With $65M NYC Penthouse for Sale, Socialite Denise Rich Renounces US Citizenship
In the same week that President Barack Obama pushed his plan to extend the Bush-era tax cuts for people earning less than $250,000 while allowing the cuts to expire on higher income earners, there was big news that Rich has renounced her U.S. citizenship.
Rich is the songwriter and shoe fortune heiress known the world ’round as “Lady Gatsby.” Along with the hits she penned for Aretha Franklin and Mary J. Blige, Rich has been a philanthropist and donor to Democratic Party candidates. But from now on, it appears she plans to carry out her affairs from her yacht “Lady Joy” in St. Tropez or from London, since Rich has just dumped her U.S. passport, according to MSNBC. The move could save her tens of millions in taxes in the coming years.
Rich listed her fabulously glamorous 20-room penthouse in January, and it made a huge splash in the Manhattan real estate market by becoming the most expensive co-op for sale in the Big Apple. The price remains unchanged, and apparently the now international Rich still wants to sell the famous apartment at 785 5th Ave. #17-18, New York, NY 10022, described here in Vanity Fair:
Rich’s mammoth two-story creamy-beige marbled apartment, said to be in the $40 million range, overlooks Fifth Avenue and Central Park, and is decorated with works by Picasso, Chagall, Miró, Léger, Braque, Warhol, Calder and Lichtenstein, as well as a Julian Schnabel broken-crockery portrait of her with black hair and larger features. A recording studio, an office, a spa and guest rooms are on the lower floor; there is also a rooftop garden.
As MSNBC reports, Rich has never quite escaped the scandal that ensued after the pardon of her ex-husband by President Bill Clinton.
Rich’s ex-husband, commodities trader Marc Rich, fled the United States in 1983 when indicted on charges of tax evasion, fraud, racketeering and illegal trading of oil with Iran. They divorced in 1996.
Marc Rich received a presidential pardon in 2001 on President Bill Clinton’s last day in office. Federal prosecutors and Congress investigated the pardon, and in 2002 a House of Representatives committee concluded Denise Rich had swayed the action through donations to the Clinton library and campaign.
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