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The multimillionaire property developer Christian Candy has sold a three-storey penthouse above the Plaza Hotel in New York City for $32.7m (£24.6m) – almost half the original asking price.

New York City property records show the 6,319 sq ft (587 sq m) penthouse with sweeping views of Central Park was sold for $26.3m less than Candy had first listed the apartment for in 2013.

Candy, best known for the luxury One Hyde Park complex he developed with his brother Nick, has sold or remortgaged more than £300m of assets over the past year.

The sale of the Plaza penthouse comes shortly before a high court judge is expected to rule on the brothers’ bitter legal dispute with their former friend and businessman Mark Holyoake, who is suing the Candys for £132m in damages after they fell out over a loan. A spokesman for Christian Candy did not respond to requests for comment about the timing of the sale.

He bought the penthouse, which spans floors 19 to 21 of the hotel, from Andrei Vavilov, a former Russian finance minister and hedge fund manager, for $26m in 2012. Vavilov had sued the penthouse’s developer, claiming that what was sold to him as the “epitome of luxury” was little more than an “attic-like space”.

Christian Candy, right, and Nick Candy > Facebook > Twitter > Pinterest

Source : https://www.theguardian.com/business/2017/oct/13/christian-candy-sells-new-york-penthouse-plaza-hotel-slashed-price

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