by Sarah Hall
Mar 29, 2005, 2:10 PM PT
The twin moguls have decided to put the pricey pad on the market before ever moving in, People magazine reports.
The 6,000-square-foot penthouse reportedly proved to be too spacious for the diminutive sisters and required too many renovations, their rep, Michael Pagnotta, told People.
"It turned out to be too much space, along with the fact that the renovation was going to take far longer than anyone expected," Pagnotta said. "It just didn't make sense anymore. Their needs changed in terms of their living situations."
The formerly inseparable pair have not cohabitated since January, when Mary-Kate moved out of their shared Tribeca apartment and into a loft in Soho, while Ashley remained behind in Tribeca.
At the time, Pagnotta denied rumors that trouble between the sisters had created the need for separate living situations.
"They are as close as ever. There's no problem between them . They share a lot of interests but they also do a lot of things separately," Pagnotta said in January.
However, back then, the twins were ostensibly still planning to move back in together once their condo was completed. Now the renovations will be put on hold, and the condo will be sold as-is.
Pagnotta also addressed persistent rumors that Mary-Kate would not be returning to college in the fall.
"It's absolutely not true," Pagnotta told the magazine. "She will continue to be enrolled in NYU in the fall. They both will continue to be enrolled in the fall."
Mary-Kate, who has battled an eating disorder, is doing "okay" healthwise, and "is focused on finishing up the school year," Pagnotta said.
The darker-tressed twin was declared a "fashion icon" by the New York Times earlier this month for pioneering her signature "homeless" look.
Meanwhile, after being somewhat overshadowed by her troubled twin, Ashley nabbed her own moment in the spotlight last month after she filed a $40 million defamation suit against the National Enquirer over a cover story that bore the headline "Ashley Olsen Caught in Drug Scandal," accompanied by a unflattering photo of the teen titan.
Overall, it's been a big year for the Olsen sisters. In addition to slogging through their freshman studies, they recently appointed a new CEO to head up their billion-dollar media empire, Dualstar LLC, and launched two new fragrances and a home furnishings line.
Just imagine what their sophomore year may bring...