(Bloomberg) -- Rupert Murdoch’s triplex penthouse has slashed its asking price yet again.

After listing for $62 million in 2022, the roughly 7,000-square-foot apartment in Manhattan’s Flatiron neighborhood has been on and off the market with increasingly diminishing price tags. Most recently, it was offered in April for $38.5 million. Now, the billionaire News Corp chairman emeritus has lopped off another $10 million—all told, its $28.5 million price is now less than half of the initial ask. 

“My client is a realist, and he is very astute about how markets function,” says Kyle Blackmon, the head of luxury sales at Compass who represents the property. Of the most recent drop, he continues, “We ultimately believe that such a significant reduction—26%—increases the probability of competitive bidding.”

The apartment has been toured by what Blackmon says are 12 qualified buyers in the last two months, “five of which are billionaires,” he says. “We have a number of those qualified purchasers circling the property.”

The penthouse spans the building’s 58th, 59th and 60th floors, and has 5 bedrooms and 6.5 baths. There’s a private, internal elevator, along with a dramatic circular staircase.

A decade ago, Murdoch reportedly paid about $57.9 million for the apartment, along with a smaller 3,300-square-foot unit in the same building.

“In my experience, incremental and modest reductions traditionally are not enough to move the needle,” Blackmon says of the most recent price cut. “I have confidence that we’ve increased our probability of having multiple bids at this level.”

©2024 Bloomberg L.P.