U.S. Markets open in 6 hrs 55 mins

Tommy Hilfiger sold his Plaza Hotel penthouse after 11 years. Here's why it took so long

Ann Schmidt

Tommy Hilfiger finally found a buyer for his Plaza Hotel penthouse — after just 11 years on the market.

The fashion designer and his wife, Dee Ocleppo, sold the property to automobile mogul Terry Taylor in October for $31.25 million, The New York Times reported.

Aside from several price reductions — at one point, Hilfiger was asking $80 million for the penthouse — one of the reasons it took so long to sell was the quirky design.

“It’s not for everybody,” a New York City-based real estate agent told FOX Business. “Spaces like this ... just consistently take longer and longer to sell than other comparable apartments.”

REGIS PHILBIN LISTS HIS CONNECTICUT MANSION AT A SIGNIFICANT LOSS

The residence, on the eighteenth and nineteenth floors of the Plaza Hotel, is more than 6,000 square feet, according to Town and Country.

The living room of the corner penthouse has windows that open to balconies overlooking Fifth Avenue and Central Park. The room also has a reading nook at the back.

The dining room also has its own nook -- a bar -- and the eat-in kitchen is inspired by a French bistro, designed with black and white tile and marble, Hilfiger said in a video for Architectural Digest.

Upstairs, the apartment has four bedrooms, one decorated entirely in lilac and two others with nautical and rock 'n roll themes, respectively.

THIS MANSION WOULD HAVE FULL POWER FOR A WEEK IN A BLACKOUT

The master bedroom has its own mini-bar and two walk-in closets, and a terrace of the bedroom, beside one of the hotel's domes, overlooks Central Park.

The interior of that dome is one of the signature pieces of the penthouse. Inside it, are a coffee and dessert table and murals painted by Hilary Knight, who illustrated the “Eloise” children’s books, about a girl who lives in the Plaza Hotel.

Hilfiger and his wife bought two Plaza units in 2008, which they combined into one. They paid $25.5 million and two months later relisted the penthouse for $50 million, according to The New York Times.

The penthouse has been on and off the market since then, for various prices, including its peak listing of $80 million in 2013, the Times reported. After that, the price steadily decreased.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

In 2017, Hilfiger told the New York Post that he wanted to sell the Plaza penthouse because he rarely uses it. He now spends most of his time in his Greenwich, Conn., home instead.

When he eventually did sell the apartment to Taylor in October, the sale included about $2 million worth of art and furnishings from Hilfiger’s apartment, the Post reported.

CLICK HERE TO READ MORE ON FOX BUSINESS

Taylor, from Florida, is the largest single owner of car dealerships in the U.S. -- holding about 120, according to Automotive News.

Related Articles