EXCLUSIVE: Joan Rivers' $28m NYC penthouse was bought by Muhammad bin Fahd who is 'ripping it to shreds' as neighbors stand by in shock -By Heidi Parker

• Prince Fahd, 65, bought the Manhattan apartment, DailyMail.com can reveal
• He is having the penthouse completely renovated by top designers
• The Upper East Side unit is 5,100 square feet with four bedrooms
• The Saudi Arabian royal has also asked that a private elevator be installed
• Comedienne Joan died at the age of 81 on September 4, 2014

In July it was claimed Joan Rivers' Upper East Side apartment in New York City had sold to 'Middle Eastern royalty' for $28 million.

Now DailyMail.com can reveal exclusively the buyer is Muhammad bin Fahd, the son of the late King Fahd and the former governor of the Eastern Province of Saudi Arabia.

The 65-year-old prince has been remodeling the property - a 5,100-square-foot, four-bedroom penthouse - since the purchase, and neighbors are 'shocked,' according to an insider.

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Her home has a new owner: Joan Rivers sold her NYC penthouse in July for $28 million to a Middle Eastern prince; here she is pictured in June 2014, just three months before she died at the age of 81

He bought it: DailyMail.com can reveal exclusively the buyer is Muhammad bin Fahd, son of the late King Fahd, who died in 2005

'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 tells DailyMail.com.

'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.'

The property, which is only a half block from Central Park and walking distance to The Plaza, will look completely different from the way Rivers had it, said the insider.

Joan, who passed away in September 4, 2014 from a surgery gone wrong, decorated her home in an orate fashion.

There were crystal chandeliers, marble fireplaces and gilded walls.

The Louis XIV-inspired rooms - which include both a former ballroom and music room - have 23-foot ceilings and antique columns. The penthouse also boasts two large entertainment spaces, which can accommodate 125 people.

Joan once described the condo as 'where Marie Antoinette would have lived if she had the money.'

This is not how it looks now: The 65-year-old prince has been remodeling the property - a 5,100-square-foot, four-bedroom penthouse - since the purchase, and neighbors are 'shocked'

'The whole Palace Of Versailles thing is going,' said the source. 'It looks like all traces of Joan's style will be erased.'

The insider added, '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 home will have a new, more update look. Top designers are being used.'

While the source added that 'no one has made a formal complaint because they can't, it's not their condo,' it is being gossiped about among the owners. 'It is unsettling to say the least,' added the insider.

He doesn't like the old? '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 tells DailyMail.com. 'He is ripping it to shreds'

The structure was built in 1903 by millionaire John Drexel, with the building - located just off Fifth Avenue at 1 E. 62nd Street - being converted into condos in the 1930s.

Rivers bought the apartment in 1988, ordering a painstaking renovation, though holding onto some of the apartment's original period details.

'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,' said the source.

'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.'

A new look isn't the only thing Prince Fahd wants.

Her den: Joan, who passed away in September 4, 2014 from a surgery gone wrong, decorated her home in an orate fashion

'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.'

It also appears that Muhammad won't be living there.

'He has said that the property is for his sons when they are in town, and for their families,' said the source.

A gem: The structure was built in 1903 by millionaire John Drexel, with the building - located just off Fifth Avenue at 1 E. 62nd Street - being converted into condos in the 1930s

'No one will be living in the property full time,' it was added.

The insider also relayed that Prince Fahd predicted the unit will be occupied only about 'three to four' months out of the year. 'And it may even be less than that. It may only be two months,' the source said.

When Joan lived there, it was her main residence, though she would fly to Los Angeles often to see her daughter Melissa, 47, and grandson Cooper, 14.

It is also where she filmed E!'s Fashion Police and Joan & Melissa: Joan Knows Best? which ran from 2011 to 2014.

Her daughter and co-star: Joan flew to Los Angeles often to see her daughter Melissa, who she is pictured with here in 2005; it is also where she filmed E!'s Fashion Police and Joan & Melissa: Joan Knows Best? which ran from 2011 to 2014

Security is also an issue for the royal. The building has a full-time doorman.

'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.

'Joan was rich, but not a billionaire. She did not have any private security. Only assistants. No one bothered her at all. In fact, she welcomed fans, she welcomed the attention. She liked being recognized on the street. She talked to her neighbors.'

She got it all: Melissa allegedly has inherited the bulk of her mother's estate. According to Us Weekly, the 46-year-old got $75 million in cash as well as her mother's New York apartment

In October it was reported Melissa allegedly inherited the bulk of Joan's multi-million dollar estate.

According to Us Weekly, she got $75 million in cash as well as the New York apartment, which she listed within months.

Cooper received his own bequest, a source told the publication.

Culled from Daily mail