For almost a year now, Upper East Side brokers have been falling all over themselves to win the right to sell mysterious mining heiress Huguette Clark’s massive Fifth Avenue spread, with its 42 rooms and estimated price tag of $60 million to $70 million. Well, the battle is over, and now that people have actually seen the place, they are not sure it is worth quite so much. Who’s to blame? Those pesky co-op boards, of course.
Brown Harris Stevens broker Nancy Franklin is the lucky lady selling the Clark estate at 907 Fifth Avenue, the Post reports, which pegs the possible price tag as high as $100 million, though the tab quickly revises that downward.
However, insiders tell The Post the property is really estimated to be worth around $45 million to $60 million because the space consists of three unconnected apartments and the ultra-strict co-op board has not yet ruled on whether or not the two Clark apartments on the eighth floor can be joined. Brokers said the eighth-floor apartments could fetch a total between $20 million and $35 million. Combined, they’d be worth more.
“It’s a great opportunity to own more than 10,000 square feet on Fifth Avenue,” one source who has walked through the units says.
There’s also a 12th-floor apartment that could be priced around $25 million.
The decision has been a long time coming, in part because of accusations that Clark’s old attorney and accountant may have mishandled her money, which caused the millionairess’ distant relatives to sue—hoping to get a cut, of course. The pair and her nurse were recently suspended from the estate, leading to the appointment of Ms. Franklin.
Whether the place commands a marquee price will be interesting to see. The board is loath to combine the units, yes, but a big sale would boost their own property values. And with the luxury market still booming, it seems reasonable that someone looking to make a statement would be willing to plop down some serious cash here. Such tough decisions on the Upper East Side.