Richard Gere Closes on Schnabel’s Palazzo Condo for $12 M.

Reports have been saying for a month or so that handsome hippy thespian Richard Gere has bought into Julian Schnabel’s Palazzo Chuppi at 360 West 11th Street. But city records filed today reveal the purchase price: $12 million.

That means Mr. Gere still has $850,000 left over from the record-setting sale of his Sullivan Street townhouse. Maybe he’ll use the bonus funds to build a rooftop Buddhist temple like the one he had on Sullivan (city building permits called it a “penthouse ‘meditation room’ made of wood frame.”)

After all, Mr. Gere bought his piece of the Palazzo through his old Tushita Trust, named for a kind of Buddhist heaven.