Michael Eisner Buys $10 Million Apartment Amidst Pierre Hotel Sale Drama

Former Disney CEO Michael Eisner has purchased a $10 million apartment at the Sherry Netherland hotel, records show. The acquisition comes as Eisner and other shareholders at the iconic Pierre hotel face the possibility of losing their homes due to a proposed $2 billion sale.

Eisner and his wife Jane acquired unit 25T from the Broad Revocable Trust, associated with the family of the late art collector Eli Broad. The new residence is a two-bedroom, 2.5-bath apartment spanning 2,500 square feet. The Sherry Netherland, located at 781 Fifth Avenue, is known for its white-glove service, including attended elevators, daily housekeeping, and room service from Harry Cipriani.

The timing of Eisner's purchase is notable given the ongoing conflict at The Pierre. The hotel has been embroiled in a year-long dispute over a potential sale to Saudi buyer Motasem Khashoggi and management by the Dorchester Collection, owned by the Sultan of Brunei. If approved by two-thirds of shareholders this fall, the deal could lead to the eviction of all residents.

Eisner, who had previously acquired a second apartment at The Pierre and additional co-op shares for $4.3 million last year, participated in a July 29 shareholder meeting regarding the sale via Zoom. The meeting was described by attendees as contentious, with investor Austin Hearst criticizing the representatives from Dorchester and Khashoggi Holding for their handling of the terms. Fashion designer Tory Burch raised concerns about the potential job losses for the hotel's approximately 400 employees.

Longtime resident Tina Beriro, 85, expressed concern that many residents might not live to see the resolution of the sale. Eisner is not the only prominent figure hedging his position; Larry Ellison reportedly purchased two units at The Pierre from Shari Redstone for $24 million in an off-market deal in November.

Commerce Secretary Howard Lutnick, who owns The Pierre's penthouse but does not reside there, missed the July meeting due to obligations at the Oval Office. Lutnick's sons run Newmark, the brokerage firm poised to earn a fee from the sale, a situation that has drawn scrutiny given his significant shareholder stake.

The board president of The Pierre, David Johnson, has declined to comment on the meeting or the sale terms, stating it is a private matter among shareholders. A release date for the promised proxy statement detailing the sale's terms has not yet been set.