Celebs are chopping home prices left and right

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


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