It's been a while since we've checked in on Palazzo Chupi, Julian Schnabel's West Village condo that we love, partly because the towering building with the controversial pink exterior reminds us of big, ol' pulchritudinous Schnabe himself. We assumed that the Chupi's units would be snapped up by wealthy boomers as soon as they hit the market, but apparently not so much. Not only did Richard Gere perform the unthinkable act of flipping his unit, The Wall Street Journal is reporting today that Schnabel and his Brown Harris Steven brokers have performed the sort of drastic price cut that just lets you know the real-estate market is in the shitter: A duplex, once valued at $32 million, is now being offered for a paltry $29.5 million. This is bad news for Schnabel, but good news for us: Now we only need $29,499,900. Until then, we're just going to gaze at these new pictures…

Julian Schnabel Lowers Price on Pink Unit [WSJ]