In 2014, the Wildensteins, a billionaire art dealing family, decided to sell their 21,000-square-foot townhouse in New York, acting as their art gallery. They agreed to sell the townhouse for $90 million to the Qatar government, which would give them some liquidity for dealing with their $500 million tax case in France. Qatar ended up pulling out of the deal one day before closing, citing violation of money laundering laws by the Wildensteins. After suit was filed, the Wildensteins claimed that Qatar reneged on the deal due to being uncomfortable over the publicity of the record-breaking sale price. The case was settled out of court in May 2016, and the townhouse was taken off the market. Now, the townhouse is back of the market listed for $100 million or a long-term lease. This property is one of several that the Wildensteins are trying to unload; however, they are not selling any artwork for their pending tax case.
See James Tarmy, Scandal-Plagued Wildenstein Mansion Back on Market for $100 Million, Bloomberg, August 17, 2016.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
