The Real Deal New York

Schnabel selling Picasso to pay down Palazzo Chupi debt

April 06, 2009 01:38PM

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 Left to right: Palazzo Chupi, Julian Schnabel and “Femme au Chapeau”

Artist and filmmaker Julian
Schnabel is selling a late-period Picasso to pay down debt on Palazzo
Chupi, his five-unit condo at 360 West 11th Street. The sale of the painting, “Femme au Chapeau,” is expected to
fetch $8 million to $12 million. The painting formerly hung in Schnabel’s
living room. Two apartments in the five-unit building remain unsold and
have seen steep discounts in prices.

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