Top 10 Celebrity Homes On Long Island

Top 10 Celebrity Homes On Long Island

We are back with our latest Top Ten Tuesday list. This week we bring you Top Ten Celebrity Homes On Long Island!

Long Island is one of the hot-spots for some of the world’s most wealthy celebrities to vacation and live. Our night-life, beaches, and beautiful homes rival the best and are attractive to the wealthiest men and women in the country. Many of whom, choose to purchase both year-round and summer homes here.

Ever wonder where  Michael J. Fox likes to spend his time on the island? Who bought their house from a famous Long Island native? And how much Jerry Seinfeld bought his glorious mansion with enough garage room for his extensive Porsche collection? Here are the top ten celebrity homes on the Island that have paid a hefty dollar for their magnificent and spacious properties. The prices of the estates range from astronomical prices to just under three million.

Steven Spielberg’s Home
1. Steven Spielberg’s summer home, Quelle Farm, sits on Georgica Pond in East Hampton. The net worth of his vacation getaway is $3.1 billion. With one of the most expensive areas in the Hamptons, Spielberg definitely enjoys summering on the shore of Long Island. (Forbes) (Photo-marquetteturner.files.wordpress)

Jerry Seinfeld's Home
2. Jerry Seinfeld, comedian and actor, bought his Hampton’s mansion from Long Island native, Billy Joel in 2000. He paid $32 million for the home, which includes 12 acres of waterfront land and a 22 car garage. It was named the “best partying house in the Hamptons” by OKMagazine. (abcnews.go.com) (Photo-firstochomes.com)

Howard Stern's Home
3. Howard Stern bought a 4 acre lot in Southampton for $20 million, and custom-built his mansion. It is over 16,000 square feet, with eight bedrooms and twelve bathrooms. It features a bowling alley, wine cellar and a tasting room. His master bedroom measure 1,500 square feet, with a balcony. 

Billy Joel's Home
4. Our famous Long Islander, Billy Joel, has had many homes on the Island. His Sagaponack home was recently on the market. The home was newly renovated, in 2009, by Nate Berkus. Originally priced at $22.5 million, the asking price was lowered to $18.5 million.

Michael J. Fox's Home
5. Michael J. Fox and his wife, Tracy Pollan, purchased a 7,000 square foot home in 2007 in Quogue, a village inside of Southampton. The mansion has seven fireplaces, a wine cellar, a guest cottage, pool, spa, and a wrap-around porch. This home cost the couple $6.3 million, but its beauty looks like it was well worth the price.

Katie Couric's Home
6. Katie Couric has owned a beautiful weekend home in East Hampton since 2006. The home is 7,000 square feet, with seven bedrooms, six bathrooms, a pool, and is close to the town of East Hampton and beach. She purchased the cozy home for $6.3 million.

Gwyneth Paltrow's Home
7. “Chic” is an understatement to Gwyneth Paltrow’s and Chris Martin’s home in Amagansett. They purchased the house for $5.4 million in 2006, has five bedrooms, and was featured in House & Garden Magazine for Paltrow’s unique style with color and designs. 

Sarah Jessica Parker's Home
8. Sarah Jessica Parker and Matthew Broderick’s low-key Bridgehampton home is casual. It holds high and low end décor and furniture, but is relaxing and functional for the couple and their children. Their home was photographed for Elle Décor for the cool, beachy style of the house. The house was recently sold for $4.5 million

Alicia Keys' Home
9. Singer Alicia Keys’ just recently put her Syosset home on the market. The seven bedroom house on Long Island's North Shore was on the market fo $3.85 million

Alec Baldwin's Home
10. Long Island native and star of NBC's hit show "30 Rock"Alec Baldwin, owns a home in Amagansett on the South Shore of Long Island.

Many real estate agents are small businesses, facing costs and uncertainties

Many real estate agents are small businesses, facing costs and uncertainties
By Alan J. Heavens

Eight out of 10 real estate agents are independent contractors, not salaried or commissioned employees.

Which means that a real estate agent can be "fairly described" as a small businessperson, said Walt Molony, spokesman for the National Association of Realtors. Or, in the view of the IRS, a 1099 employee.

And although there was considerable consolidation in real estate a decade or more ago, with many mom-and-pop offices merged into larger ones, there are still plenty of small brokerages in operation, too.

