Inspite of buying one of the most expensive penthouses in New York City, this Saudi billionaire did not spend a single night in it for eight years, and now he is selling the 8,000 sq ft home at a $64 million discount.

Fawaz Al Hokair, a prominent Saudi tycoon, has been steadily slashing the price of his lavish NYC penthouse year after year, making it one of the most intriguing listings in the market. It is only a matter of time before another year’s wait may get you the pad for an even heftier discount, that is if another billionaire resists this mouth-watering discount. The real estate magnate owns a splendid abode at 432 Park Avenue on Billionaires’ Row, Manhattan, and has listed it for $105 million.

In 2021, he offered the 8,000-square-foot, 6-bedroom penthouse with jaw-dropping views of Central Park for $170 million. Then, in 2023, the billionaire slashed the selling price of his fancy penthouse by a whopping $39 million, offering it for $130 million. The latest asking price is the result of three tiresome years of trying to unload the opulent pad. It may be an insane $65 million discount from the original price, but the businessman still stands to profit as his opulent residence.

Also read -  Available for charter at $3.4 million a week - The 446-foot vessel has a two-story spa, a massive dance floor, helipad, and even a cryo chamber.

The property, purchased in 2016 for $87.66 million, flaunts high-end accessories from Hermes, Louis Vuitton, and Bentley. All the expensive accessories and artwork are part of the $105 million price tag. Surprisingly, Al Hokair did not spend a single night in this flamboyant home and still preserved it to perfection. It looks like the ideal space for someone like Roy Logan, with posh additions like a private elevator that opens into an expansive great room.

The grandeur continues into the private library with a lounge area and a magnificent master bedroom with a dressing room. The ensuite boasts heated floors, marble countertops, and custom cabinets. The apartment’s living room comes with not one but two powder rooms and a fireplace.

“The Penthouse on the 96th Floor at 432 Park Avenue represents the epitome of luxury, exclusivity and is truly one of a kind in the marketplace,” Lila Nejad and Noble Black at Douglas Elliman who hold the listing told The Post. “We are incredibly excited to bring this property to market at a price in line with such a rare offering,” added Black.

Also read -  While it was being repaired, around 60 German agents swooped in and raided billionaire oligarch Alisher Usmanov's $800 million megayacht 'Dilbar'. Officials are frisking every corner of the 510 ft long luxury vessel for evidence of tax evasion.

432 Park Avenue has a 75 foot indoor pool, a well equipped gym, steam and sauna.

The luxury of living at an iconic address like 432 Park Avenue extends beyond the penthouse. The uppity tower has its own restaurant, a well-equipped fitness center featuring a yoga studio. There is also a 75-foot indoor pool, steam and sauna, a billiards room, a business center, and a children’s playroom.

Who is tycoon Fawaz Al Hokair?

Worth $1.2 billion, the 58-year-old is the founder of the Fawaz Abdulaziz Alhokair Group. The investment firm invests in commercial real estate, fashion retail, food, and entertainment sectors. This affluent resident of Riyadh owns 19 shopping malls in Saudi Arabia alone. In addition to the New York City penthouse, Al Hokair purchased a mansion in Bel Air, Los Angeles, for $94 million in 2019. This estate was initially listed for $250 million, making it one of the most expensive home listings in the United States at the time.

Tags from the story
, ,
Written By
With over 15 years of experience in luxury journalism, Neha Tandon Sharma is a notable senior writer at Luxurylaunches. Her expertise spans luxury yachts, high-end fashion, and celebrity culture. Beyond writing, her passion for fantasy series is evident. Beginning with articles on women-centric gadgets, she's now a leading voice in luxury, with a fondness for opulent superyachts. To date, her portfolio boasts more than 2 million words, often penned alongside a cappuccino.