Chinese fugitive re-lists Sherry-Netherland penthouse, slashes price

The co-op was previously listed for $78M

TRD New York /
May.May 18, 2018 10:10 AM

The penthouse at the Sherry-Netherland hotel and Chinese billionaire Guo Wengui (Credit: Twitter)

Guo Wengui, the Chinese billionaire who’s been living in self-imposed exile at the Sherry-Netherland, has relisted his penthouse for sale, this time with a big price cut.

The 18th-floor co-op at 781 Fifth Avenue returned to the market at $68 million — down from the previous $78 million price tag. Brown Harris Stevens’ Kathy Sloane has the listing for the 9,000-square-foot apartment.

The unit has seven bedrooms, eight bathrooms and a solarium connecting the south and west facing wings of the apartment, according to the listing. In 2015, it hit the market for $86 million.

Guo has been living in self-imposed exile at the Sherry-Netherland since he bought the apartment in March 2015 for $70 million. Guo has accused government and business figures of corruption via social media — and pooled a $150 million war chest that he said will cover his legal fees and other expenses as he seeks asylum in the U.S. Chinese officials have dismissed his claims, and Guo also faces rape allegations made by a former employee.

Also known as Miles Kwok, Guo made his fortune in real estate in China before fleeing the country in 2015. The same year, he bought the Sherry-Netherland co-op, which was pieced together out of smaller apartments over the years.

When it was listed in 2016, a Hong Kong hedge fund moved to block the sale, arguing that he’d likely move the proceeds out of the U.S. to avoid repaying debts. “Nothing can stop me,” he told the Wall Street Journal last year. “The U.S. is the last land of justice.”


Related Articles

arrow_forward_ios
Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate

Racial inequality in homeownership across US is sharpest in New York: report

Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

arrow_forward_ios