The first rule of working with a billionaire buyer is: You do not talk about the billionaire buyer

A look at how Michael Dell kept his record-setting One57 condo buy quiet

New York /
Mar.March 01, 2018 04:50 PM

Michael Dell and One57

Michael Dell may have bought his $100.5 million penthouse at One57 years ago, but a strategy that included multiple nondisclosure agreements and pass-through entities allowed him to keep his identity a secret until last week.

Dell — who was represented by the Corcoran Group’s Leighton Candler in the sale — relied on a close network of agents, architects and others to keep his record-setting purchase a secret, a sign of how much value the country’s top earners have started to place on privacy when it comes to their real estate dealings, according to the Wall Street Journal.

“People don’t want people knowing what they spend,” Douglas Elliman broker Frances Katzen told the Wall Street Journal. “You almost have to channel the purchase through three different subsidiaries to hide the buyer, and most prefer to have some kind of gag order in place with the people they’re working with.”

The chief executive of Dell bought his condominium through the limited liability company, P89-90, and his attorney Andrea Riina signed every document related to the sale. He also does not seem to have taken out a mortgage on the building, further limiting the number of public documents. However, a permit filed with the city’s Department of Buildings does have Dell’s name on it, but only says that he is renovating the condo and wants to take out its sauna to make room for more storage space. [WSJ]Eddie Small


Related Articles

arrow_forward_ios
eXp CEO Glenn Sanford (eXp, iStock)
Virtual broker eXp Realty has another record quarter
Virtual broker eXp Realty has another record quarter
RSA's Joseph Strasburg and Judge Lawrence Marks (Getty, Strasburg via Jeffersons Siegel)
Landlord group challenges state eviction ban
Landlord group challenges state eviction ban
Redfin CEO Glenn Kelman (Getty, Redfin)
Pocket listings exclude minority homebuyers, Redfin CEO says
Pocket listings exclude minority homebuyers, Redfin CEO says
(378 West End, 300 West and 567 Ocean Avenue, Getty)
April was best month for new condo sales in 5 years
April was best month for new condo sales in 5 years
As the economy rebounds, rental prices are following suit. With the eviction ban recently overturned, that spells trouble for tenants who are struggling to make ends meet. (iStock)
Rents rise across country as economy rebounds
Rents rise across country as economy rebounds
Howard Lorber (iStock, Getty)
Elliman reports $14M quarterly profit, 65% revenue jump
Elliman reports $14M quarterly profit, 65% revenue jump
Judith Nathan, Rudy Giuliani and 353 Lopers Path in Water Mill (Getty, Google Maps)
Rudy Giuliani’s ex-wife sells Hampton home for $5M
Rudy Giuliani’s ex-wife sells Hampton home for $5M
Of the 110 metro areas with at least half a million people, 29 saw losses in 2020. (iStock)
More urban areas lost population in 2020
More urban areas lost population in 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...