Awhile back, we posted about Jon Bon Jovi’s $45 million SoHo apartment going up for sale. And we’ve now learned that Jon has taken his massive 7,452-square-foot penthouse off the market for now.
The consensus seems to be that the apartment was just priced too high, and even after cutting the price down to $39.9 million this past September, the unit failed to find a buyer.
Leonard Steinberg of Douglas Elliman, who was the listing agent for the penthouse when Bon Jovi bought it for $24 million in 2007, said he felt the home was priced on the higher side.
“I feel certain the sellers and brokers thought so, too, and pushed pricing knowing the owners were not in a hurry to sell,” Steinberg said. “This can work in a rising market, and last year the market was rising swiftly on the high end.”
He predicts that the brokers and sellers will re-list the home in the high-$30 million range – A more realistic figure based on recent signed contracts.
Given that Jon purchased the apartment for $24 million in 2007, even if it were to sell in the low $30 million range, he’ll still walk away with a healthy profit.