“It’s purely a business decision,” an insider close to Flay told the New York Post.
This week, Flay chopped $1 million off the price of his lavish Chelsea home, which is now listed at $7 million. The property also boasts 3,256 square feet of living space spread across two floors.
“He hasn’t lived in the apartment for over a year and he took the advice of his trusted real estate broker, Meris Blumstein, who thought the current asking price is more in line with the current market,” the insider noted. “It’s their feeling that the market has adjusted itself.”
After Flay, 51, reduced the price, there was speculation that the Food Network fixture could be cash-strapped following his July 2015 divorce from Stephanie March.
While it’s unclear if Flay and March, 41, will split the profit from the upcoming sale, the New York Post reported in March that “Masters of Sex” star Helene York is now keeping his buns warm.