The 5th Avenue penthouse once owned by the 'King of Wall Street' just got a $24 million price chop — but it's still New York's most expensive home

Brown Harris Stevens

If you want to live like a king, it just got a little easier. An enormous and opulent Upper East Side duplex once owned by the late "King of Wall Street" John Gutfreund (who died earlier this year), has just been discounted to $96 million, after listing for $120 million six months ago.

Even with the new price, it's still the most expensive listing in New York City, according to Curbed. One possible reason why it's still on the market is that the building's co-op board does not accept financing, and the $96 million is required up front, the New York Observer reported.

Gutfreund made a name for himself as CEO of Salomon Brothers, becoming an icon of Wall Street in the 1980s. He took Salomon from a private partnership to a public corporation, and in 1985 Businessweek named him the "King of Wall Street" — a title he later told The New York Times that he hated.

John Burger of Brown Harris Stevens has the listing, along with Richard Ziegelasch and Key Ventures' A. Laurance Kaiser IV and Craig Dix. 

The penthouse is located at 834 Fifth Avenue, which has been called "the most pedigreed building on the snobbiest street in the country's most real estate obsessed city" by The New York Observer.

Brown Harris Stevens

Source: New York Observer

As soon as you enter, it's immediately understood why the apartment has broken price records.

Brown Harris Stevens

The duplex penthouse occupying the seventh and eighth floors is incredibly large, with 20 rooms covering a total 12,000 square feet.

Brown Harris Stevens

See the rest of the story at Business Insider