Celebrities have unlimited access to exclusive real estate listings and the funds to live wherever they want, which is why they are constantly looking for something new and improved. While luxury properties may be easy for stars to attain, the real task can be moving out. Celebrities may have the disposal income to spend lavishly on real estate, but that does not mean that they have the investment acumen to do so wisely. Though the real estate market is said to be bouncing back, there are still some real challenges. These problems have not escaped those selling luxury homes. Even the homes in the luxury market have experienced a decrease in value. Americas rich and famous are not always willing to adjust their selling prices to match the evolving demands of the current market. Expired listings are often due to homes that are overpriced.
The size of a stars fan base does not necessarily translate into interested buyers and there are unique challenges when selling celebrity homes. The amenities and customizations that they demand for their dream homes are not always attractive to potential buyers. Showing celebrity owned homes can also be complicated. Though potential buyers must prove they are financially qualified to make a purchase, it does not prevent fans from trying to access the property for a private tour. Interested investors who are qualified to place an offer must weigh the pros and cons of buying a high profile property. The former homes of celebrities are often scheduled stops on bus tours and the home may still garner attention from fans long after the star has gone.
Here is a review of celebrity owned real estate that won’t sell:
Whitney Houston’s Former New Jersey Marital Home – $1.5 Million
The contemporary mansion where the infamous reality television show ‘Being Bobby Brown’ was filmed, and singers Bobby Brown and Whitney Houston were married, is back on the market. Originally listed in 2009 for $2.5 million, zero offers were received prompting Houston to wait to relist the property again in 2011 for the reduced price of $1,750,000. Shortly after Houston’s death in 2012, the home was pulled from the market once again, but has recently been relisted for $1,499,999. Built in 1987, the residence located at in Mendham Township, NJ, is 13,607 square feet on a 24-acre lot.
It features 5 bedrooms, 5 bathrooms, a professional recording studio, a swimming pool, a tennis court and 6-car garage. Houston purchased the property in 1987 for $2.5 million and it is currently assessed at just under $2 million. The circular architectural design was reportedly inspired by Terminal C of the Newark Liberty International Airport. The listing agent states the home, which has been uninhabited for several years, was purchased from Houston’s estate and prepared for sale.
Michael Jordan’s Suburban Chicago Mansion – $16 million
The 56,000 square foot Chicago home of former NBA star Michael Jordan has recently been relisted for $16 million. The price reduction came following an unsuccessful auction in December 2013. The mansion was originally listed on the open market for $29 million in 2012, and then reduced by $8 million for the auction. The sports legend lived in the residence with his former wife, Juanita Vanoy, and their 3 children while he played for the Chicago Bulls. Sitting on 7.4 acres in Highland Park, IL, the property boasts 9 bedrooms, 15 bathrooms, a cigar room, a movie theater, a gym, a tennis court, a pool pavilion, a putting green and an indoor basketball complex.
Real estate challenges include the fact that it is the largest home in the neighborhood, too far from downtown Chicago and is not located on Lake Michigan. Jordan now resides in Jupiter, FL, in a $12.4 million Palm Beach home with second wife Yvette Prieto, whom he wed in an extravagant star-studded ceremony last year.
Orlando Bloom’s Gated Hollywood Hills Compound – $4.5 million
Following the announcement of the split with his wife of 3 years, Victoria’s Secret model Miranda Kerr, actor Orlando Bloom listed his Hollywood Hills home for $4.5 million. The Outpost Estates residence was the target of a “Bling Ring” burglary, which reportedly provoked the star to move. Bloom was one of 5 celebrity witnesses in a case against a group of teen thieves, nicknamed the “Bling Ring,” that targeted celebrities from 2008 to 2009. A state-of-the-art camera security system has since been installed.
Located near Mulholland Drive, the 3,248 square foot residence is on .75 acres and has 4 bedrooms, 3.5 bathrooms, a library and a pool. A-List neighbors include Cameron Diaz, Ryan Reynolds and Jason Statham. The 1940 property, with an oddly painted Black exterior, has been sitting on the market since October 2013. Bloom bought the property in 2007 for $2.75 million.
Ryan Reynolds Tinseltown Bachelor Pad – $1.6 million
Orlando Bloom’s neighbor, actor Ryan Reynolds, is also trying to unload his modest Hollywood home. Originally listed for $1.715 million in 2009, the 2 bedroom, 2.5-bath starter home appeared on the market for the 3rd time in 2013. This time it has been remodeled and reduced to $1.599 million.
The upgrades include solar heating, hardwood floors and a landscaped garden. If it sells for the current listing price, Reynolds will have lost $166k on his investment. The 1,789 square-foot property has a walled entrance and gated courtyard for privacy. This residence was purchased 2 years before his marriage to former wife, actress Scarlett Johansson, in 2009. Reynolds now shares a $2.3 million country home in Bedford, NY, with his second wife, actress Blake Lively.
Sheryl Crow’s Tennessee Ranch – $3.85 million
Singer Sheryl Crow has had no luck finding a buyer for Cross Creek Farm. Her Tennessee ranch in College Grove has been on the market for nearly 4 years. Initially listed in 2010 for $7.5 million, the price was reduced by 40% in 2011. The asking price is now down to $3.85 million. Crow has since changed the offer to include 51 acres, instead of 147, and is selling the guesthouse and additional land separately.
The contemporary 10,433 square-foot residence was built in 2008 and features 6 bedrooms, 7.5 bathrooms, a 14-stall horse barn, an indoor arena and an outdoor pool. It is described as a “solar home” and “equestrian property”. The home is being sold for more than the appraisal and is reportedly over-priced for the area. No stranger to waiting around for the right buyer, the singer also has a L.A. residence in the Hollywood Hills that she has been trying to sell since 2012.
Matt Damon’s Waterfront Miami Mansion – $19 million
After being on the market for 7 months, actor Matt Damon slashed the price of his Miami home from $20 million to $18.999 million. Damon purchased the property for $10.5 million in 2005 and built a custom 12,705 square-foot Mediterranean style home. The residence includes 7 bedrooms, 10 bathrooms, a gourmet kitchen, a wine cellar, a home theater, and a pool house with a full kitchen.
The property has 1,750 feet of waterfront access on the Biscayne Bay and a separate 2 bedroom, 2 bathroom, guesthouse. This area is popular among A-listers, such as Cher, Billy Joel, Rosie O’Donnell and Ricky Martin who have all owned homes there. Damon now lives in the Pacific Palisades home that he purchased for $15 million in 2012, located near friend Ben Affleck.