Published: December 24, 2002
NEW YORK CITY (AP) — Sotheby’s auction house said it has agreed to sell its headquarters on Manhattan’s Upper East Side and lease the building from the new owner.
Sotheby’s will sell the building to RFR Holding, a commercial real estate company, for $175 million. The company will then lease the property to the auction house for up to 40 years.
The auction house expects to earn roughly $25 million from the deal, Sotheby’s President and CEO Bill Ruprecht said in a released statement.
Ruprecht said the sale would help cash-strapped Sotheby’s pay $100 million in short-term debt, as well as antitrust fines accumulated during the price-fixing scandal involving its former chairman A. Alfred Taubman.
Taubman was sentenced in April to a year in prison and fined $7.5 million. He was found guilty of overcharging Sotheby’s sellers $43.8 million over six years.
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