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Crown dumps celebrity agent for $59 million Sydney penthouse BNN Bloomberg
(Bloomberg) — Crown Resorts Ltd. is set to relaunch a A$90 million ($59.4 million) penthouse in its Sydney skyscraper under new sales agents after the property failed to sell.
Just months after Crown slashed asking prices for six-bedroom apartments by 10% and appointed TV personality Monika Tu as selling agent alongside Knight Frank, the company said it has now appointed The Agency and Colliers International Group Inc. to push the sale.
Steven Chen, the agency's co-founder, said the first stage of marketing will be invitation-only and will begin in the coming weeks, followed by a new campaign in the fourth quarter. The launch was first reported by the Australian Financial Review, which said the penthouse will be outfitted with high-end furniture and technology.
The 800-square-metre (8,600-square-foot) duplex has been on the market since at least 2021, when the One Barangaroo tower was completed. Conceived at a time when Chinese money was flooding the world, driving up asset prices from Sydney to London, the property’s target market has all but disappeared as Chinese President Xi Jinping’s crackdown has slashed the fortunes of the country’s elite and stifled capital outflows.
In May, Tu told Bloomberg TV she was very confident she could sell the property this year. She did not respond when contacted Friday. Crown confirmed the change in agent, without providing further details. Representatives for Colliers were not immediately available for comment.
The complex was a pet project of billionaire James Packer before the discovery of malfeasance at Crowns casinos in Melbourne and Perth prompted him to sell his stake in the company two years ago. At A$112,500 per square foot, the penthouse would be one of the most expensive homes ever sold in the United States, according to public records.
Bloomberg LP 2024
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