French president's brother will sell NYC townhouse

The brother of French President Nicholas Sarkozy has put his New York home on the market.

Olivier Sarkozy had lived in a townhouse at 407 East 75th Street in uptown Manhattan since 2005, but he will relocate to a downtown location, reported AOL Real Estate.

The home is a temple for the art-obsessed. Many of the features were preserved from when famed photographer Richard Avedon lived there before his death in 2004. These included his original photo lab, where he developed photos of Marilyn Monroe, Sophia Loren, and Brooke Shields.

Sarkozy will sell the townhouse for significantly more than he bought it. The four-story, 8,475-square-foot home cost $6.75 million and Sarkozy made millions of dollars in renovations, including updating the kitchen, the home's five bathrooms, wood flooring, windows and skylight. The renovations increased the home's value by over $5 million - it's currently listed at $11.95 million, said the report.

The French financial expert's efforts are an example of the benefits of making home renovations. Homeowners can significantly increase the resale value of their homes through renovations, essentially turning a profit when they decide to move later in life.


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