"This business is 24/7," said broker Christopher J. Artur, owner of Artur Real Estate in Mayfair. "No one else but you is there to open the door, wait for clients, determine staffing, buy and pay for supplies, and find, purchase, learn about and use the latest technology."

Add to that the costs of errors-and-omissions insurance and its higher premiums if you manage properties, as well; commercial insurance for your office; fees for the Multiple Listing Service and local and national Realtors organizations, and a whole host of expenses "before you even talk about trying to sell a house," Artur said.

Fixed costs consume most of the money a small broker takes in, he said. "I sell low-price housing" in Mayfair and surrounding neighborhoods, so Artur depends heavily on volume.

According to the Bureau of Labor Statistics, real estate brokers and agents do the same type of work. But brokers are licensed to manage their own businesses; agents must work with brokers.

An agent typically provides services to a broker on a contract basis. In return, the broker pays the agent a portion of the commission earned from the agent's sale of a property.

The bureau further says that the broker or agent who obtains a listing usually shares the commission with the broker or agent who sells the property, and with the firms that employ each of them. It recommends that an agent just starting out "should have enough money to live for about six months, or until commissions increase."

"Each month, we start at zero. No salary or any type of compensation other than the sales generated by our individual effort," said Diane Williams, of Weichert Real Estate in Blue Bell. "One has to be strongly motivated and a self-starter - willing to work long hours, especially in this challenging market.

"Each month is different," Williams added. "One must be disciplined financially to plan your spending around an irregular income."

Expenses are hefty from the very start.

Not only do agents pay for their licenses, which are required before they can sell real estate, but many states - Pennsylvania and New Jersey included - require continuing education as a condition of license renewal periodically, and the costs of those courses are borne by the agent alone.

Agents and brokers pay for their own medical coverage, unless a salaried spouse in a different field has a family plan. If a brokerage has clerical staff, it has to provide medical coverage for those who work 30 hours a week or more.

"Major medical costs can break a small brokerage, especially when sales are down and premiums rise," Artur said.

For agents who use a broker's office part time, there may be desk fees, copier fees, and shared costs of electricity, he said.

Though today's technology means less time in the office, cellphones, keeping a website fresh, and equipment cost money. Traditional advertising expenses and signs can cut deeply into commissions.

And agents need reliable cars to get to appointments and transport buyers to listings.

"We can work for months on a transaction, and if it falls apart, there is no compensation for all the time and effort expended," Williams said.

"You must be upbeat and optimistic," she said. "You've got to be able to pick yourself up and start all over again."

What to Do With a Timeshare You No Longer Want

What to Do With a Timeshare You No Longer Want
Lynnette Khalfani-Cox

Buying a timeshare property may have seemed like a good idea when you signed the timeshare contract. But if you're taking yet another "staycation" this summer – and really haven't been able to travel as much as you'd like the rest of the year as well – you may have realized that you aren't truly benefiting from your timeshare purchase.

Some people buy timeshares as potential investments. But that's often anunwise move, since timeshares aren't investments in the traditional sense, and they don't offer the typical benefits that, say, stocks or bonds might, such as price appreciation or dividends.

Many timeshares also don't function as traditional real estate investments either, since most timeshare buyers only own a specific and limited portion of a property for a specific week or month during the year.

That's why most people enter into a timeshare agreement simply to enjoy the privilege of having a vacation home at their disposal. Owning a timeshare, however, comes with a lot of inherent financial risks and may not always be your best economic move – especially in a slow economy.

Fortunately, you do have some options if you've signed a timeshare agreement and want to get out of it.

Here's what you can do to get rid of a timeshare you no longer want:

Review your agreement.

You need to determine whether you have a deeded timeshare or a leased timeshare property. A deeded timeshare bounds you to the contract as an exclusive owner, while the leased timeshare means you are only the owner for a set number of years. If you have a deeded timeshare, you have the option to sell it to someone else. If you have a leased timeshare, you may have to keep paying your annual fees until the lease expires.

Consider renting it out.

If you know you aren't going to be using your timeshare for a certain period of time, consider renting it out to somebody as a vacation rental for extended stays. In some cases, the rental fees you earn will be able to cover the annual maintenance fees you must pay on the timeshare. Just remember that, regardless of whether you use the timeshare or rent it to someone else, you'll still be responsible for maintenance costs and other fees as outlined in your initial timeshare agreement.

