Rupert Murdoch Sells NYC Penthouse at a $20M Loss After Two Years on the Market
Media mogul Rupert Murdoch, known for his sharp business instincts, has officially parted ways with his extravagant New York City penthouse at One Madison. However, this time, the deal was far from a success story. After two years of price cuts and market struggles, Murdoch sold the triplex for $23.8 million—significantly less than the $43 million he paid in 2014.
This massive $20 million loss doesn’t even include additional costs such as maintenance, renovations, and real estate fees accrued over the years. What once symbolized a bold real estate investment for Murdoch ultimately became a lesson in how even the wealthiest buyers can take a hit in the luxury market.
A Sky-High Mansion in the Clouds
Spanning the 58th, 59th, and 60th floors of the One Madison tower, the 7,143-square-foot penthouse is a modern masterpiece offering breathtaking panoramic views. The residence includes six bedrooms, six and a half bathrooms, and floor-to-ceiling, double-height windows that showcase stunning vistas of New York City’s most iconic landmarks, including the Empire State Building and the New York Edition hotel’s golden dome.
The centerpiece of the home is a spacious great room with a wraparound terrace, providing stunning outdoor views—perfect for those unfazed by dizzying heights. Sunlight floods the interiors, emphasizing the sleek bronze-and-glass aesthetic of the skyscraper.
The lower level features an eat-in chef’s kitchen, a formal dining room, and a cozy library. A striking circular staircase leads to the second level, which houses two guest bedrooms with en suite baths and a separate staff suite.
The top floor is home to the primary suite, complete with a spa-like ensuite bathroom and a massive dressing room. Two additional guest bedrooms with private baths complete the space, ensuring comfort and privacy for all residents.
The Struggle to Sell: From $62M to $23.8M
Murdoch first listed the penthouse in 2022 for an ambitious $62 million—nearly 50% more than what he originally paid. However, as the luxury real estate market shifted, demand for the residence dwindled.
Despite One Madison’s prestige and its prime Flatiron District location, the listing failed to attract buyers at the initial price. Over the next two years, Murdoch slashed the asking price multiple times. By June 2024, it had dropped to $28.5 million, and in the end, he settled for $23.8 million—just a fraction of the original listing price.
Kyle Blackmon, head of luxury sales at Compass and the property’s listing agent, framed the decision as a practical one. “My client is a realist, and he is very astute about how markets function,” Blackmon told Crain’s New York Business. His statement underscores Murdoch’s understanding that even high-end real estate is subject to changing market dynamics.
A History of Loss at One Madison
This wasn’t the only financial setback Murdoch faced at One Madison. In 2022, he sold another condo directly below his triplex for $12.5 million—$1.5 million less than the $14 million he originally paid in 2014.
Murdoch likely intended to use both units as a combined living space, giving him additional room for family or staff accommodations. However, with both properties selling at a loss, One Madison proved to be a disappointing investment.
What Makes One Madison Special?
Built in 2010 and designed by acclaimed architecture firm CetraRuddy, One Madison is a striking modern addition to New York’s Flatiron District. Its bronze-and-glass exterior stands in contrast to the neighborhood’s more traditional buildings.
The tower offers residents high-end amenities, including a full-service concierge, a fitness center, a private screening room, and exclusive dining areas. However, as Murdoch’s experience demonstrates, even a prime location and top-tier amenities aren’t always enough to guarantee a strong return on investment in an evolving real estate market.
Murdoch’s Real Estate Moves
Although Murdoch has let go of his One Madison properties, he isn’t leaving New York City entirely. In 2022, he purchased a full-floor, 6,500-square-foot apartment at Hampshire House on Central Park South for $35.2 million—paying $5.2 million over the asking price.
Hampshire House, a historic pre-war building with sweeping views of Central Park, provides Murdoch with a luxurious new home in Manhattan. The move suggests that while he’s willing to cut losses, he still sees value in owning premium real estate in the city.
Murdoch’s real estate transactions also coincide with a personal milestone. Earlier this year, he married retired Russian molecular biologist Elena Zhukova, marking his fifth marriage. His new apartment could represent a fresh chapter for the couple as they settle into their life together.
Takeaways from a $20M Loss
Real estate is unpredictable—even for billionaires like Rupert Murdoch. While many assume luxury properties will always appreciate in value, his experience at One Madison proves that even the most high-profile real estate purchases aren’t immune to market fluctuations.
When Murdoch bought the penthouse for $43 million in 2014, it seemed like a strategic investment. However, shifting market conditions turned it into a costly lesson in timing. The fact that he initially listed it for $62 million but ultimately sold it for $23.8 million highlights how expectations don’t always align with reality.
Despite the financial setback, it’s unlikely to make a dent in Murdoch’s fortune. As the owner of Fox News, The Wall Street Journal, and The Times of London, he has more than enough wealth to absorb the loss. This sale may simply serve as a reminder that even the most seasoned investors can’t always predict market trends.
Looking Ahead
While selling the One Madison penthouse at a steep loss wasn’t ideal, Murdoch’s real estate choices indicate that he’s still actively shaping his property portfolio to fit his evolving lifestyle. His move to Hampshire House suggests he remains invested in New York’s most prestigious addresses.
Though his time at One Madison didn’t end as expected, Murdoch has demonstrated pragmatism in adjusting to market realities. As he settles into his new home overlooking Central Park, he can likely do so with peace of mind—knowing he’s turned the page on a real estate deal that simply didn’t go as planned.
