Sanford Weill
Sanford Weill, former chairman and CEO of Citigroup. David Shankbone

Sanford Weill, the former chairman and CEO of Citigroup, has listed his penthouse at 15 Central Park West for sale for $88 million.

The Wall Street Journal reported that Weill and his wife, Joan, plan to donate the sale proceeds to charity and move to the couple's smaller apartment in the building's sixth floor. They were motivated to downsize in light of the current economic climate, but Brooklyn-born Weill told the Journal that he was committed to remain in New York - and continue to pay taxes.

Weill bought the apartment for $43.68 million in 2007, at the time a record-breaking $6,400 per square foot. The full-floor apartment is 6,744 square feet, with an additional 2,077 square foot terrace. It has four bedrooms, including a specially built oval master bedroom, and a multitude of closets and other rooms.

Kyle Blackmon of Brown Harris Stevens is the listing agent for the apartment, unit PH20.

Arthur and William Lie Zeckendorf built 15 Central Park West on the former site of the Mayflower Hotel, a parcel that was once regarded as the most expensive in the city. The building's location - between West 61st and 62nd Street, and on Central Park West - is part of its cachet, along with architect Robert A.M. Stern's limstone façade, which evokes a pre-war aesthetic.

The building has become one of the most valuable residential properties in the world, with sales in excess of $2 billion, and residents that include Goldman Sachs' Lloyd Blankfein, actor Denzel Washington and singer Sting.

If Weill's unit sells near the asking price, it would shatter the record New York's most expensive condo sale, currently held by a $48 million apartment at the Plaza Hotel, which Russian composer Igor Krutoy bought earlier this year.

Architectural Digest has more photos of the property.