The ultra-luxury apartment that’s had its asking price slashed by $68m in seven years

A luxury apartment overlooking New York City’s Central Park has returned to the market with an eye-watering discount.

The huge, 522-square metre, two-storey unit was most recently listed in 2012 with a $US95 million ($140.66 million) asking price but failed to sell after its brief stint on the market.

It has just been listed for sale again at a much more modest $US49 million.

That makes the discount for the Ritz-Carlton penthouse about the $US46 million ($68 million) mark, more than anyone has paid for an apartment in Australia.

The penthouse of the ANZ tower in Sydney is expected to take the title of Australia’s priciest apartment if it sells, with an asking price of $66 million.

The Ritz-Carlton apartment features a ballroom, solarium, library and a 65 square metre terrace, all overlooking New York’s 3.41 square kilometres of parkland.

It sits on top of the famous 1930s hotel on Billionaire’s Row, one of 10 units developed by the Ritz-Carlton’s owners at the turn of the century.

It is owned by a corporate entity linked to Andrew B. Worden, chief executive of the investment firm Barron Group Holdings.

The entity paid $US19.95 million ($29.55 million) for the penthouse in 2006, so a sale could more than double Mr Worden’s investment.

The investor, also described as a philanthropist, used the luxury pad to host a charity event in 2008. Guests included supermodels and the now-disgraced music executive Russell Simmons, who was accused of sexual assault by several women in 2017.

The home has three bedrooms and three bathrooms but has architectural plans to convert it into a five-bedroom, four-bathroom home.

The listing says the sky-home is only minutes away from Broadway, The MET and MOMA.