Hip-Hop Icon Russell Simmons' NYC Penthouse Back on the Market (House of the Day)

It's stunning, and it's got great views and all the right celebrity connections. So why won't this place sell? This 7,175-square-foot penthouse in New York City, owned by hip-hop pioneer and Def Jam Recordings founder Russell Simmons, is on the market for $11 million. Again.

Apparently, P. Diddy was supposed to snag the sprawling spot in 2001, but damage from 9/11 had almost ruined the apartment. Even after renovations and a price chop, the place still hasn't sold -- more than a decade later! What gives, multimillionaires of New York?

The home boasts a stunning spiral staircase, 12-foot ceilings and almost 3,500 square feet of outdoor space. It features a massive kitchen with breakfast room, a library, four bedrooms and 4½ bathrooms -- not to mention a very stylish, zen-like, Southeast Asian-inspired decorative theme. We'd snap it up in a second -- if we had a loose $11 million lying around.

Thanks to our pals at Zillow for the tip!

%Gallery-168020%
Deborah Grubman and David Dubin have the listing.

Click on the images below to see more homes for sale in New York City.

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
See celebrity real estate.

See more Houses of the Dayon AOL Real Estate.

Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email harris.effron@teamaol.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to reply to each submission.)