Music industry bigwig Clive Davis has chopped over $800,000 off the price of his three-bedroom co-op at the Ritz Tower in Manhattan.
The price was reduced by 10% last week to $6.995 million, a few months after Mr. Davis put the renovated and meticulously designed duplex on the market for $7.8 million, according to listing records. Mr. Davis, 85, a Rock and Roll Hall of Fame member credited with launching the careers of Whitney Houston and Barry Manilow, is the chief creative officer at Sony Music.
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The music producer, who’s touched the careers of scores of hitmakers across genres from Aretha Franklin and Bruce Springsteen to The Grateful Dead and Alicia Keys, has owned a number of units in the Park Avenue building over the past decade, according to property records.
This particular home is a duplex crafted from two apartments Mr. Davis bought in 2015 for a combined $3.4 million, records show. Interior designer Greg Schriefer led the redesign that turned the two units into a single "harmonious architectural triumph," according to the listing with Gina Sabio and Sherri Balassone of the Corcoran Group, and Eva J. Mohr of Sotheby’s International Realty.
The redesign includes a grand coil staircase, overhung with a Lillian August chandelier, that connects the two levels, Italian marble windowsills and herringbone wood floors. Befitting a music mogul, the home was outfitted with surround-sound speakers throughout.
The combined home spans about 2,800 square feet and has seven rooms, including a library, foyer with a wet bar and space to entertain, according to the listing.
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The brokers are marketing the discount as a price improvement given today’s luxury market conditions.
Mr. Davis could not immediately be reached for comment.