Limbaugh Gets Mega Millions on Condo Sale

Josh Barbanel
The Wall Street Journal
7/10/2010

A mural decorates a bedroom ceiling in the condominium just sold by Rush Limbaugh.

A year after railing about the high tax burden on wealthy New Yorkers, Rush Limbaugh, the conservative radio talk-show host, is severing one more tie with New York, selling his lushly decorated Fifth Avenue penthouse to an undisclosed buyer.

Mr. Limbaugh’s 10-room condominium, which features a 30-foot-wide living room with fireplace and four terraces overlooking Central Park at East 86th Street, went into contract Thursday for a bit under the final $12.95 million asking price, brokers said.

One broker familiar with the transaction said the final price was about $11.5 million. Mr. Limbaugh paid just under $5 million for the apartment as well as a maid’s room and a storage locker, in 1994.

At that price, city officials said that the sale would usually trigger a payment from the seller at the closing of about $325,000 in transfer taxes, including about $164,000 for New York City and $161,000 for New York state to help close the state’s huge budget deficit.

The apartment's 30-foot-wide living room

Last year when New York state adopted a temporary income-tax surcharge to raise more than $3 billion a year, Mr. Limbaugh said on his radio show that he was going to “get out of New York totally” and sell his Manhattan apartment. A Web transcript of the show is titled “El Rushbo to New York: Drop Dead.”…

…On the radio last week, he railed again against high property taxes, and predicted that basketball star LeBron James would bypass New York, and join a team in a place like Miami to save $12 million to $20 million a year in state income taxes he might have to pay in New York…

The entire article is at the Wall Street Journal.

Photos: Corcoran

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