Estate sales are finding new life with millennial buyers

Young people are turning out to buy a piece of history once owned by celebrities

New York /
Feb.February 01, 2018 02:50 PM

Greta Garbo, the Campanile, Joan Rivers and 1 East 62nd Street

Estate sales are finding a new popularity with millennials drawn in by the life stories of the rich and famous.

And while the contents of their homes often prove to be the most lucrative assets, the real estate of the deceased can command top dollar at an estate sale, the Wall Street Journal reported.

Case in point: the longtime Upper East Side home of actress Greta Garbo, which sold last month for $8.5 million – a 43 percent premium over its asking price.

“The Garbo effect is the reason someone paid up,” said Brian Lewis, one of the listing agents on the property.

The children of influential late politician Jacob Javits have been going through their parents’ East 57th Street apartment following their mother’s death last year. They gave a bust of their father’s head to the Jacob K. Javits Convention Center, which is named after him.

The apartment already sold for $4.35 million to an unidentified buyer, according to listing agent Pamela D’Arc of Stribling & Associates.

Sometimes sellers will hold back details of a particular items for the sake of privacy, but other times they want to use those personal details as a selling point.

“I remember [Joan Rivers’ daughter] telling me, ‘I know that you are noted for your discretion, but that is not what I want. I want a splash,’” said Corcoran Group’s Leighton Candler, who sold the late comedienne’s penthouse for $28 million in 2015.

The Dallas-based Heritage Auctions, which runs social media accounts to attract millennials, evaluated the Los Angeles estate of Zsa Zsa Gabor in January. Her Bel Air home was sold off separately in 2013 for less than its $14.9 million asking price, though the seller gets to stay in the home until 2019 as part of the deal.

The new owner will likely tear down the home because the land is more valuable than the real estate. [WSJ]Rich Bockmann


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Seattle Seahawks receiver and newly-licensed realtor Tyler Lockett along with 812 245th Place Northeast in Sammamish, Washington (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Redfin)
NFL star earns his real estate wings
NFL star earns his real estate wings
Toll Brothers' Douglas Yearly and property at Sparks, Nevada (Toll Brothers)
“Honey, I bought the town:” Buyer ends up with big chunk of subdivision
“Honey, I bought the town:” Buyer ends up with big chunk of subdivision
75 Park Lane South (Plaza Construction)
This year’s top-selling Hudson County homes
This year’s top-selling Hudson County homes
(Illustration by The Real Deal with Getty)
Housing affordability hits 33-year low
Housing affordability hits 33-year low
Daniel Grollo and 106 Central Park South (Photo Illustration by Steven DIlakian for The Real Deal with Getty Images)
Trump Parc condo tied to embattled Australian construction magnate hits market
Trump Parc condo tied to embattled Australian construction magnate hits market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...