Friday, January 27, 2012

Crime (or trading) Does Pay: Former Mrs. Marc Rich Lists Co-op for $65 Million

You know the story: Marc Rich & Co AG>Glencore with the diversions of the tax charges for trading with Iran and the spinout set-up of Trafigura (25% return on capital, $77Bil. revs trading oil & metals).

From the New York Post:
Denise Rich selling NY's most expensive co-op for $65 million
It’s the city’s most expensive co-op apartment — and it can be all yours for a cool $65 million.
Songwriter Denise Rich — ex-wife of presidential-pardon recipient Marc Rich — is putting her Fifth Avenue penthouse on the selling block.

With such a staggering price tag, a buyer can expect a bit more than the basic luxury amenities.
The digs are so expansive that Rich — who penned the lyrics to such hits as the Aretha Franklin-Mary J. Blige duet, “Don’t Waste Your Time,” and Mandy Moore’s “Candy” — once converted one of her three terraces into a professional-grade figure-skating rink for a blowout party.
FOR SALE: The duplex, which includes this vast living room, is being sold by Denise Rich, a songwriter and one-time Pardongate figure.

The other two outdoor spaces are a rooftop terrace that can hold up to 200 people and a separate wraparound terrace.

Stevie Wonder has tickled the ivories of her baby grand piano, which takes up only a fraction of the living room, and Celine Dion has sung in the apartment’s personal recording studio.
The 12,000-square-foot duplex, right on the corner of East 60th Street, was designed by Emery Roth and boasts seven bedrooms, 11 baths and three kitchens.

There’s also a grand salon, a formal dining room seating 22, a media room, a billiards room, a full gym and a library with a fireplace.

Oh, and sweeping views across Central Park....MORE
HT: Economic Policy Journal