If you are a media mogul, then of course you have $54 million to spend on a luxurious Upper East Side co-op. According to Page Six, David Geffen, the record executive-turned-Dreamworks founder, bought songwriter Denise Rich's 12,000 square-foot duplex.

Rich put the apartment on the market for $65 million in January—besides seven bedrooms, 11 bathrooms and three kitchens, there's a recording studio and three outdoor terraces. Geffen won't have to worry about the co-op board, because he apparently already lives in the same Fifth Avenue building—on the floor below.

Page Six claims, "Sources tell us, he won’t be combining the two apartments, and will sell off his old one when his extensive renovations are done... Ironically, Geffen and Rich once had a flap as neighbors in the building, when Geffen reportedly threatened to take Rich to court after her Jacuzzi overflowed, damaging art and clothing in his apartment below. The pair eventually settled."

Earlier this year, Rich renounced her citizenship. Her spokesperson says it's to be closer to her life partner, as well as friends and family, and that she'll become an Austrian citizen, but many believe that she's trying to avoid paying U.S. taxes.