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Estate of Jean-Michel Basquiat Pays $1.595 Million for Village Apt.

Before you die, how would you feel about your estate investing the money you left in real estate? The answer might depend on where the property lies.

Gerard Basquiat is the father of renowned Neo-Expressnionist artist Jean-Michel Basquiat, and the administrator of his son’s estate. Basquiat died almost twenty years ago of a drug overdose after taking a deadly combination of heroin and cocaine (a “speedball”).

New York City public records revealed that on March 10, 2008, the Estate of Jean-Michel Basquiat bought a condominium apartment at 25 Fifth Avenue in Greenwich Village for $1,595,000. The condo overlooks Fifth Avenue near 9th Street.

His colorful, vivid paintings are highly sought after. At a Sotheby’s auction; in 2007, a Basquiat painting sold for $14.6 million, setting a record price for the late artist’s work.

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March 10, 2008   No Comments