Billionaire's daughter buys NYC pad for record sum

The 22-year-old college student pays the asking price of $88 million. That works out to more than $13,000 per square foot.

By MSNMoney partner Dec 20, 2011 11:51AM

Former Citigroup (C) chairman Sandy Weill listed his 6,744-square-foot apartment at 15 Central Park West for an astonishing $88 million in November, promising to donate the proceeds of the sale to charity.

Now comes news that Ekaterina Rybolovleva, the 22-year-old daughter of the Russian billionaire Dmitriy Rybolovlev, is buying the condominium. Rybolovleva is studying at an undisclosed U.S. university and plans to stay in the apartment when visiting New York. According to a source familiar with the sale, she paid the full asking price of $88 million, setting a record for highest individual transaction in New York City history.

Here is the official statement from her representatives:

A company associated with Ekaterina Rybolovleva, daughter of a well-known businessman Dmitriy Rybolovlev, has signed a contract to purchase an apartment at 15 Central Park West, New York. The apartment is a condominium currently owned by the Sanford Weill Family. Ms. Rybolovleva is currently studying at a US university. She plans to stay in the apartment when visiting New York. Ms. Rybolovleva was born in Russia, is a resident of Monaco and has resided in Monaco and Switzerland for the past 15 years."

The apartment, in one of the toniest postwar buildings in Manhattan, has 10 rooms, including 4 bedrooms, a wraparound terrace of more than 2,000 sq. feet, 4 bedrooms and 2 wood-burning fireplaces.

"This sale is an outlier. It works out to be about $13,000 per square foot, the highest on record, for anything, that has ever occurred," says Jonathan Miller, the chief executive of real-estate appraiser Miller Samuel. "What is ironic is that when Sandy Weill bought it for less than half this amount, he paid the highest price per square foot to date in that building, around, $6,400 per sq. foot. He is again setting a record."

The previous New York City record had been set back before the market crash when investor Christopher Flowers paid $53 million for a townhouse at 4 East 75th Street. He resold the property on Aug. 15 for just over $36 million.

There were two other very notable sales in the city this year, according to Miller. The Russian composer Igor Krutoy paid a record $48 million for a condo at the Plaza in March, and a townhouse at 16 East 69th Street sold for $48 million in July.

Rybolovleva is the second daughter of a billionaire to make huge real-estate news this year. Back in July, heiress Petra Ecclestone, the daughter of UK Formula One billionaire Bernie Ecclestone, apparently paid $85 million for Spelling Manor, the 56,500-square-foot mansion that was previously owned by Candy Spelling, the widow of the famed TV producer Aaron Spelling, whose works include "Beverly Hills 90210," "Charlie's Angels," and "Dynasty."

Rybolovleva's father sold the majority of his stake in Uralkali, the fertilizer business that made him rich, for $6.5 billion in 2010.  He is already known in U.S. real-estate circles for his May 2008 purchase of Donald Trump's Palm Beach mansion, Maison de L'Amitie. He paid $95 million in cash for that residence, $25 million less than what Trump had originally asked. It was apparently the largest single residence price concession of all time. He may not own that house much longer, though. His wife, Elena, who filed for divorce in Pam Beach court in 2009, is seeking transfer of ownership of the former Trump mansion. He spends much of his time at his home in Monaco and is likely to buy the struggling French football club AS Monaco.

The selling broker would not allow Forbes to reprint images of the apartment, but readers can view a photo and floor plan here.

VIDEO ON MSN MONEY

46Comments
Dec 20, 2011 1:17PM
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I guess bad economic times is a relative phenomenon for some. 
Dec 20, 2011 3:11PM
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She paid the asking price?!?!?!  What an idiot.
Dec 20, 2011 2:13PM
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Did any of you actually READ this (the very 1st sentence at that), the proceeds of the sale are going to CHARITY!  The buyer/seller could have blown her/his money at another property, but used it for a good cause. 
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Once again I am right "the wrong folks are rich" and we Americans need to know this "WHY?" that is the question.

 

Meh...........................................

