Valentino’s business partner, companion buys One Beacon Court pad

October 13, 2010 12:30PM

Giancarlo Giammetti and the One Beacon Court penthouse at 151 East 58th Street

Giancarlo Giammetti, Valentino’s business partner and longtime companion, has purchased a penthouse at One Beacon Court, sources told The Real Deal.

Giammetti, who is the honorary president of the Valentino Fashion House, closed last week on #PH54E at 151 East 58th Street in Midtown, paying $18.5 million. The four-bedroom, four-and-a-half-bathroom apartment hit the market in May, priced at $22.7 million. It was listed with the Corcoran Group’s Deborah Grubman and Maria Pashby, who declined to comment.

The owner of the penthouse is listed as Imperial Partners, LLC, according to city documents. That entity purchased the seven-room home in 2005 for $8.7 million.

A 2009 documentary, “Valentino: The Last Emperor,” chronicled the relationship between Giammetti and Valentino, who met in Rome in 1960. Giammetti dropped out of architecture school and began looking after the business side of Valentino’s newly founded fashion house. Valentino and Giammetti both retired in 2008.

Giammetti’s apartment search, often with Valentino in tow, spurred rumors that the iconic fashion designer was looking for a new home, but sources say Valentino has no plans to leave his Fifth Avenue apartment.

Giammetti’s pied-a-terre at the Pierre Hotel is still on the market, listed at $12.5 million. According to city documents, he purchased the two-bedroom home in 2007 for $7.5 million.