A Sky-High Mansion in the Clouds

The Struggle to Sell: From $62M to $23.8M

Kyle Blackmon, head of luxury sales at Compass and the property’s listing agent, described the shift as a pragmatic one. “My client is a realist, and he is very astute about how markets function,” Blackmon told Crain’s New York Business. This statement reflects Murdoch’s acceptance of the changing dynamics of New York City’s luxury real estate market, which has seen a rise in supply and a shift in buyer priorities.

A History of Loss at One Madison

What Makes One Madison Special?

Murdoch’s Real Estate Moves

Takeaways from a $20M Loss

Though Murdoch undoubtedly took a financial hit, it’s unlikely to rattle his net worth. As the owner of Fox News, The Wall Street Journal, and The Times of London, Murdoch has ample resources to absorb the loss. For him, this may simply be a lesson in timing — that even the most iconic real estate deals are vulnerable to market forces.

Looking Ahead