Check in with the company that manages the property.

Some timeshare companies offer services for those who are interested in selling their timeshare, and they may even help to match you up with an interested party. They may charge a fee for this service – which will come out of the final sale price – but this could be an easier way to get that timeshare sold.

With some timeshares, your annual fees may have escalated to the point where you're not getting much value each year from the timeshare, or you could simply pay to go to another resort and come out cheaper. If high annual fees are the issue, ask your timeshare property management company for permission to deed back your timeshare to the organization. With a "timeshare deedback," you basically agree to give your timeshare back to the resort.

Advertise your timeshare property for sale.

If you are under a deeded timeshare agreement and decide to sell the timeshare on your own, consider posting your property on reputable site like TUG, the Timeshare Users Group.

TUG offers a wealth of practical, consumer-friendly information for both existing timeshare owners and would-be timeshare buyers. Among the features at TUG are a "Timeshare Marketplace" that lets you sell or rent your timeshare free of charge; a wealth of advice articles about timeshare ownership; and an online forum where you can ask timeshare questions and get answers.

Best of all, TUG provides its members with a sales history database, so you can get the most recent, up-to-date information on timeshare sales and properly assess how much your timeshare is worth.

Aside from TUG, you can also place classified ads for your timeshare on sites like Craigslist and eBay.

Never pay an upfront fee. 

Be careful about working with certain companies that offer to "help" you sell your timeshare.
Some of them make lots of upfront promises about getting you fast money for your timeshare, but they may charge high listing and sales fees and really not do much more than post Internet advertisements for your timeshare.

Even worse, many timeshare re-sellers will insist that you pay an upfront fee to unload your timeshare. They may call this a "marketing charge" or a "listing fee;" some may claim it's a required cost to do an "appraisal," a "title search" or something else altogether. Whatever the fee is labeled, don't fall for it.

You should never, ever pay an upfront charge to someone to sell your timeshare. It's just asking for financial trouble and the potential loss of your money. In fact, some places asking timeshare sellers to pay upfront fees areoutright scams.

Still, because a timeshare-reselling agent acts as a third-party between timeshare owners and sellers, some people think that using a re-seller can speed up the sales process. Recognize that any re-seller will charge a fee for his or her services, and this is typically charged as a percentage of the sale.

Also realize that even if you sign over a power of attorney giving someone else the right to sell a timeshare on your behalf, you nonetheless remain the legal owner of the timeshare and are financially responsible for it until the timeshare actually sells.

Virginia real estate agent sentenced for fraud

Virginia real estate agent sentenced for fraud

A Richmond, Va. real estate agent and investor has been sentenced to four years and three months in prison for a $2.4 million mortgage fraud scheme.

Jodi D. Robinson's sentence was at the low end of the federal guideline range of 51 months to 63 months. She also was ordered Wednesday to pay about $1.1 million in restitution.

Robinson pleaded guilty to a single count of mail fraud in April. In her plea agreement, Robinson admitted obtaining 16 fraudulent real estate loans over a five-year period.

Robinson, the owner of Citicorp Investments, misrepresented the creditworthiness of borrowers, used straw parties on loan applications and defrauded the federal Section 8 rental voucher program. The government says five financial institutions and six mortgage insurance companies were victims of Robinson's scheme.

Ozzy Osbourne's Hidden Hills Mansion Is On The Market For $13 Million

Ozzy Osbourne's Hidden Hills Mansion Is On The Market For $13 Million
John E. Miller

Rock legend Ozzy Osbourne may not be the easiest person to understand when he talks, but he and his wife Sharon have spoken loud and clear – their Hidden Hills mansion is for sale!

Anyone who has paid any attention to reality television, celebrity news, or hard metal music (and many who haven’t) is incredibly familiar with the eclectic individuals in the Osbourne family - famous for their Gothic style and rough persona. Although Ozzy is well-known for his musical career, his entire family hit the spotlight with the television show “The Osbournes,” a reality television special on the entire family. As soon as this show ended, the family purchased the Hidden Hills mansion for approximately $12.4 million.

Now, the self-proclaimed Prince of Darkness and brood are listing their Hidden Hills mansion for nearly $13 million – a modest yet profitable gain of $600,000.

