It looks like real estate buyers would like to disassociate themselves with the late convicted pedophile Jeffrey Epstein after his prestigious Manhattan townhouse remains unsold and recently had a considerable markdown.
The notorious sex offender owns the seven-story townhouse located in the Upper East Side between Fifth and Madison Avenue on 71st Street. Despite being a prime location, homebuyers seem not interested in the mansion where Epstein allegedly brings most of his underaged female victims.
A source told the Wall Street Journal that Epstein's 28,000-square-foot property recently had a 26% price drop. From the $88 million listed prices in July 2020, the New York mansion now has a $65 million price tag.
Largest Single-Family Home in New York
The townhouse boasts a French Neo-classical stone facade with 15-foot-tall oak entry doors, French-limestone with meticulously decorated carvings, and ornamental ironworks. The grand entrance previously features Epstein's initials, "J.E," written in the door in brass letters.
As per Modlin Group's listing, buying the townhouse is an excellent opportunity to own "the largest single-family home" in the City, which boasts an overlooking view of the Frick Museum and Central Park and a total of 10 bedrooms and 15 bathrooms.
But even before the wealthy financier acquired the property, the exquisite real estate already boasts a rich history. It was commissioned by Macy's department store heir Herbert N. Straus Mansion and considered the last and largest mansions built during the 1930's era. It is famous for being the wealthiest and most prominent block in New York City.
During the mid-1940s, St. Claire Hospital used the property as an extension and was revamped as Birch Wathen School in the 1960s.
"This historic landmark could easily present itself as a palatial consulate, embassy, foundation, or a museum to once again house some of the world's greatest works of art," the listing noted.
Why Buyers don't want Jeffrey Epstein's Townhouse
Aside from Epstein's reputation as a convicted pedophile, real estate experts believe that the COVID-19 pandemic added to the market blow, making the prestigious townhouse vacant until now.
After the coronavirus global pandemic hit, wealthy residents left New York and spent their lockdown in nearby vacation destinations. Real estate broker Donna Olshan also believes that the infamous house is overpriced.
"In New York, it's not uncommon to see sellers ask for fantasy prices. It's obviously more appropriately priced now," Olshan said, as reported by realtor.com.
The broker also believes that Epstein's reputation could not damage the property's value.
"It all really comes down to price," Olshan added.
Jeffrey Epstein Palm Beach Mansion
While the infamous New York townhouse is still up in the market, Epstein's sprawling Palm Beach Florida mansion where he allegedly assaulted his victims, will soon be demolished.
According to the Journal, Florida-based real estate developer Todd Michael Glaser is set to tear down the six-bedroom with 7.5 bathroom property and turn it into a 14,000-square-foot Art Moderne mansion.
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