Barbara Corcoran Finds a Buyer in One Day for Her $12 Million 'Palace in the Sky' Penthouse Corcoran bought the duplex co-op for $10 million in 2015 and spent $2 million renovating it.
By Sherin Shibu Edited by Melissa Malamut
Key Takeaways
- Barbara Corcoran is the founder of real estate firm The Corcoran Group and a "Shark Tank" investor.
- Corcoran put her Fifth Avenue penthouse on the market last week, and it sold for over ask in one day.
- Corcoran first spotted the co-op in 1992 and bought it in 2015.
Longtime "Shark Tank" investor Barbara Corcoran, 76, announced last week that she was putting her beloved New York City penthouse on the market for $12 million — and the apartment almost immediately found a buyer.
According to the latest Olshan Luxury Market Report, Corcoran's duplex penthouse at 1158 Fifth had multiple bidders and sold for over the asking price within 24 hours of being listed. The final price paid for the unit and the identity of the new owner are still unknown, but will be disclosed as soon as the deal closes.
The property was one of 36 contracts signed last week in Manhattan with a value of $4 million or more, per the Olshan report.
Related: Barbara Corcoran Says the Best Entrepreneurs Are Good at This One Thing
"Real estate is always emotional, but I never thought I'd say goodbye to this beautiful palace in the sky," Corcoran wrote on Instagram last week. "I'm just hoping the special person who buys it cherishes it as much as I do!"
The 4,600-square-foot, 11-room co-op has four bedrooms, four full baths, and two half baths. Monthly maintenance fees are $11,693.32. Corcoran listed the property with The Corcoran Group, the real estate firm she founded in 1973 and sold in 2001 for $66 million.
Corcoran first spotted the penthouse in 1992, when she was delivering letters for a messenger service as a side hustle. She was impressed by the apartment's terrace with views of Central Park, and asked the home's then-owner to call if they ever thought about selling the unit.
Related: Barbara Corcoran Says This Is the One Question to Ask Before Selling Your Home
More than two decades went by without a phone call. Finally, in 2015, the owner was ready to sell. Corcoran bought the property for $10 million and spent an additional $2 million in renovations, designing the home exactly as she imagined it. She added a library with a fireplace, a full kitchen next to the terrace, and a butler's pantry.
Corcoran is moving out of the duplex penthouse and into a single-story one to save her and her husband, Bill Higgins, 80, the trip up and down the stairs. The duo has already found a single-story apartment in the same Carnegie Hill neighborhood.
Corcoran previously disclosed that she makes $300,000 as a "Shark Tank" investor, but usually invests over $1 million per year in startups that come on the show. She also stated that she makes $4.5 million annually from her stocks, bonds, and other investments.
Corcoran has been on "Shark Tank" for 16 years and has closed 650 deals on the show.
