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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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