Convicted sex offender Jeffrey Epstein’s palatial Upper East Side townhouse is under contract to sell for roughly $50 million. If the sale goes through, it will be among one of the most expensive homes to sell in New York in the past year.
According to a Wall Street Journal report, the home is actually selling for quite the bargain. The original asking price for the mansion, which was on the market for only seven months, was a whopping $88 million. The price was recently reduced to $65 million in January.
The mansion, located between Fifth and Madison Avenues on East 71st Street, was the most valuable property owned by the late financier. He also owned homes in Paris, New Mexico, and Florida. His Palm Beach mansion is under contract to sell to developer Todd Micahel Glaser. The deal hasn’t closed yet, but Glaser plans to tear the house down to build a new home.
The Manhattan townhouse was built in 1930 for Macy’s heir Herbert N. Straus. It was later used as a hospital and school. At one point, it was also owned by Epstein associate and former Victoria Secret owner Leslie Wexner.
According to a source familiar with the situation, Epstein paid $20 million for the 28,000 square foot home in 1998. The house has seven floors, oak doors, and imported French limestone with carvings.
Profits from the sale are expected to go to Epstein’s estate, which has set up a compensation fund to pay Epstein’s victims. Epstein died by suicide in jail while awaiting trial on federal sex trafficking charges in 2019.