Looking For A Hot Celebrity Home? The Market Is Ripe
John E. Miller
John E. Miller
Celebrity properties are exceptional investment opportunities as they not only tend to be luxurious, but they also have the fame and memories associated with the celebrity that inhabited the home—an association in and of itself that increases the of the home from that point forward.
There are some incredible celebrity homes that are currently on the market and could be amazing opportunities given the current buyers’ market. What hot celebrities homes are currently in play for the ambitious investor – and how do they stack up to similar properties? Read on.
Anna Nicole Smith
The late pop culture icon’s estate includes a 4,700-sq. ft., five bedroom, six bath home in Studio City, California. The home, the scene of “The Anna Nicole Smith Show”, is selling for $1.75 million. This seems like a pretty good deal because two smaller homes in the same neighborhood are selling for over $2 million each.
Screen legend Elizabeth Taylor may have passed on earlier this year, but her name lives on – and so does her home. Her secluded Bel -Air home, complete with its own “secret garden” and 7,000 sq. ft. of living space, covers 1.25 acres and is listed for $8.6 million. With an average square foot of living space in Bel-Air costing approximately $539, potential buyers are paying roughly $4.9 million in markup for the celebrity connections of the four-room country home.
Film star Harrison Ford enjoys his seclusion in his primary Wyoming residence, and recently decided to relieve himself of his 5,564-sq. ft. penthouse in New York City’s Chelsea neighborhood for a cool $16 million. Those purchasing the property will buy into a neighborhood that is walking distance from Manhattan’s Garment District and Theatre District.
Billy Joel’s Hamptons estate is on the market, and while anyone who buys it may not be an “Uptown Girl”, they’ll still be in the thick of the New York limelight. The home originally debuted at $22.5 million and has since been reduced to $16.8 million. The is well above the average sales price in the Hamptons of $1.9 million, but the home itself – a pretty charming, rustic beachfront abode – is probably worth far more. Considering Joel paid roughly the same as the current listing price in 2007 and has renovated the home extensively since then, this is a pretty good deal.
Saul Hudson – better known as master guitarist and rock icon Slash – is also in the real estate mix, listing his hulking, 11,000 sq. ft. Mulholland Estates home for $9.5 million. The house features seven bedrooms and eight bathrooms, but may not fetch the full $9.5 million Slash wants because of the alleged bad reputation the neighborhood has been earning lately. Charlie Sheen and Paris Hilton both reported criminal acts on their property lately, so Slash may be looking to say goodbye to the jungle.
Sean “Diddy” Combs
Music mogul Sean Combs – a.k.a. Puff Daddy, P-Diddy, etc. etc. – is placing his swank New Jersey home for sale for the asking price of $13.5 million. He originally paid $6 million seven years ago for the estate, and is banking on his reputation as a way to get a sizable return on his investment. The 26-room mansion – complete with its own home theatre and tennis court - is large and impressive, but in this climate, it is doubtful he’ll get the full asking price.
Country legend Kenny Rogers may no longer living in his former 973-acre spread in Georgia – he sold it in 2003 – but his name will have to exert some serious attraction to potential investors in order for $20 million asking price to be met. That is because the gargantuan, yet charming, Beaver Dam Farms estate is many times the median home price in Athens, Georgia, which has been steadily falling since 2007. Of course, an investor who buys this property – still complete with many original furnishings from when Rogers called it home – would probably operate it as a privately-owned resort.
Lastly, Hollywood couple Pamela Reed and Sandy Smolan are rumored to be looking to sell their 5,400 sq. ft. Windsor Square home – a property that has been on and off the market repeatedly in 2011. It is unclear whether or not the home is actually for sale at the moment, but some allege it can be bought for the relatively-low asking price of $2,995,000. The listing is as low-key as its is current owners, who have a long yet unassuming list of Hollywood credits to their names as an actress and director, respectively. Chances are, with the home’s past history, the two will ultimately decide to place the home for sale and up for grabs.
These celebrity homes are only a sampling of the properties available on the open market today that have some connection with celebrities, or are located in upscale neighborhoods frequented by the rich and famous. Celebrity connections are powerful – why else would P Diddy’s home in New Jersey double in price? – and prime deals are to be had. Investors can find even better deals with foreclosures – celebrity-related or not – by using listing services like ForeclosureDeals.com.
Keeping a sharp eye on the market is always a good way to snag a valuable property – especially if a star has called it home.