David Geffen Drops $54 Million on Denise Rich's New York City Apartment (Report)

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David Geffen with Cher and Neil Portnow.

The DreamWorks mogul plans to undergo two years of renovations on the seven-bedroom, 11-bath abode.

David Geffen is buying Grammy-nominated songwriter and socialite Denise Rich's seven-bedroom penthouse apartment on New York's Upper East Side for $54 million, the New York Post reports.

According to the paper, Rich had initially asked for $65 million for the duplex, which also boasts 12,000 square feet, 11 baths, three kitchens, a gym and Rich's recording studio (which Geffen wants to gut over the course of two years of renovations).

A DreamWorks representative did not immediately respond to THR's request for comment.

The DreamWorks mogul owns another apartment in the building on Fifth Avenue, right under Rich's digs; now that he's purchased hers, he plans to sell off the other one, the Post reports.

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The two have history: Geffen allegedly threatened to take legal action after complaining that a leakage from Rich's Jacuzzi had ruined his clothes and artwork. (A settlement followed.)

Rich, the ex-wife of mega-rich trader Marc Rich, listed her apartment back in January; in November 2011, she renounced her American passport in an apparent move to escape U.S. taxes. She has Austrian citizenship through her late father, according to Reuters.