An opulent New York mansion once owned by the sister of the last shah of Iran has been cut to almost a fifth of its original asking price.

The eight-story, 12,000-square-foot townhouse in Midtown East first hit the market in 2014 for $50 million. It was cut to $28 million in 2017 and, now, it’s been relisted for $11.45 million — another $16 million price drop and a fifth of the original price, according to The Real Deal, which broke the news.

Located at 29 Beekman Place, the townhouse was built in 1934 by CBS founder William S. Paley. Ashraf Pahlavi, the twin sister of last shah of Iran before the 1979 revolution, lived there in the years leading up to the revolution that caused her brother Mohammad Reza Pahlavi to flee to Egypt. Wansdown Properties bought it for an undisclosed amount in 1980.

[Inman News]

The townhouse was designed to reflect old-school New York glamour — it has 10 bedrooms, 11-foot ceilings, eight fireplaces, numerous guest and maid’s rooms and full-glass views of the East River. It’s also steps from the United Nations, a fact that has been used to pitch it as a potential embassy space.

But extravagant interiors and a storied past did not stop the property from languishing on the market for six years — in no small part because it has been tied up in numerous legal battles over Pahlavi’s estate since her death 2016. To get it out of bankruptcy, the owners enlisted Rosewood Realty’s Greg Corbin, Aaron Kline, Chaya Milworn, Branon Serota and Elliot Haft to sell it. Compass’ Charlie Attias is also working on the sale.

“Due to the nature of the bankruptcy and the desire to have an immediate sale, the property has been priced well below what any private owner would ask,” Corbin said in a statement.

Email Veronika Bondarenko

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