Find the Fatal Flaw: Unsellable Penthouse Tries Again After $3.5M in Price Chops

Kimberly Turner


The sad saga of the "most spectacular penthouse in the city!" continues, so let's play another round of Find the Fatal Flaw. When Curbed Atlanta first spotted this Buckhead penthouse in 2012, it was brazenly priced at $9,950,000 despite its lack of skyline views and a limited market for condos at that price point. Eight months later, the 7,525-square-foot abode by architect Jim Winer was still holding out hope that its clean finishes, elevator, theater, five parking spots and 13-foot ceilings would fetch almost $10 million. Last November, Curbed spotted a price chop of nearly $3 million, taking it down to "only" $7 million. "But I have 2,300 square feet of outdoor terrace with a view of lots of trees!" cried the lonely penthouse. "No go," replied Atlantans. The unit returned to the market this month at $6.5 million. Another penthouse in the same building (though significantly smaller at 4,374-square-feet) is currently asking $1.75 million. Fulton County tax records show the penthouse is owned by former Beazer Homes CEO Ian McCarthy and his wife, Angela, who paid $2,025,000 in 2005. Ian was dismissed from Beazer in 2011 after agreeing to return $6.5 million as part of his settlement with the SEC. So will it sell at this price? And why has it been on the market for more than two years?
· 2500 Peachtree Road, Unit 901S [Zillow]