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Billionaire fashion mogul sells suite at New York’s Plaza Hotel for $20m years after asking for $55m

Billionaire Esprit fashion mogul makes $13m LOSS on massive suite at New York’s iconic Plaza Hotel as he finally sells it for $20million

  • Jürgen Friedrich, founder of Esprit, and his wife, Anke Beck-Friedrich are in contract to sell their 4,299-square-foot suite at the Plaza Hotel to a financier and his family for about $20 million
  • The couple purchased the unit, which previously hosted former President John F. Kennedy and the Duke of Windsor Edward VIII, for $25.49 million in 2007
  • They previously spent about $8 million renovating the unit and an adjacent one-bedroom guest room, which is on the market separately for $2.59 million
  • The suite boasts four bedrooms and four 1/2 bathrooms with high ceilings and views of Central Park 

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A billionaire fashion mogul is in contract to sell his sprawling Plaza Hotel suite overlooking Central Park to a financier and his family at a significant loss.

Jürgen Friedrich, founder of Esprit, and his wife, Anke Beck-Friedrich, bought the residence, known as the Astor Suite, for $25.49 million in 2007.

The couple tried to flip it a year later for $55million after spending $8million on renovations, the New York Post reports.

But the 4,299-square-foot suite is now finally being sold 13 years later to a New York financial family, the Post reports, for around the latest asking price of $19.95 million. 

The suite comes with a private library, complete with a leather bound couch and chair

A living room in the unit offers ample space, with views overlooking Central Park

A living room in the unit offers ample space, with views overlooking Central Park

Jürgen Friedrich, founder of Esprit, and his wife, Anke Beck-Friedrich, bought the Astor Suite, for $25.49 million in 2007 and spent $8 million renovating it. They are now selling it for just about $20 million

The property offers views of Central Park, and has previously hosted former President John F. Kennedy and the Duke of Windsor, Edward VIII.

But the low sale price is a massive loss for the fashion mogul. 

The couple poured millions into renovating the fifth-floor suite and an adjacent one bedroom guest room. 

The guest room is still on the market, separate from the Astor Suite, for $2.95 million. 

They hired famous celebrity designer Steven Gambriel for the renovations, and he in turn, hired ‘master artisans’ who previously helped rebuild Windsor Castle. 

Both the main suite and the separate guest room now feature some of the highest ceilings in the hotel, at 14 feet, and has custom millwork.

The main unit, with four bedrooms and four 1/2 bathrooms, features an elaborate and long hallway for guests to enter.

There are fireplaces with elaborate antique mantels, oak paneling, hand-hammered leather walls imported from France, a chef’s kitchen, a personal library and a corner dining room. 

There are rustic fireplaces inside the suite complete with elaborate mantel pieces

There are rustic fireplaces inside the suite complete with elaborate mantel pieces

The unit comes with four bedrooms and four and a half-bathrooms, offering a serene escape in Manhattan

The unit comes with four bedrooms and four and a half-bathrooms, offering a serene escape in Manhattan

It has a chef's kitchen with a gas stove and plenty of room for storage

It has a chef’s kitchen with a gas stove and plenty of room for storage

The Astor Suite at the Plaza Hotel features a long foyer, with large glass chandeliers hanging from the ceiling

The Astor Suite at the Plaza Hotel features a long foyer, with large glass chandeliers hanging from the ceiling

The unit is on the fifth floor of the legendary Plaza Hotel, on Fifth Avenue at Central Park South

The unit is on the fifth floor of the legendary Plaza Hotel, on Fifth Avenue at Central Park South

Read more at DailyMail.co.uk