 

Eye-rolling

Dec 20, 2011 1:51PM
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love it if you are rich you can pay95 mil in  cash  with no headaches  but .... no one would take my measley 40k in cash for a house in 2006
Dec 20, 2011 2:53PM
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To the person who made the ridiculous comment about her college education. That is why her family is wealthy. They do not sit idol and spend money. They continue to grow intelligently. You might want to try this instead of talking useless crap!
Dec 20, 2011 2:07PM
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Would have loved to have been the Broker who closed the deal! Nice commission!
Dec 20, 2011 2:46PM
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Are you mad? why is everyone so pissed off, her parents made some good choices in life so there kids reap the benefits! Its affects you how?  In life we all frown upon those who "hate on us" but take a good look in the mirror "you have become a hater" 
ps: congrads to the previous owner!  
Dec 20, 2011 2:04PM
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Yes it's completely outrageous. But who cares! If this really bothers you then you need a reality check. Comparing yourself to someone who's more well endowed, or anyone for that matter, isn't going to get anyone anywhere. Hope she enjoys her new home and keeps pumping money into the system.
Dec 20, 2011 3:37PM
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Geez, If one of you wanted the property that badly you should have bought it. You do not know where the money came from and if you look at most businesses someone is always making money off low man on the totem pole. This is the American way. Instead of gripping about what you don't have count your blessings on the things you do have. Is none happy here?
 
Dec 20, 2011 4:26PM
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Bendalittle.... The world is falling apart and you're worried about spelling? Who cares? Are you paying them to spell correctly? Did you ever think they may have hit a wrong key? I graduated from HS over 50 yrs ago, and can't remember how to spell a lot of words... Get your own life in order before you try to change someone else's... Mizspellz away guys!!!
Dec 20, 2011 2:20PM
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Here we go again!  Paying way too much for real estate - and an apartment none-the-less.  Not even a house, land, etc. etc.   Overpriced apartment and bought and paid for.   Why?  Just because Daddy's money can.  Oh well, we buy the crap (and it mostly IS crap) they sell.  How much of this stuff do we really need to live, be well and be happy?  Look around your house and in your pockets.  Do you really NEED this stuff.  I've just recently stopped buy more crap then I could ever possibly use.   My cell phone - I bought in the 90s.  It still works great.   Iphone be damned.
Dec 20, 2011 3:49PM
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Another example of rampant corruption in Russia...and how their elite are robbing the masses blind. 
Dec 20, 2011 3:01PM
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I would have chosen the house on the beach in hawaii   new york  yuck
Dec 20, 2011 3:09PM
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Big_Daddy- you have no CLUE what you are talking about or what I have done for THIS country.  I'm an honorary member of an Enlisted Spouses club for the Air Force.  My husband and I started a program for deployed spouses and their children that for EVERY WEEK on Wednesdays, the women (or men) of a deployed spouse and their children are invited to my husbands workplace for a barbeque, swimming, fitness, crafts, holiday activities to send to their loved ones and complimentary massages.  We have done this for over 2 YEARS and the program is still going strong.  Tomorrow I will go and take treats for the kids for the Christmas celebration while they take pictures and send them to their family member.  Oh, yes and special ornaments, gift baskets and certificates for the troops that will not be going home for the holidays to the USO Home Away from Home.  We decided to do this because it is the RIGHT thing to do.  What will YOU be doing for your country tomorrow...Blessing to our troops returning, retired and still abroad, Air Power!
Dec 20, 2011 4:35PM
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My heavens, such anger towards such a menial story.  I guess my only somewhat tamer comment would be,,,,,,why did they mention the 4 bedrooms twice or is there 8 hehe Merry Christmas to you all and your families :)
Dec 20, 2011 1:46PM
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Sales that involve charity do not raise the bar.  They make news that the naive will swallow.  Without knowing more, the publicity is a natural side effect from simply giving to a charity both buyer and seller happen to mutually support.  Billionnaires give to charity all the time.  $88 Million is chump change.  And just because it happened to involve the sale of real estate, some people will wantonly believe that sets the new price for choice NYC digs.
Dec 20, 2011 4:23PM
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So obvious, it's a Russian mob spot ... just using her as a cover... Like something straight out of a Law & Order.  
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