A look back at 9 luxe homes with unforgettable price cuts

When Gary Barnett listed the penthouse unit at Extell Development’s Central Park Tower for $250 million last year, he had a record in his sights. To that point — and still — the most expensive home sale in the history of the United States was Ken Griffin’s $238 million purchase of a quadplex at Vornado Realty Trust’s 220 Central Park South.

Barnett no longer appears poised to shatter that mark.

Early in September, Barnett slashed the price of the penthouse by an audacious $55 million, dropping the ask to $195 million. When Barnett cut the triplex’s listing price, he said the original ask was a “headline price” and was ready to “get serious” about selling the home.

Reading Barnett’s comments at face value would suggest the ploy was a success: Publications have written articles about both the original listing and the price cut. A more cynical take, however, would be that Barnett overpriced the unit and flew too close to the sun, like Icarus. And by a lot, no less.

Extell is in good company, though. In recent years, there have been a few notable price drops that have cut through the normal day-to-day movement of the market, sometimes even breaking through to become a story beyond real estate.

These are some of the most memorable residential real estate price cuts of yesteryear.

750 Bel Air Road | Los Angeles, California | $155 million reduction

The Chartwell Estate in Bel Air hit the market as a pocket listing in 2017 for $350 million. Media mogul Jerry Perenchio owned the 10-acre estate, which has a 25,000-square-foot home, a guest house, covered parking for 40 cars, a tennis court and a pool. After failing to attract a buyer, the price was dropped to $245 million, then $195 million. Even that asking price proved to be lofty, as Lachlan Murdoch picked it up for $150 million.

217 West 57th Street, Central Park Tower Penthouse | Manhattan, New York | $55 million reduction

After failing to attract a buyer at $250 million, Barnett cut the triplex’s listing by 22 percent. That’s still an ostentatious $11,100 per square foot for the 17,500-square-foot unit at Extell’s tower, which has been plagued by discounts since closings started in 2021; around the same time, Extell dropped the ask on a 12,600-square-foot duplex from $175 million to $149.5 million. Ryan Serhant has the Central Park Tower penthouse listing.

26 Pond Road | Kings Point, Long Island | $55 million reduction

The waterfront estate on Long Island has gone through numerous price cuts, starting at a $100 million asking price in 2015. The property went all the way down to $45 million when it popped up earlier this year following an endless journey on and off the market. In 2013, Long Island property manager Helene Abiri bought the home — once owned by developer Tamir Sapir — for $16 million. The 60,000-square-foot home has 18 bedrooms and 28 bathrooms between the main residence and two guesthouses. Serhant has the listing, which is currently described as “permanently off market.”

594 South Mapleton Drive | Los Angeles, California | $40 million reduction

It took a few price cuts for Formula One racing heiress Paula Ecclestone to sell the Spelling Manor, otherwise known as “The Manor.” Ecclestone started trying to unload the 56,500-square-foot home in Holmby Hills in 2016, listing the property for $200 million. The final price chop before it was sold put the price at $160 million; the buyer scooped it up for $40 million below that. History may repeat itself, as the buyer put it on the market again last year for $165 million and has already dropped the ask by $10 million.

9000 West 3rd Street, PH | Los Angeles, California | $38 million reduction

When the property known as “One LA” hit the market last year, its $75 million price tag made it the most expensive condo in Los Angeles. Since then, the asking price has been cut in half. The price dropped to $50 million in March, then $37 million over the summer. The 13,000-square-foot penthouse occupies the two floors of the Four Seasons Private Residences Los Angeles. The Agency’s Billy Rose has the listing.

Attitude Adjustment Road | Savannah, New York | $26 million reduction

Attitude isn’t the only thing that needed to be adjusted to this sprawling 4,000-acre estate in Upstate New York. After Savannah Dhu, the name for the retreat, hit the market in 2019, the ask was $65 million. Two years later, the property — owned by late mall developer Robert Congel — had its ask reduced by $16 million, according to Syracuse.com. That has since come down another $10 million to $39 million. The 25,000-square-foot main house includes 10 bedrooms and 14 bathrooms. Louis Izzo of Four Seasons Sotheby’s International Realty holds the listing.

787 South Bedford Road | Bedford, New York | $26 million reduction

It didn’t require as much time, but the 214-acre property has undertaken the same journey as the property at Attitude Adjustment Road. After hitting the market for $65 million a year ago, April showers brought a 40 percent cut to the listing price, dropping it to $39 million, according to Zillow; that ask remains the same today. The property likely needs a specific buyer who loves horses, considering all of the equestrian facilities and barns, featuring enough stalls for 70 horses. Krissy Blake of Sotheby’s International Realty has the listing.

1561 South Whitehall Lane | Saint Helena, California | $23.25 million reduction

Not every price cut saga has an unhappy ending — at least in terms of getting the home sold. Shortly after completing the 20-acre estate with a 14,000-square-foot home, developer Patrick Cahill put the Napa property on the market for $42 million in 2017. It floated on and off the market since, listed for $28 million in 2022 and down to $18.75 million in February, when it finally drew an all-cash offer from the widow of Warren Simmons. Douglas Manful of Black Book International had the listing.

1932 North Burling Street | Chicago, Illinois | $22.9 million reduction

The mansion in the Lincoln Park neighborhood of Chicago has held the distinction of being the most expensive listing in the city, but has struggled to translate that into a buyer. The home first popped up for sale at a $50 million asking price in December 2016, according to Zillow. Since then, the 25,000-square-foot home has come on and off the market, absorbing a $5 million cut a month before the pandemic, then another $15 million hit at the beginning of the year before dropping an additional $2 million in September. The listing for the property, which features a massive wine cellar and a speakeasy, is held by Tim Salm of Sotheby’s International Realty.

Read more

New York

Gary Barnett slashes price on Central Park Tower penthouse by $55M

Tri-State

King’s Point waterfront estate lists for $55M off initial asking

New York

Central Park Tower duplex lists for $175M