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$17.85M Penthouse at 500 Walnut Sold, Philly's Most Expensive Residential Sale Ever

No, Beyonce and Jay-Z did not buy it

A penthouse that hasn't even been built has just sold for $17.85 million, becoming the most expensive residential sale in the history of Philadelphia.

Scannapieco Development Corporation announced today that it has sold a 8,900-square-foot two-story penthouse at 500 Walnut, a 26-story residential tower that broke ground in 2014 and is expected to be complete in spring 2017.

Back in 2015, rumors spread that Beyonce and Jay-Z had bought the penthouse, which at the time had an asking price of $16 million. Turns out it was just a ploy by a real estate agent to attract more buyers.

So who is the lucky owner of the ultra-luxurious digs that come with a private elevator, multiple balconies, fireplaces, and a roof terrace overlooking Independence Hall?

The developer's lips are sealed, a representative tells Curbed Philly. "He wishes to remain 100 percent anonymous."

Well, whoever it is just made Philly real estate history. The most expensive residential sale last occurred in 2010, when Tom Scannapieco sold the penthouse at 1706 Rittenhouse Square for $12,500,000. That amounted to $1,613 per square foot.

Residences at 500 Walnut are going to be the most expensive in the city. Units are selling for $1,100 to $2,000 per square foot, which is the highest price per square foot in the city.

"This exciting milestone is a testament to Philadelphia and its true world-class status. Ultra-high-end buyers who have endless options are choosing Philadelphia as a place to call home," Scannapieco said in a press release.

500 Walnut

500 Walnut Street, Philadelphia, PA 19106 Visit Website