The Real Deal New York

Chinese fugitive’s Sherry-Netherland pad has new brokers — and another price cut

The apartment is now asking $67M
By Meenal Vamburkar | November 14, 2018 02:35PM

Guo Wengui and the Sherry-Netherland penthouse at 781 Fifth Avenue (Credit: Getty Images and Douglas Elliman)

Fugitive Chinese billionaire Guo Wengui has exiled Brown Harris Stevens’ Kathy Sloane from his Sherry-Netherland penthouse.

Guo, who has been living in self-imposed exile, has booted Sloane and hired Douglas Elliman’s Richard Steinberg and Istvan Ritz to market the apartment. He also dropped the asking price $1 million to $67 million.

The 18th-floor co-op at 781 Fifth Avenue was first listed in 2015 for $86 million. It was later re-listed at $78 million and then dropped to $68 million in May.

Sign up for China Watch for weekly emails on Chinese real estate investments.

“It is a beautiful apartment; a priceless piece of art that cannot be duplicated and we feel confident that we will find a buyer,” Steinberg said.

Sloane did not immediately respond to request for comment.

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, for $70 million. He has been living there in self-imposed exile.

The Sherry-Netherland apartment has seven bedrooms, eight bathrooms and a solarium. The 38-story building dates back to 1928. The new listing notes that an updated description and floor plan will be coming soon.

Guo has accused government and business figures of corruption via social media — and pooled a $150 million war chest to cover legal fees and other expenses as he seeks asylum in the US. Chinese officials have dismissed his claims, and Guo also faces rape allegations made by a former employee, which he said are fictitious.