The Real Deal New York

Wildenstein heir chops $10M off price of Sutton Square townhouse

Billionaire art dealer is awaiting sentencing in France over $600M tax fraud scheme
By E.B. Solomont | December 14, 2016 01:51PM

7 Sutton Square and Guy Wildenstein

UPDATED, Dec. 14, 3:19 p.m.: Scandal-plagued billionaire Guy Wildenstein, who is awaiting a judge’s decision in a vast tax fraud scheme in France, appears to be getting desperate to sell his Sutton Square mansion.

7 Sutton Square

The 70-year-old heir to the Wildenstein art fortune has chopped $10 million off the asking price for his double-wide townhouse at 7 Sutton Square, which is now asking $39 million, down from $48.5 million. The art dealer has also switched brokers — replacing Douglas Elliman’s Kym Spiegel and George Vanderploeg with the Corcoran Group’s Carrie Chiang.

Chiang could not be reached for comment.

Wildenstein, who is accused of conspiring with family members to avoid paying $600 million in taxes in France, paid $32.5 million for the 9,600-square-foot Sutton Place mansion in 2008, public records show. The 33-foot wide, five-bedroom house — a combination of two townhomes — has six fireplaces, river views and a glass rotunda.

The home, which underwent a massive renovation in 2008, has annual taxes of $187,719 per year, according to the listing.

7 Sutton Square

Last year, Wildenstein along with two family members and their financial advisers went on trial in France over allegations of tax fraud and money laundering. This past October, French prosecutors asked a tribunal of judges to sentence Wildenstein to two years in prison. They also asked a judge to levy a $275 million fine, and require Wildenstein to pay $600 million in back taxes. A decision is expected in January.

The Sutton Place property isn’t the only one Wildenstein is looking to unload. The family also owns a 20,500-square-foot townhouse at 19 East 64th Street, which the nation of Qatar nearly bought for $90 million two years ago. Ultimately, the Qataris walked away from the deal. Last month, the Wildenstein mansion, which had been re-listed for $100 million, went under contract.