Walmart Heiress May Buy Bronfman's Co-Op for $70 M - The Jewish Voice
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Monday, July 4, 2022

Walmart Heiress May Buy Bronfman’s Co-Op for $70 M

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Walmart heiress Alice Walton is rumored to be buying the late Edgar Bronfmans Fifth Avenue apartment for $70 million The rumor mill is all a buzz that Wal-Mart heiress Alice Walton is the buyer who plunked down a cool $70 million to purchase the “Jewel of Fifth Avenue”. The property that once belonged to Seagram magnate Edgar Bronfman Sr. was subject to a bidding war. The original asking price of $65 million was surpassed when Ms. Walton outbid her competition.  The fee for the lavish pad is but a mere drop in the bucket for Ms. Walton who has watched her wealth grow from an estimated $26 billion in 2012 to a reported $33.9 billion entering 2014, making her the 13th richest person in the world.

Walton was born in Newport, Arkansas and attended Trinity University in San Antonio, Texas. She graduated with a degree in economics and finance and began her career as an equity analyst and money manager for First Commerce Corporation. In 1988, Walton founded Llama Company, an investment bank engaged in corporate finance, public and structured finance, real estate finance and sales and trading. She served as President, Chairperson and CEO.

In his 1992 autobiography “Made in America” Sam Walton remarked that Alice was “the most like me – a maverick – but even more volatile than I am.”

Bronfman Sr., a billionaire in his own right, passed away in December of 2013 and the prewar apartment hit the real estate market in  early March of this year. The apartment is located on Fifth Avenue between East 77th and East 78th streets. If the deal closes it would top the $54 million spent in NYC by entertainment mogul David Geffen. His co-op was also located on Fifth Avenue and was the priciest to ever sell at the time.

Walton’s potentially new sprawling five-bedroom, eight- bathroom getaway features a “wraparound” outdoor terrace complete with stunning Central Park views .The real estate firm Brown Harris Stevens posted the listing and it lasted only 28 days.

The price tag will not be the only funding needed according to those familiar with the unit. It may need perhaps millions to renovate and modernize, however the space and location are what truly drove the value. The monthly maintenance in the building is a shade over $19,000.

No doubt some of the renovations will include a fair amount of art work. Ms. Walton is an avid art lover and bought her first piece of art at ten years old, a reproduction of Picasso’s “Blue Nude”.  In 2011 she was instrumental in the Walton Family Foundation’s involvement in developing Crystal Bridges Museum of American Art in the heart of Bentonville, Arkansas.

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