The former NYC home of a jetsetting Iranian princess has sold for $11.5 million after a $40 million price cut and 6 years on and off the market. Take a look inside.

  • A controversial New York City townhouse has sold for a fraction of its original $50 million asking price after six years on and off the market.
  • Located just north of the United Nations, the seven-story residence is the former home of CBS founder William Paley and a jetsetting Iranian princess.
  • The home has been at the center of a legal battle since the princess' death in 2016.
  • Take a look inside 29 Beekman Place, which boasts 11 bathrooms, an elevator, and sweeping views of the East River.
  • Visit Business Insider's homepage for more stories.

 

After six years on and off the market, the storied townhouse at 29 Beekman Place has finally sold to a New York real estate company for $11.5 million, the New York Times reported.

Broker Donna Olshan first revealed that the home was in contract in her weekly report on the luxury real estate market, Jennifer Gould Keil reported for the New York Post in June.

Charlie Attias of Compass and Greg Corbin of Rosewood Realty brokered the deal.

Source: New York Times, Compass

The seven-story home, located a few blocks from the United Nations on the East River, was originally listed for $50 million in 2014.

Source: Compass

When CBS founder William Paley built the home back in 1934, it was the largest of nine townhouses on the block.

Source: Compass

Jetsetting Princess Ashraf Pahlavi, the twin sister of Iran's last shah, purchased the home in 1975, just four years before her family fled Iran during the 1979 Islamic Revolution, and counted it as a residence until her death in 2016.

According to Compass real estate records, Pahlavi listed the home for $49.9 million in February 2014. By June 2015, the asking price had dropped to $34 million.

Source: Compass, Washington Post, New York Times

Since Pahlavi's death, the property has been the center of a legal battle between two of her former employees. It went to bankruptcy court last year and received an offer for $10.3 million; however, the offer fell through.

Source: Compass, Litvak Law Group, The Real Deal

Despite being enveloped in controversy, the home still appears fit for a princess. Chandeliers line the ceilings …

Source: Compass

… and one bathroom looks straight out of a provincial palace.

Source: Compass

There is a large, formal dining room …

Source: Compass

… plus multiple, wood-paneled living areas.

Source: Compass

The home also has eight wood-burning fireplaces.

Source: Compass

Many details, like the moldings and fireplaces, date back to the 1930s.

Source: Compass

There are 11 bedrooms …

Source: Compass

… and 11 bathrooms, each more regal than the next.

Source: Compass

In addition to a sprawling chef's kitchen, there is a butler's pantry and wine cellar.

Source: Compass

The top floors, accessible by elevator, boast panoramic views of the Manhattan skyline …

Source: Compass

… and soundproof windows let light, but not city sirens, in.

Source: Compass

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