Designer Vera Wang reportedly is selling her 12-room (or 14-room, depending on which news account one references) co-op apartment in the exclusive 778 Park Avenue building in Manhattan to one of the two daughters of billionaire Ira Rennert for an amount that's north of $30 million, and Rennert also is set to buy a duplex co-op for his other daughter in the equally exclusive building at 740 Park Avenue in Manhattan, also for $30 million-plus.

The New York Observer's Max Abelson today broke the story of the two sales, both of which are in the works. Neither deal yet has closed.

Interestingly, Wang, 58, has a connection to both buildings. She long has lived in her 12-room (or 14-room) co-op apartment at 778 Park Avenue, but put it up for sale for $35 million last year, as we reported last summer. And, she is selling that unit to Rennert's daughter Yonina and her husband because Wang has purchased her late parents' duplex unit in 740 Park avenue for $23,100,000., as we reported last October 31.

Rennert at least knows how to have fun with money. He owns a multiunit spread at 625 Park Avenue in Manhattan, and his 66,395-square-foot, 29-bedroom mansion on his 64.8-acre, oceanfront property at 281 Daniels Lane in Sagaponack, N.Y., in the Hamptons on Long Island, once was referred to by the New York Times as 'the largest home in America.' Rennert paid a reported $11 million for the land in 1994, which then was used as a potato field. Today, the estate is known as 'Fair Field' and has a total of about 110,000 square feet of space across all buildings. Rennert owns the property through his Blue Turtles, Inc. company.