Wal-Mart heiress mystery buyer of Fifth Avenue penthouse?

Posted by Chandan Das on Apr 04, 2014 11:55 AM EDT
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Alice Walton, Wal-Mart heiress, is believed to be the anonymous buyer of the $70 million luxury Fifth Avenue penthouse said to be the "most expensive co-op ever" in the history of New York City, reports the New York Post. (Photo : Reuters)

Alice Walton, Wal-Mart heiress, is believed to be the anonymous buyer of the $70 million luxury Fifth Avenue penthouse said to be the "most expensive co-op ever" in the history of New York City, reports the New York Post.

According to the report, the pre-war "Jewel of Fifth Avenue" appeared on the market last month for $65 million, triggering a bidding war between two affluent buyers. The property belonged to the late Edgar Bronfman Sr., billionaire and former chairman of the beverage firm Seagram. Bronfman lived in the apartment for about 40 years.

While the first buyer was prepared to acquire the property for the full asking price, a "mystery" buyer intervened, willing to pay an additional $5 million.

According to an earlier report, the massive property includes five bedrooms and eight full bathrooms. In all, the property has 16 rooms. It also features a wraparound terrace, which offers views of Central Park.

Quoting a source, the second report says the buyer will have to spend some additional millions to develop a new floor plan as well as give the property a modern appearance.

"The apartment needs work. It needs a complete gut renovation. It is nothing like what you would build today. It doesn't have the right flow," the source told the website.

The source added that the property is an unusually large apartment in one of the best buildings on Fifth Avenue.

The "mystery" buyer will also be required to pay a whopping $19,092 every month toward maintenance fees, but will be able to enjoy a catering service for lunch and dinner and have access to The Georgian Suite, a private party room.

Besides being the heiress of Wal-Mart, 64-year-old Walton is an art collector and horse breeder. She currently resides on a ranch in Millsap, Texas.

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