Isn’t the real estate dream to own property that makes you money?
Nick Denton, CEO of Gawker Media, is renting his 76 Crosby Street apartment to do just that. Except the money Denton makes might go straight to Hulk Hogan.
Why Hogan is suing Gawker, Denton
Hogan was awarded $140 million in damages from Gawker in a civil case in March after the gossip site posted a video that Hogan filmed of himself engaging in sexual acts with a woman that was not his wife.
Gawker is now on the hook for $140 million, with Denton owing $10 million out of pocket. Tech mogul Peter Thiel, who was outed as gay by Gawker, funded Hogan’s lawsuit. Hogan is also currently suing Gawker for allegedly leaking documents to the National Enquirer that quoted Hogan using racist remarks.
How much does it cost?
Denton, who bought the condo for $1.87 million in 2004, is renting his 76 Crosby Street address in SoHo with the help of Pamela D’arc of Stribling and Associates for a hefty $15,000 per month.
The 2,556 square-foot corner apartment overlooks the intersection of Crosby and Spring Streets. The unit has a private entrance, and other amenities that include a teak soaking tub, tall ceilings and glass-walled shower that has a rain shower head.
Zillow estimates the property value at $5,242,803.
It’ll take a little more to pay off Hogan
Just for fun, let’s do a little math on Denton’s apartment: At $15,000 per month, Denton would need to rent his apartment for 667 months, or roughly 56 years (no adjustment for inflation) to cover the $10 million bill.
He is currently appealing the Florida jury’s decision in the sex tape case.