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

TRD LOS ANGELES /
Jun.June 10, 2016 10:30 AM

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


Related Articles

arrow_forward_ios
Gary Winnick and Casa Encantada. Inset photo dates from 1939 (credit: Winnick & Company, The Huntington Library)

Scary price: Bel Air’s Casa Encantada hits market for $225M

Sabah Al-Khalid Al-Sabah and the 157-acre Mountain of Beverly Hills (Credit: Wikipedia and iStock)

Kuwaiti royal was defrauded of $160M investment in Mountain of Beverly Hills: lawsuit

The top five listings of the last seven days

Here are the priciest resi listings in LA County last week

Stacy Gottula, Fredrik Eklund, and Palazzo di Amore

Eklund-Gomes snags a big fish from The Agency

Clockwise from top left: 1155 Angelo Drive, 1116 Laurel Way, 613 N. Sierra Drive, 32453 Pacific Coast Highway and 705 N. Arden Drive (Credit: Redfin)

Beverly Hills dominates list of top resi sales in LA County last week

Russell Weiner and the Bird Streets home

Russell Weiner wants to flip his newly-bought Bird Streets manse like a Rockstar

The four top listings (Credit: Zillow and Redfin)

Here are the priciest resi listings in LA County last week

Celebrity real estate sales: Ellen DeGeneres, Jonah Hill

This week in celeb real estate: Ellen DeGeneres flips for Santa Barbara and Jonah Hill settles down in Santa Monica…and more

arrow_forward_ios