Veronica Hearst’s reportedly difficult financial situation is about to get a lot better.
Two months after losing a 28,000-square-foot Manalapan mansion to foreclosure, Ms. Hearst is selling her apartment at 4 East 66th Street for "around $30 million," a source told The Observer. It’s not clear who the buyer is, but that price fits with the rumors around town—not to mention the $29 million that hedge funder Dan Nir paid last year.
"It’s anticipated that the debts she’s incurred will be satisfied shortly," that source said.
On the one hand, the co-op is an all-cash building, which means the high-nosed board doesn’t allow its owners to take out mortgages. On the other, city records show about a dozen mortgage filings for Ms. Hearst at the building–which may be those stealthy negative pledge loans brokers always buzz about.
The co-op was never on the market, but brokers have been wondering whether the apartment, like the mansion, could have foreclosed. According to one city finance statement from October, Ms. Hearst was indebted to an Atlanta party named Chapes-JPL. "At Chapes-JPL we typically lend two to three times more than the average pawnshop," its Web site says, "because we know the true value of your jewelry. We lend on all types of jewelry: gold, diamonds, Rolex watches, estate pieces, and sports ring collections." The general manager there wouldn’t say if they also take apartments as collateral.
New Stream Capital, the lenders involved in Ms. Hearst’s foreclosed mansion, is listed in several mortgage filings.
But because of tricky co-op rules, it isn’t clear whether this apartment could have actually faced foreclosure. "There was a tremendous demand for that apartment," a source said, "so there was no need to put it into foreclosure, even if they could."
Through a spokesperson, Ms. Hearst – widow of Randolph Hearst, stepmother of Patty Hearst, and mother of socialite (and housemate?) Fabiola Beracasa – had no comment.