The home is stunning, and is far from the décor featured in the gothic-style Beverly Hills home from the reality television show. Instead, Sharon herself showed off her design skills and delivered in style. Sharon’s renovations and remodeling since the purchase feature tasteful antiques and classy décor, yet still with a healthy dose of that dynamic, edgy feel we came to love on the show.

Along with Sharon’s personal additions, celebrity designer Martyn Lawrence Bullard – best known from “Million Dollar Decorators” - has also had his hand in the mix, adding to flair and presentation of the luxurious estate.

This splendid home is a sprawling 11,000-sq. ft estate with a stunning view of Los Angeles and the surrounding hills, complete with breathtaking scenery. The Hidden Hills mansion rests on 2.5 acres and is complete with six bedrooms, ten bathrooms, a home theater, vaulted ceilings, Wolf appliances, a pool and spa, and additional amenities fit for a high-profile celebrity family. Two highlights of the property include the amazingly spacious chef’s kitchen and beautiful master bedroom suite that includes a fireplace, sitting space, large closet, and attached home office.

Ozzy and Sharon are known for moving and appears restless yet again as they uproot and plan to relocate to another residence. This property is among another of their California homes on the market; their Malibu beach home is listed for $9.5 million but is being leased for $40,000 a month.

One thing is certain-the Hidden Hills mansion is elegant, classy, and –of course - a bit edgy with a more-subdued Osbourne flair, and is now on the market for a cool $13 million.

Real Housewife Sonja Morgan to Lose Her $6 Million New York City

Real Housewife Sonja Morgan to Lose Her $6 Million New York City  


Real Housewives of New York star Sonja Morgan can't exactly qualify as a housewife if she doesn't have a husband or a house.


The bankrupt reality vixen, who is locked in a bitter court battle with her 80-year-old ex-husband, John Adams Morgan, over a $3 million divorce settlement, may be forced to sell off her gorgeous $6 million New York City townhouse in order to gain some cash, a source tells E! News.
So when will Morgan sell the place?



Seems it's going to be sooner rather than later for Morgan.


The reality star, who is currently in court fighting for more money in the $3 million settlement she got from her ex, lost most of her money in a bad movie investment and may have to unload the house immediately if she gets no more money from Adams Morgan, the great grandson of financier J.P. Morgan.


He is fighting against handing over any more money to his ex because he claims he was forced to pay more than was listed in his prenup.


"Sonja is devastated, she's considering the house gone already," says our source. "She wants to sell it back to her ex husband, so she can make that money off it and her daughter can live there, but he's refusing. She wants to keep it for her daughter, but it seems she'll have to sell it and lose it altogether. She needs the money because he's not giving her a cent more and she's now more than $7 million in the hole. She's in denial, it's only just started to hit her how much trouble she's in. She makes $275,000 a year on Housewives, which would be good for anyone else but it won't save her."
Morgan, who showed off her beautiful home on RHNY, filed for Chapter 11 last November in Manhattan, and listed herself as being nearly $20 million in the hole.


The self-titled "socialite" blamed her money woes on a failed venture between her production company, Sonja Productions and another company, Hannibal Pictures, Inc., saying they destroyed her financially after a John Travolta project never got off the ground.


Hannibal Pics filed suit against Morgan and won a $7 million judgment. She has filed an appeal.

Could Carnie Wilson be home-free soon?

Former Wilson Phillips singer and 'Bridesmaids' cameo actress now faces foreclosure

Looks like a flashy cameo in one of the summer's most succcessful blockbusters isn't enough to save a celebrity from economic woes.

That's the lesson Carnie Wilson — who recently appeared alongside her Wilson Phillips bandmates in the funny flick "Bridesmaids" — is learning, at least. The singer, former talk-show host and ex-"Celebrity Fit Club" star is now facing serious money troubles.

And she's about to lose her home.

According to legal docs filed in the L.A. County Recorder's Office and obtained by TMZ, Wilson has apparently defaulted on her mortgage and is at risk of having her house foreclosed upon and put up for auction.

That is, unless Carnie can cough up enough dough to cover several months of back payments, as well as late fees and penalties that she's racked up, totalling $1.6 million.

And she has until July 21 or her home will go to the highest bidder.

Well, as Carnie and her crew sang in their recently revived '90s hit, "Things will go your way, hold on for one more day."

Or 12 days, actually — but better get busy. Best of luck, Carnie!