Listen children, y’all should high tail it over to Braden Keil’s Gimme Shelter column in the NY Post because he’s got all sorts of updates and juicy tidbits including the latest 411 on the most recent price chop at artist/filmmaker Julian Schnabel’s self-designed West Village finger flipping architectural fantasy known as the Palazzo Chupi.

Surely everyone recalls when all the real estate gossips went wild chit chatting about Mister Schnabel’s strangely articulated, unusually fenestrated and pinky-red condo building on West 11th Street. Early reports declared that Mister Schnabel was going to market 4 of the 5 multi-million dollar units on his own. (The pajama clad one reportedly occupies the fifth himself). He did manage to get some filthy rich financier to buy one unit and deelishusly grey haired actor Richard Gere scooped up one of the units for $12,000,000 but quickly flipped it back on the market where it remains available for $17,995,000.

When the remaining units weren’t scooped up lickety split by his big name and big bucks buddies, he brought in the real estate agents who first listed the 3,700 square foot triplex penthouse in February of 2008 with a blistering $27,000,000 asking price. There were no takers. In April the price was raised, yes, raised to and even more scorching $32,000,000. Again no takers. Then in July, the asking price of three bedroom and 3.5 bathroom aerie was hacked to $29,500,000. But alas, no buyers stepped up to the table. The asking price for the four terrace and three balcony building topper has now been sliced and diced to a still considerably expensive $24,000,000, representing an eye-popping and most unusual $5,500,000 markdown.

Is this a sign of the economic times or was this pricey penthouse over priced to begin with? You decide.