Prince Fahd is hiring top designers to update the look and also wants private elevator and security.
PHOTO: DAILYMAIL
Prince Muhammad bin Fahd -- son of late King Fahd and former governor of the Eastern Province of Saudi Arabia -- is reported to have bought the 5,100-square-foot, four-bedroom penthouse for $28 million, reports Dailymail.
PHOTO: THECORCORANGROUPAccording to an insider, the neighbours are "shocked" as the 65-year-old prince has been remodeling the property. "Ever since Prince Fahd bought the home nearly two months ago, he has had designers and contractors in and out of the place," a source revealed to Dailymail.
"He is ripping it to shreds. Everyone is surprised because the place had a certain French look, it was very specific, and one would think the buyer would be into that. And now he doesn't want that."
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"The property, which is only half a block from Central Park and walking distance to The Plaza, will look completely different from the way Rivers had it," said the insider.
Joan Rivers -- who passed away in September 4, 2014 from a surgery gone wrong -- had decorated her house with crystal chandeliers, marble fireplaces and glided walls.
PHOTO: THECORCORANGROUPThe penthouse which was described by Joan as "where Marie Antoinette would have lived if she had the money" has a former ballroom and music room - they have 23-foot ceilings, antique columns and two large entertainment spaces which can accommodate 125 people.
"The whole Palace Of Versailles thing is going. It looks like all traces of Joan's style will be erased," said the source.
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"It was not the look Prince Fahd wanted. So he is erasing what Joan did. It's kind of a shame. First Joan died. Now her condo is dying. But that is life, it is constantly changing. Still, it feels weird," the insider added.
The home is said to have a new, more updated look for which top designers are being used." The source added that "no one has made a formal complaint because they can't, it's not their condo."
"It is unsettling to say the least," added the insider.
PHOTO: THECORCORANGROUPMillionaire John Drexel built the structure in 1903. The building was converted into condos in the 1930s. The penthouse was bought and renovated by Joan in 1988.
"Joan sure did love her condo, it was her palace and she felt like the queen there. So it's pretty surreal that a real-life king is moving in now.
'The Queen Of Comedy left and the Prince Of The Desert moved in. It's a lot for the neighbors to take in because there is usually not a lot of movement in that building," said the source.
PHOTO: STARTRAKSPHOTO/REXSHUTTERSTOCKThe Saudi Arabian royalty isn't expecting a new look only, he also wants a separate elevator. "He has asked if a private elevator can be installed," said the source.
"There is already an elevator in the building. But he would like an elevator added. This is an unusual request. It is not known if it will be done yet," added the source.
It is also being reported that the penthouse will not be occupied by Prince Fahd. "He has said that the property is for his sons when they are in town, and for their families. No one will be living in the property full time," said the source.
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The prince also has security concerns. "Muhammad wants security at the building 24 hours a day, seven days a week," said the source.
"It is of very high importance. A must. But that is really not uncommon for billionaires. Security is always an issue with billionaires. Especially if a billionaire has a royal link," added the source.
PHOTO: NEWSNYORKThe penthouse was Joan's main residence. She has also filmed E!'s Fashion Police and Joan & Melissa: Joan Knows Best? -- which ran from 2011 to 2014 -- at the same place.
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