Here are 11 of the biggest price cuts on luxury residential properties listed for sale

National /
Mar.March 10, 2019 12:08 PM

(Credit: iStock, Pixabay)

Big reductions in asking prices for expensive mansions and penthouses have become more common in the past year.

For example, former professional basketball star Shaquille O’Neal decided the original $28 million asking price for his Central Florida mansion was a long shot, so he cut it to $22 million.

Another Florida mansion in Hillsboro Beach, a barrier island town near Boca Raton, was listed for sale about three years ago with an initial asking price of $159 million. After a $100 million price cut, the mansion sold in January.

Here are 11 properties with some of the biggest price cuts in the past year:

  1. The late Michael Jackson’s Neverland Ranch was listed for sale in 2015 with a $100 million asking price, which was lowered in 2017 to $65 million. The infamous property is now listed for $31 million.
  2. A four-level mansion in Los Angeles had been listed for $250 million before a big cut in January reduced the asking price to $150 million. The residence has five bars, a luxury car gallery, a movie theater and a bowling alley.
  3. The most expensive listing in Los Angeles is a vacant hilltop parcel in Beverly Hills known as “The Mountain.” Initially listed at $1 billion, the asking price was chopped to $650 million in February.
  4. Billionaire Warren Buffet finally sold a vacation home in Laguna Beach, California, for about $7.5 million. Buffet initially listed the property for sale two years ago and cut the asking price by 30 percent from $11 million.
  5. The owner of a penthouse in the SoHo neighborhood of New York City reduced the asking price from $65 million to $59.5 million. But if it sells for the reduced price, it still will be the most expensive apartment sale ever in downtown New York City.
  6. Another penthouse near New York City’s Central Park was listed two years ago for $82 million, then reduced to $61 million. The owner then split the penthouse into two apartments and sold them in February for $30.7 million and $30.2 million.
  7. A townhouse in New York City nicknamed “Versailles in Manhattan” has been on and off the market for 12 years. The owner, whose highest asking price was $35 million in 2007, now wants $19.75 million.
  8. The Florida mansion in Hillsboro Beach, which has a design inspired by the Palace of Versailles in France, sold at a January auction for $42.5 million – 73 percent below the original $159 million asking price.
  9. In 2018, Shaquille O’Neal listed his highly customized mansion in Windermere, Florida, for $28 million, then cut the asking price to $22 million, a 21 percent reduction.
  10. The largest log cabin in the world, known as Granot Loma, has a private marina and is located on 5,000 acres of wooded property in Michigan. The owner reduced the asking price in July to $20 million from $40 million.
  11. Billionaire Ken Griffin paid £95 million, or $123 million, for a London mansion that had been listed for £125 million, or $165 million. [Business Insider]Mike Seemuth

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