Dreamworks co-founder David Geffen is shelling out $54 million for a spectacular Manhattan apartment now owned by almost-a-billionaire songwriter Denise Rich.
As RadarOnline.com previously reported, the Grammy-nominated socialite listed the duplex in January for $65 million.
That was right after she renounced her citizenship in a move that will save her millions in taxes.
The apartment is a massive 12,000 sq. ft. duplex with a 3,000-plus square foot roof terrace and six smaller terraces all with stunning views of Central Park.
There are seven bedrooms, nine baths, and three -- count them! -- three kitchens, a gym, and a living room that's the size of the average house.
All that will change however. Geffen is reportedly planning two years worth of renovations -- essentially gutting the place and starting all over.
The record-exec-turned-movie mogul already has an apartment in the same building, on the floor below, but will reportedly sell that off when he moves into his new unit.
Geffen's real estate portfolio also includes a mansion in Beverly Hills, a beachfront home on what's known as Billionaires Row in Malibu, a second Malibu beachfront compound, and another Big Apple apartment that set him back $31.5 million in 2006.