Strategy: Nobody wants to buy this $79.5 million Upper East Side mansion that costs $240,000 a year in taxes

The supersized New York City townhouse has a gym and spa, and a rooftop terrace, but it also carries a giant property tax bill of over $20,000 a month.

A restored Manhattan townhouse less than one block from Central Park is for sale for $79.5 million.

The Upper East Side mansion boasts 14,700 square feet of living space, equal parts whimsy and luxury, and includes a rooftop terrace and basement level gym and spa.

Owner Keith Rubenstein, a New York City real-estate developer, originally listed the property in early 2016 for $84.5 million after years of extensive renovation. Douglas Elliman now holds the listing.

Keep scrolling for a look inside the amenity-filled home:

Originally built in 1903, the home was fully restored and updated by real-estate developer Keith Rubenstein and his wife Inga. The mansion is over the top, inside and out. According to the listing, the annual property tax bill is over $240,000.

The home boasts six bedrooms and nine bathrooms spread out over 14,700 square feet. All six levels are connected by elevator, including the 2,500 square-foot rooftop deck.

As you move throughout the home, the grandeur doesn't fade. Both formal and informal living rooms complete with 17-foot high ceilings and chandeliers offer plenty of space for entertaining and lounging.

The spacious first-floor kitchen has sleek white cabinetry and countertops made with Carrara marble. There's also a separate kitchenette and butler's pantry on the second floor.

A second floor dining room with a marble fireplace and walls lined with art seats 14.

A spacious and modern master suite occupies the third floor. The master dressing room has glass shelves, a lighted handbag display, and a temperature controlled vault for furs.

Attached is a decadent and mirror-lined master bathroom with a marble-framed fireplace.

Opposite the master suite is a custom built wood-paneled library and ventilated smoking room.

There's plenty of light steaming into the fifth-floor media room, complete with a pool table and wet bar.

And a basement level gym, pool, sauna, and massage room ensure you never have to leave the comforts of home.

The supersized New York City townhouse has a gym and spa, and a rooftop terrace, but it also carries a giant property tax bill of over $20,000 a month. Read Full Story