Homeowners have taken a beating since the housing bubble burst and no one is safe — not even celebrities.
“As sellers, celebrities are no better than the rest of us!” said Amy Bohutinsky, vice president of marketing and communications at real-estate web site Zillow.com.
Zillow found more than dozen celebrity homes on the market right now that have had to take price cuts and the numbers are astonishing: The listing prices have been slashed anywhere from four to nearly 50 percent.
And, being celebrities, who are used to fans paying big money for everything from their autograph to their old guitar, a dramatic drop in the value of their home can be an even tougher pill to swallow than it is for the average homeowner.
“They’re used to having a power position,” Bohutinsky said. “But in this market, it’s the buyers that have the power.”
Here are a half dozen celebrity homes and the “bargain” price they’re going for now!
Christina Aguilera, Musician
1443 Devlin Dr., Los Angeles, CA
Current price: $5.99 million
Price cut: -4.1%
Square feet: 6,500
1443 Devlin Dr., Los Angeles, CA
Current price: $5.99 million
Price cut: -4.1%
Square feet: 6,500
What a girl wants, what a girl needs … is to sell this house. She originally put her Hollywood Hillsmansion on the market in April 2008 for $7.99 million. The home, a stunning mid-Century modern with “Jetliner views from downtown to the ocean,” was then taken off the market and re-listed for $6.25 million. After her recent split from husband Jordan Bratman, the price was reduced once again and is currently on the market for $5.99 million. You can feel bad for the new mom personally, but don’t feel bad for her wallet: Aguilera originally bought the home in 2003 for $5 million, so at this price, she stands to make a cool million off the sale.
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| Joey Lawrence's $2.5 million home for sale Photo: Zillow.com | Inset photo: Getty Images |
Joey Lawrence, Actor
17036 Rancho St. Encino, CA
Current price: $2.59 million
Price cut: -18.8%
Square feet: 8,100
17036 Rancho St. Encino, CA
Current price: $2.59 million
Price cut: -18.8%
Square feet: 8,100
Gimme a break! Lawrence, originally listed his classic Spanish estate in Encino, Calif., for $3.19 million in January 2010, then dropped the price to $2.99 million in July and $2.59 million in November. The 6 bedroom, 9.5 bath has a “ginormous” master suite (that sounds like something Joey would say, right?) a movie theater and multiple saunas. He’s lived there for 16 years, which is a lot in actor years. (What is that, like 37 human years?) So, even if he sells at the bargain basement price of $2.59 million, he’ll still make a profit of over $1.4 million. Whoa!
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| Hulk Hogan's $10.9 million home for sale Photo: Zillow.com | Inset photo: Getty Images |
Hulk Hogan, Former Pro Wrestler
130 Willadel Dr., Belleair, FL
Current price: $10.9 million
Price cut: -21.6%
Square feet: 17,145
130 Willadel Dr., Belleair, FL
Current price: $10.9 million
Price cut: -21.6%
Square feet: 17,145
Hogan may know best when it comes to his TV show, but with real estate prices? Not so much. The former pro wrestler-turned-reality star originally put his Belleair, Fla., home on the market in August 2009 for $13.9 million. Four price cuts and a divorce from wife Linda later, the current list price is $10.9 million. Though, it’s still a nice profit, if he can pull it off, given that he bought the house for $2 million in 1992. Described in the listing as “majestic,” the 5 bedroom, 9.5 bath house sits on a bluff with “magnificent views” of the Intracoastal Waterway and Clearwater Pass to the Gulf of Mexico. Whoever buys this palatial estate won’t have to wonder what the old homeowners were like and what they did in the house — they can just buy the DVD box set!
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| Leanne Rimes' $6 million home for sale Photo: Zillow.com |
Leanne Rimes, Musician
512 King Richards Ct., Franklin, TN
Current price: $6.24 million
Price cut: -16%
Square feet: 13,310
512 King Richards Ct., Franklin, TN
Current price: $6.24 million
Price cut: -16%
Square feet: 13,310
Tell me now … How will she live …. Without this house … I want to know. Well, none of us will know for a while because Leann Rimes is having a hard time selling her 13,000 square foot faux English-style mansion in Franklin, Tenn. In May 2009, she put the house on the market for $7.45 million. A few months later, she put her husband back on the market and the couple filed for divorce. After the divorce was finalized, she dropped the price in January 2010 to $6.49 million. That was a cool million off the top, but it wasn’t enough. They lowered the price two more times and the current price is $6.24 million. Lovers may come and go, but real estate seems to stick with you forever in this market!
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| Mel Gibson's $12.75 million home for sale Photo: Zillow.com | Inset photo: Bertrand Langlois | AFP | Getty Images |
Mel Gibson, Actor
23333 Palm Canyon Ln, Malibu, CA
Current price: $12.75 million
Price cut: -12.1%
Square feet: 5,403
23333 Palm Canyon Ln, Malibu, CA
Current price: $12.75 million
Price cut: -12.1%
Square feet: 5,403
He may be a patriot with a brave heart, but even that's not enough to help Mel Gibson sell hisMalibu dream home. He put the Lavender Hill Farm (an ironic name, given that lavender is known for its soothing properties) on the market for $14.5 million in March 2010. After a highly-publicized crazy parade and subsequent divorce from wife Robyn last year, the 9 bedroom, 8.5 bath home in a secluded area of Malibu, was knocked down to $12.75 million a few weeks ago. He’s also had a hard time selling his Connecticut property, which was slashed to $29.75 million from $35 million. He knows what women want and now he knows what buyers want — a lower price tag!
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