Denise Rich was asking $65 million for her 12,000-square-foot penthouse on Fifth Ave., but Geffen was reportedly able to secure the property for $54 million.

Geffen's current home is located in the same building directly below the Rich home, but he has no plans to combine his new home with the old. In fact, Geffen reportedly will do extensive work on his new co-op that will include removing Rich's recording studio.

Geffen and Rich had to bury the hatchet for the deal to happen. He nearly sued her not long ago when her jacuzzi overflowed and damaged some of his art and clothing.

Several foreign buyers had been turned away by the co-op board in the building. Ironically, Rich is on the verge of being a foreign seller in the building. She is planning to renounce her US citizenship and move out of the country to avoid taxes.

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Source: therealdeal.com; Photo: Zillow

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