resigned in September from Morgans after a 24-year-old woman was found dead in Sheetz’s Las Vegas apartment of a drug overdose.

A real estate investor in both New York and Las Vegas, Sheetz founded NorthStar Capital Investment Group in 1997. Before his resignation he had planned to upgrade and expand Morgans hotels.

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