David Geffen Net Worth: Billionaire Sued by Neighbors for Renovating New York Penthouse

Billionaire David Geffen's neighbors are not comfortable with his ongoing renovations, and he is being sued because of it. According to New York Curbed, the mogul is currently renovating his two-story penthouse at 785 Fifth Avenue, and his neighbors who live six floors below his unit say the lifts which were required for the renovation have caused serious damages to their home.

According to the Daily News, Howard and Gloria Schwartz who filed a case against the DreamWorks co-founder claimed that the current renovations have caused their home to have cracked walls, peeling designer wallpaper and popped tiles. The couple claimed that they have been living peacefully for the last five years until Geffen bought the unit in 2012. The lawsuit also adds mental distress and health problems that are caused by the black soot which comes out of the cracked walls. These health problems include high blood pressure and cardiac issues.

The couple's lawyer Steven Sladkus revealed that the papers were already filed in Manhattan Supreme Court. The couple also claimed that the renovation caused constant noise and the vibrations were disturbing their peaceful living because the workers use hoist-anchored beams. The couple is now seeking $2 million from Geffen for the damages in their home and an additional $500,000 to cover their legal expenses.

Geffen, who has an estimated net worth of $6.9 billion according to Forbes, purchased the penthouse unit from socialite and singer Denise Rich in 2012 for $54 million. This was after Rich renounced her citizenship and surrendered her passport to save on taxes.

The penthouse has seven bedrooms, 11 bathrooms, a gym and a recording studio. Court papers reveal that the lawsuit includes Geffen's contractors, their own coop and the coop engineer which approved the renovation plans. As of writing, Geffen has still not responded to the case.