HOUSE OF THE DAY: Karl Lagerfeld Sells His Gramercy Park Apartment To A Banker At A $2 Million Loss

Prudential Douglas Elliman Real Estate

It's hard to believe that Karl Lagerfeld would have a hard time selling his unused Gramercy Park pied-À-terre, but it took two years and a $2 million price chop for the famed Chanel designer to unload his 2,200-square-foot pad at 50 Gramercy Park North.

He's finally sold it to Macquarie banker Sebastian Barrack for $4.5 million, far less than its initial $6.5 million asking price, The New York Post reports.

Lagerfeld purchased the stark white, three-bedroom apartment in 2006 for $6.575 million. Rumor has it he never even actually moved in.

Unfortunately for Barrack, the apartment gets poor natural light and has a high maintenance fee. But it does come with a coveted key to Gramercy Park.