David Geffen quietly sells 785 Fifth pad to Roman Abramovich’s BFF for $25M

Dreamworks co-founder bought the unit for $14.2M in 2010

New York /
May.May 08, 2018 06:28 PM

David Geffen and 785 Fifth Avenue (Credit: Getty Images)

Entertainment mogul David Geffen quietly sold one of his apartments at white glove co-op 785 Fifth Avenue to a Russian-American businessman for nearly $25 million, according to city records.

Geffen sold unit 17AB to Russian-American oil tycoon Eugene Shvidler for $24.5 million, according to the deed, which hit records on Tuesday. Geffen bought the 5,000-square-foot unit in 2010 for $14.17 million.

It doesn’t appear that the unit was listed for sale, and Geffen has a history of not using brokers on his real estate deals. When he bought the apartment in 2010, he didn’t hire an agent.

Even after the sale to Shvidler, Geffen will still maintain an outsized presence in the building. His penthouse, which he bought for a then-record $54 million in 2012, is one floor above Shvidler’s new digs. Geffen has been trading lawsuits with neighbors over construction work at his pricey aerie.

Shvidler, the buyer, is a close friend and business partner of Russian oligarch Roman Abramovich. The pair started the oil trading outfit Runicom S.A. in 1995 and then partnered to gain control of oil company Sibneft, which was later acquired by the state energy company Gazprom. Shvidler is also chairman of Millhouse LLC, an investment vehicle reportedly controlled by Abramovich.

Shvidler, who keeps a lower profile than his friend, bought a home in Aspen, Colorado for $14.5 million and is also said to have paid $37 million for a home in London. He also owns a chateau and vineyard in Bordeaux, France.

Shvidler courted controversy last year when he docked a 370-foot superyacht — a gift from Abramovich — in front of the Statue of Liberty for two months, ruining tourists’ views.


Related Articles

arrow_forward_ios
Tyler Whitman, licensed real estate salesperson, The Whitman Team @ Triplemint; and 43 Garden Street (Corcoran, Triplemint, iStock)
“Million Dollar Listing” star buys instead of selling
“Million Dollar Listing” star buys instead of selling
Gary Beasley, chief executive officer and co-founder, Roofstock (Roofstock, iStock)
Roofstock ramps up iBuying, even with tenants in place
Roofstock ramps up iBuying, even with tenants in place
Sam Zell with a RVC Outdoor Destinations site (Getty, RVC)
Sam Zell’s Equity Lifestyle Properties invests $147M in manufactured homes
Sam Zell’s Equity Lifestyle Properties invests $147M in manufactured homes
Gregory Russ, chair and chief executive officer of the New York City Housing Authority (NYC.gov NYCHA, iStock)
NYCHA fires 18 workers in overtime pay probe
NYCHA fires 18 workers in overtime pay probe
Jeff Aronson (iStock, Jeff Aronson, CC BY-SA 2.0, via Wikimedia Commons/Photo Illustration by Steven Dilakian for The Real Deal)
Centerbridge closes $2B real estate fund
Centerbridge closes $2B real estate fund
Scott McIntyre, chief executive officer, Guidehouse (Guidehouse, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
New York rent relief contractor boasted about profits as program struggled
New York rent relief contractor boasted about profits as program struggled
Smile! BDG nabs $125M refinancing at Harlem multifamily
Smile! BDG nabs $125M refinancing at Harlem multifamily
Smile! BDG nabs $125M refinancing at Harlem multifamily
Vector Group/Douglas Elliman's Howard Lorber (iStock, Getty Images, Vector Group Ltd., Douglas Elliman)
Howard Lorber’s $1.8M salary at Elliman offset by Vector pay cut
Howard Lorber’s $1.8M salary at Elliman offset by Vector pay cut
arrow_forward_ios

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

Loading...