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Gucci Penthouse Marked Down to US$38M

Posted by Guenee Abragan on Mar 02, 2016 07:56 AM EST
Gucci - Arrivals - Milan Fashion Week SS16 more big
Karen Elson arrives at the Gucci show during the Milan Fashion Week Spring/Summer 2016 on September 23, 2015 in Milan, Italy. (Photo by Vittorio Zunino Celotto/Getty Images) (Photo : Vittorio Zunino Celotto / Getty Images)

While a discounted Gucci bag may save fashion enthusiasts a few hundred dollars, the recently lowered price of the Manhattan loft owned by great-granddaughters of Guccio Gucci, founder of the renowned fashion label, will let readers hang on to some of their millions.

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The property was originally available for US$45 million. Recently, the asking price of the Olympic Tower pad owned by Alessandra and Allegra Gucci had been reduced by about 15 percent. The duplex penthouse, occupying the 50th and 51st floors of the exclusive skyscraper on Fifth Avenue, is currently on the market for US$38 million.

The Gucci siblings inherited the condo from their father, Maurizio Gucci, after his unfortunate passing in 1995. Before his death, the former head of Gucci sold his stock in the luxury Italian corporation founded by his grandfather over 100 years ago. Despite having no presence in the business today, the siblings and their luxurious high-rise pad, stylishly decorated with a vibrant mix of multi-colored contemporary furniture, continue to gain plenty of admiration within the fashion elite community, Business Insider reported.

Daniela Rivoir, a real-estate broker of the luxury residential property firm Brown Harris Stevens, a, said that the mantra of the Gucci name is quality remembered long after the price is forgotten. And this absolutely glamorous and one of a kind apartment is the perfect example of this, embodying the quality and style that Gucci has always exported all over the globe, the real estate broker added.

The Gucci family moved into the loft in 1970s, combining two properties to create a home that spans 880 square meters, NY Daily News reported. According to the listing, its top floor boasts 28 floor-to-ceiling windows that look over the sweeping views of New York's breathtaking skyline. Centering their view are the One World Trade Center and Empire State Building.

The Gucci Penthouse has stairways and private elevators to connect the two levels of the condo. The eight bedrooms are located on the lower floor, including a large corner master suite that comes with a whirlpool bath tub, separate shower and a dressing room.

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