It's been a great few months for Andreas Apostolopoulos, the Canadian property baron we know as APOP. The State Savings Bank he bagged for $700K was picked up by billionaire Dan Gilbert, likely for a decent profit. At the Penobscot, he's paying Todd Farnum zero dollars to repair the building's iconic orb, a dangerous task that would otherwise cost thousands.
His most recent victory, however, stems from a historic terra cotta building he tore down in 2013. Records indicate he bought the doomed building and a neighboring parking lot earlier that year for about $2.5M. Guess how much they just sold for?
After a two-day stint on Auction.com, the two lots were auctioned off Thursday afternoon for $5.55M. That's a profit of $3.05M! The financials are obviously more complicated than those two numbers, but the listing does mention that APOP's parking lots generated over $250K/year. Again, safe to say he's coming out very much on top.
The greater point is that Todd Farnum volunteered to repair the Penobscot's orb because it seemed like the right thing to do. He might actually be there right now, clipped to a rusty tower atop one of the city's tallest skyscrapers, 650' off the ground. If someone's doing you that sort of favor on a day you happen to earn $3M, a generous tip is definitely in order.
· Here's What it Takes to Repair Penobscot's Glowing Orb [Curbed]
· Sold: Historic State Savings Bank Escapes Apop's Neglect [Curbed]
· State Bank Demo Denied, Apop Tears Down Next Best Thing [Curbed]