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Friday, July 22, 2011

Justin Timberlake Experiences Real Estate Loss

Justin Timberlake Experiences Real Estate Loss
By John E. Miller

Even celebrities don’t always make it big in real estate. Just ask Justin Timberlake.
Justin Timberlake has drastically expanded his singing and acting career since parting from the 1990’s and early 2000’s boy band *NSYNC. Timberlake, like many other boy band sensations from the 90’s, decided to hit the solo career route and released his first single in 2002.
Since then, Timberlake has experience incredible career success. Along with his flourishing musical career, Timberlake has more than dabbled in Hollywood. First appearing in Edison Force, Timberlake has moved his acting career forward at lightning speed, having a major role in several films including the 2010 The Social Network and this year’s Friends With Benefits.
However, Timberlake’s life outside of his career has include several loses ranging from relationships to the most recent—real estate.
Timberlake’s first album Justified included numerous songs that were inspired by the ending of his chemistry-driven relationship with pop star Britney Spears. Upon the relationship ending, Timberlake expressed his hurt and loss in song.
Now, Timberlake is experiencing another loss—this time involving the recent sale of his apartment in New York. In October, 2010, he listed the TriBeCa property for $5.25 million, which would represent a nice gain since he purchased the home in 2008 for $4.77 million. However, the final sale had Timberlake taking a loss of $700,000 for his approximately 3,000 square-foot pad that only sold for $4.7 million.
This represents a 10% drop from his original asking price, which can’t be pleasing to Timberlake – especially since he recently signed a contract for $6.6 million for a penthouse in SoHo.
Hopefully Timberlake will prove to be more successful in his future real estate initiatives, success that may rub off from his hot singing and acting career that continues to grow.

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