Libbie Mugrabi faces demand to sell Basquiat painting for unpaid rent

Landlords of a luxury New York City residence are seeking to force art socialite Libbie Mugrabi to sell a Jean-Michel Basquiat painting to settle $2.3 million in unpaid rent. According to court filings in Manhattan Supreme Court, Mugrabi owes the owners of The Park Mansion significant arrears dating back to 2020.

Mugrabi was previously ordered to pay $1.8 million in 2023, but her landlords filed a new lawsuit in June to recover the debt with 9% interest. The landlords are now targeting her 'Untitled 1982' Basquiat painting, which is currently held at Phillips Auction House.

Valuation of the artwork is a point of contention. While the petition filed in court estimates the painting's value between $4 million and $6 million, a previous complaint filed by Mugrabi herself valued the piece at $30 million. The painting was withdrawn from a scheduled October 2024 auction due to an ongoing legal dispute involving Empire Chesapeake Holdings, which claims Mugrabi placed a lien on the artwork.