HomeChinese AmericanI.M. Pei’s townhouse sold for $8.6 million

I.M. Pei’s townhouse sold for $8.6 million

Photo from Wikimedia Commons

After a couple years of delay and a bidding war, architect I.M. Pei’s New York townhouse was sold for $8.6 million, 7.5% over its 2019 asking price, The Wall Street Journal reports.

Much of the house’s marketability came down to the name of its previous owner. Many bidders were fans of Pei, who was renowned for designing the Louvre Pyramid in Paris, according to listing agent Edward Joseph of Christie’s International Real Estate.

“I.M. Pei and his legacy definitely played a big part in the marketability of the house,” Joseph said to The Wall Street Journal.

Pei and his wife Eileen first bought the townhouse in the early 1970s for $215,000. They since renovated the place and amassed a collection of art whose value would dwarf that of their house’s: in 2019, the year the house was originally listed, the Peis’ collection of art was auctioned for over $25 million.

While the townhouse originally received an offer “way over the asking price” in 2019, the deal fell through due to the COVID-19 pandemic. As a result, the house was taken off the market in May 2020 before being relisted in September 2020.

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