Media mogul Rupert Murdoch, known for his shrewd business acumen, has finally closed the chapter on his opulent New York City penthouse at One Madison. But this time, it wasn’t the type of success story he’s used to. After two years of price reductions and market negotiations, Murdoch sold the triplex residence for $23.8 million — a stark contrast to the $43 million he originally paid for it in 2014.
This staggering $20 million loss doesn’t even factor in the additional carrying costs, renovation expenses, or real estate fees accumulated over the past decade. The penthouse, which once symbolized Murdoch’s bold investment in New York real estate, ultimately became a cautionary tale for even the wealthiest of buyers.
A Sky-High Mansion in the Clouds
Perched atop the 58th, 59th, and 60th floors of the One Madison tower, the 7,143-square-foot triplex is a masterpiece of modern design and panoramic views. The luxury penthouse boasts six bedrooms, six and a half bathrooms, and floor-to-ceiling, double-height windows that provide uninterrupted vistas of New York City’s most iconic landmarks, including the Empire State Building and the golden dome of the New York Edition hotel.
At the heart of the residence is a great room wrapped in a slender terrace, offering breathtaking outdoor views for those unbothered by the dizzying heights. Natural light floods the living spaces, accentuating the bronze and glass design of the modern skyscraper.
On the lower level, residents are treated to an eat-in chef’s kitchen, a formal dining room, and a cozy library. The elegant circular staircase, a sculptural focal point, winds its way to the second level. Here, two guest bedrooms, each with its own private bath, await. There’s also a dedicated staff suite, providing added privacy for live-in help.
The top floor is reserved for the residence’s most exclusive quarters. It includes a luxurious primary suite complete with a spa-inspired ensuite bath and an expansive dressing room. Two additional guest bedrooms, both en suite, round out this level, ensuring that every family member or guest has their own private retreat.
The Struggle to Sell: From $62M to $23.8M
When Rupert Murdoch first listed his penthouse for sale in 2022, he aimed for the stars with an ambitious asking price of $62 million — nearly 50% more than what he paid for the home. But as the luxury real estate market shifted, interest in the penthouse dwindled.
Despite the prestige of One Madison and its prime location in the Flatiron District, the residence failed to attract the right buyer. Over the next two years, the price dropped multiple times. In June 2024, the price was slashed to $28.5 million — a far cry from the original $62 million dream. Ultimately, Murdoch settled for a final sale price of $23.8 million, a mere fraction of his initial target.
Kyle Blackmon, head of luxury sales at Compass and the property’s listing agent, described the shift as a pragmatic one. “My client is a realist, and he is very astute about how markets function,” Blackmon told Crain’s New York Business. This statement reflects Murdoch’s acceptance of the changing dynamics of New York City’s luxury real estate market, which has seen a rise in supply and a shift in buyer priorities.
A History of Loss at One Madison
The penthouse wasn’t the only financial disappointment for Murdoch at One Madison. Back in 2022, he sold another condo directly below his triplex for $12.5 million. While that sounds like a hefty sum, it was still $1.5 million less than the $14 million he originally paid for the unit in 2014.
At the time, the two units were likely intended as a combined living space, offering Murdoch additional flexibility for family or staff accommodations. However, with both properties sold at a loss, One Madison has proven to be a far cry from the lucrative investment he may have hoped for.
What Makes One Madison Special?
Built in 2010 and designed by noted architect CetraRuddy, One Madison stands as a contemporary beacon in New York’s Flatiron District. Its sleek bronze and glass facade is a modern counterpoint to the neighborhood’s more classical architecture.
The tower’s appeal lies in its luxury amenities and prime location. Residents have access to a full-service concierge, fitness center, screening room, and private dining areas. But for Murdoch, these perks weren’t enough to overcome the realities of the real estate market.
While the building’s prestige remains intact, it’s clear that the market dynamics in New York have shifted, especially in the luxury sector. With more high-end properties available and buyers becoming more price-conscious, even prime properties in landmark buildings have to be priced competitively to sell.
Murdoch’s Real Estate Moves
Though Murdoch has bid farewell to One Madison, he isn’t saying goodbye to New York City altogether. In 2022, the Australian-born tycoon purchased a 6,500-square-foot, full-floor apartment at Hampshire House on Central Park South. That purchase was notable not just for its size and opulence but also for its price. Murdoch paid $35.2 million for the apartment — a cool $5.2 million over the asking price.
The Hampshire House, a coveted pre-war building overlooking Central Park, offers Murdoch a new home base in Manhattan with sweeping views of the park’s iconic green expanse. This decision reflects his continued connection to the city, even as he offloads other properties.
Murdoch’s latest real estate moves also coincide with a significant personal development. Earlier this year, he married retired Russian molecular biologist Elena Zhukova, marking his fifth marriage. It’s possible that the new apartment serves as a fresh start for the couple, offering a residence that reflects their new chapter together.
Takeaways from a $20M Loss
Real estate can be unpredictable, even for billionaires like Rupert Murdoch. While many assume that luxury properties will always appreciate, Murdoch’s experience at One Madison proves that even the wealthiest buyers aren’t immune to market fluctuations.
His initial purchase at $43 million in 2014 seemed like a power move, a display of financial dominance. But over time, market conditions shifted, and what once seemed like a prized investment became a symbol of the changing luxury market. The fact that he initially listed it for $62 million only to sell it for $23.8 million underscores how expectations can clash with reality.
Though Murdoch undoubtedly took a financial hit, it’s unlikely to rattle his net worth. As the owner of Fox News, The Wall Street Journal, and The Times of London, Murdoch has ample resources to absorb the loss. For him, this may simply be a lesson in timing — that even the most iconic real estate deals are vulnerable to market forces.
Looking Ahead
Despite the financial loss, Murdoch’s real estate moves signal that he’s far from retreating from the luxury property market. His purchase of the Hampshire House apartment is proof that he remains invested in New York City’s most prestigious addresses. With his new bride by his side, it appears that Murdoch is re-focusing his real estate portfolio to better suit his future lifestyle.
His journey at One Madison may not have ended as planned, but it’s a reminder that even billionaires must contend with market trends. Murdoch’s pragmatism and “realist” mindset, as noted by his listing agent, allowed him to walk away with a clear head. As he settles into his new home on Central Park South, he can likely do so with peace of mind, knowing he’s closed the book on an investment that simply didn’t pan out.
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