The economy of France may not be booming, but it just cashed in on one of it’s best investments.
In 1979, the government of France paid $600,000 ($1.9m in 2014 dollars) for an 18 room duplex at 740 Park Avenue on the 12th and 13th floors, a Rosario Candela designed pre-war, 18 room “mansion in the sky”. This year the French government decided that the present value of the apartment which they assumed to be around $50m was a little too large an investment to house their U.N Ambassador. They put it on the market in April 2014 for an asking price of $48m.
It went to a bidding war with multiple buyers and sold for $71.3m (a 3,500% profit!) to a resident in a continuous apartment on the 14th floor. The purchaser, Israel “Izzy” Englander founder of the Millennium hedge fund ostensibly purchased it as a pied-a-terre for his children and grandchildren when they were visiting.
Rumor has it that there’s a large line up of potential adoptees, should the Englanders decide that they would like to increase their offspring.