Billionaire spent $118 million on penthouse he never slept in. Now it’s for sale

In 2016, Saudi retail mogul Fawaz Alhokair bought one of the best apartments in the world – the top-floor penthouse of 432 Park Avenue, New York. 

He splashed $US87.7 million on the apartment – equivalent to $AU118 million at the time. 

But despite lavishing a massive sum on the penthouse, Alhokair never spent a single night in the property. 

Now, the opulent New York penthouse is on the market for $US90 million ($AU141 million). 

Once the tallest residential building in the world, 432 Park Avenue is an ultra-luxurious tower on Billionaire’s Row. 

The building was developed by Harry B. Macklowe, a New York property tycoon who gained notoriety in the 1980s for demolishing four buildings in Times Square in the middle of the night. 

Alhokair’s top-floor penthouse has jaw-dropping views over the Manhattan skyline and Central Park. It’s possible to see all the way to the Long Island Sound from the kitchen window. 

It’s described in the listing as “the pinnacle of New York City luxury living”, with 766 square metres of living space. 

“The residence presents a rare opportunity for discerning buyers seeking a pristine, never-been-lived in home,” the listing says. 

Six bedrooms and nine bathrooms are on offer. At the heart of the home is a 260-square-metre ‘great room’ with panoramic views over New York. 

The residents also have access to a private restaurant by Michelin-starred chef Shaun Hergatt, a fitness centre, an indoor pool and sauna, and a massage room.  

Alhokair first listed the penthouse in 2021 for a staggering $US169 million ($AU266 million). 

After languishing on the market without a buyer, the property’s asking price was slashed to $US105 million in 2024. 

It’s now had another price cut of $US15 million, bringing the current asking price down to $US90 million – just $2.3 million more than what Alhokair paid in 2016.