Investing in prime property won’t always pay off, Karl Lagerfeld has just discovered.
The New York Post reports that the designer has made a loss of $2 million on a three-bedroom Gramercy apartment he bought for $6.69 million in 2006, quietly accepting $4.5 million for it last month.
As well as achieving a bargain price, new owner Sebastian Barrackwill – an investment banker – has bought himself a little piece of fashion history, as Karl spent additional funds installing ‘custom bookshelves and other personal touches’. All this despite sources confirming that he had never lived there.
A $2 million loss is small fry, of course, to a star of Lagerfeld’s calibre – a recent WWD report suggested that he earned upwards of $108.2 million last year alone. And property woes are bound to be the furthest thing from his mind right now, as he prepares to show Chanel’s spring/summer 2013 Haute Couture collection in Paris today.