Reported 4 months ago
The owner of the luxury Madison Avenue condo, formerly known as 'Le Penthouse' and listed for $98 million in 2019, has filed for bankruptcy to stop a foreclosure sale. The 19,815-square-foot residence has been converted into five separate condo penthouses, along with other residential condos and commercial units, all totaling about $100 million. The bankruptcy filing was made to prevent a private equity firm affiliate from foreclosing, with plans to market and sell the properties to repay debts. Notable properties like 'The One' in LA and a Colorado ranch have also faced bankruptcy in recent years, with the Madison 33 Partners LLC case currently in the US Bankruptcy Court in the Southern District of New York.
Source: YAHOO