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$37.5M Millennium Tower Penthouse Buyer Won't Live There Full-Time

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Unless he wants to pay U.S. income taxes

It appears that billionaire investor (and Cohasset native) John Grayken is, indeed, the buyer of the 13,000-square-foot Millennium Tower penthouse listed for $37,500,000. Grayken, who also owns an island off his hometown as well as a mansion in London and a country estate in England, apparently paid more than $30,000,000 for the spread, but less than its $37.5M listing.

Whatever. It will still be the biggest home sale in Boston history when it closes.

But there’s a catch: Grayken will very likely not live in Millennium Tower full-time. Why?Because he renounced his U.S. citizenship years ago for tax purposes and has an Irish passport (and a British wife). And the U.S. can tax the worldwide income of those ex-citizens who spend an average of 120 days annually in the country.

In other words, to keep avoiding U.S. taxes, Grayken, who made his fortune in delinquent loans and distressed properties, has to be careful about how much time he spends at his new palace in the sky.

As for Millennium Tower developer Millennium Partners’ earlier contention that the then-unknown penthouse buyer would use the unit as a "family residence," Grayken does have four children. Maybe its theirs and his spouse’s? Stay tuned.