Julian Schnabel has slashed the price on a duplex in his controversial Pepto-Bismol-pink Palazzo Chupi by more than $2 million. The apartment in question, one of several luxe spreads in the building, was originally listed at $27 million earlier this year, then quickly increased to $32 million, but Schnabel just lowered the asking price to $29.5 million, the Wall Street Journal reports. Richard Gere bought one of the lower-floor apartments for $12 million last year and recently put it back on the market for $18 million.
The apartment's Old World features include 14-ft. tall plaster walls, massive hand carved fireplaces, handmade bronze railings, solid stone and tile floors, and wood ceilings, all hand-selected by Schnabel -- as do those in the rest of the building, which is featured in Vanity Fair's May issue. The price cut is probably indicative of the slightly slumping Manhattan real estate market, which many feel to be mostly recession-proof. You can view the listing HERE