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Real Estate

Life Is Full of Important Choices: Downsizing Bigwig Drops $13.4 M. Park Ave. Co-op

When Michael and Paola Schulhof listed their duplex co-op at 770 Park Avenue last year—originally for $23.8 million—Mr. Schulhof explained the couple’s decision to sell to Avenue magazine by saying, “Life should not only be [about] collecting as many physical things as possible.” The former Sony chieftain and son of prominent art collectors—many of whose works by 20th century masters ended up at the Guggenheim collection in Venice and the Whitney in New York—spoke without apparent irony, though he was, at the time of the conversation, ensconced in his Parisian penthouse, with views of the Eiffel Tower. We oughtn’t have felt too badly for the Schulhofs, Avenue suggested; though they were giving up their place on Park, they retained an East Hampton compound, a place further upstate, shares in family homes in New Hampshire and on Long Island’s Gold Coast and a Palm Beach rental from which to shop for more permanent Floridian accommodations.

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