The Real Deal Los Angeles

Celebs are chopping home prices left and right

Luxury digs in California, Florida and beyond have smaller price tags as they remain on the market

June 10, 2016 10:30AM

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J. Lo and her Hidden Hills home at 25067 Jim Bridger Road (inset: "The Wedding Planner," courtesy of Columbia Pictures)

25067 Jim Bridger Road in Hidden Hills (inset: Jennifer Lopez in “The Wedding Planner,” courtesy of Columbia Pictures)

Is it an indication of a stagnating luxury market? Maybe. Maybe not. What’s clear is that celebrities seem like they’re dying to sell. In recent months, there have been major price cuts on dozens of multi-million-dollar homes of the stars.

The ever-so-fierce Tyra Banks, for instance, re-listed her Beverly Hills home this month for $6.5 million after she first asked for just under $7.8 million.

Over in Hidden Hills, the equally photogenic Jennifer Lopez has lowered the price of her estate from $17 million about 18 months ago to $12.5 million now. And Relativity Media founder and CEO Ryan Kavanaugh — less famous but still rich — slashed the price of his Malibu home from $10 million in April to $8.9 million.

The trend is similar on the East Coast.

Billy Joel scraped $2 million off his Manalapan mansion in Florida — it’s now $27 million. Celine Dion’s Jupiter Island manor now costs $45.5 million, and it’s nothing to sneeze at considering its original asking price of $72 million.

In the Hamptons, Richard Gere has a six-acre compound for $36.5 million, nearly half of his original asking price of $65 million.

Maybe it’s a buyer’s market after all. [Variety]Cathaleen Chen