Judge Throws Out Lawsuit Over Broken Wildenstein Mansion Deal

UPPER EAST SIDE, NY — It turns out that when it comes to $79 million real estate deals, simply "shaking on it" isn't good enough.

A Manhattan judge tossed a lawsuit Friday brought by billionaire investor Len Blavatnik against the young heir of the Wildenstein art empire, David, over a broken verbal agreement to buy the family's Upper East Side mansion for $79 million deal, the New York Post reported.

Blavatnik and Wildenstein supposedly agreed to the deal, but it fell apart when Wildenstein attempted to use the offer to leverage a better deal, according to the lawsuit. The Wildenstein's East 64th Street mansion is currently listed for $100 million by Cushman & Wakefield.

The billionaire's lawsuit demanded that the young art heir either went through with the $79 million sale or awarded him $10 million. That's a lot of money to pony up for hurting someone's feelings. The Ukrainian-American billionaire Blavatnik had hopes of converting the mansion into offices, according to the New York Post.

Judge Shirley Werner Kornreich had some strong words for Blavatnik's lawyer on Friday.

"Your extraordinarily sophisticated and well-heeled client… relied on an oral telephone conversation,” the judge said, according to the Post. “He clearly knows that is not sufficient for a deal.”

Lawyers representing Blavatnik told the New York Post that they plan to appeal the decision. The spat isn't the first time the Wildenstein's have engaged in a legal battle over the family's historic townhouse mansion.

The family had agreed to sell the mansion to Qatar in 2014 for $90 million, Bloomberg reported. But the deal fell through when Qatar — which was planning to establish a consulate in the building — backed out due to concerns over Wildenstein money laundering allegations, according the the report. The Wildenstein family later sued the country and settled out of court.

But it appears as if the failed sale has not diminished the property's value as it's back on the market at a $10 million increase. Maybe there's another oil-rich country out there looking for a place on the Upper East side.

The building's listing boasts luxury features such as a limestone-clad exterior, 20-foot ceilings and a paneled elevator that reaches every floor. The mansion is also in the vicinity of a number of luxury retail stores such as Chanel, Goyard, Alexander McQueen, Loro Piana, Givenchy, Hermes and Graff, according to the listing.

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