Ex-Mrs. Joel Savvy Real Estate Investor

| Posted Feb 5th 2010 5:00PM

It would be unfair to consider Katie Lee as simply the latest ex-Mrs. Joel. She is, after all, also a chef and cookbook author. Starting today, thought, it might also be appropriate to consider her a savvy real estate investor. She stands to double her money on her West Village townhouse she once shared with Billy Joel in New York City.

Here's what happened: Katie Lee and Billy bought the townhouse back in 2006 for $5.9 million. Three years later he spent $3 million to sell his share of their home to her in the divorce. But clever KL just placed the home on the market this week for a lofty $12.9 million.

Why the large increase in value given the overall market squeeze for both celebrities and normal folks? One word: Design.
Thank Nate Burkus for that when Katie renovated the place. The tastefully designed, gorgeous townhouse featured in Domino magazine. You can join Oprah on a video tour of the townhouse here.

That's not all. The home also has spectacular features such as a chef's kitchen, an elevator, four bedrooms, four baths, a landscaped terrace, and yes, even a pool. Review the full listing here. Strangely, the pool is said to be covered up and used for storage.

Coming in at 4,000 square feet in prime Manhattan market it is easy to see why it has appreciated. Meanwhile, Billy still has his Hamptons beach house.

Mortgage rates are at an all-time low. What's keeping you from buying?
Lender requirements are too strict. I can't qualify for a loan.	5025 (39.5%)
I have to sell my current home first.	4348 (34.2%)
You could bring the interest down to 0 percent -- I still couldn't afford the monthly payments.	3359 (26.4%)

Mortgage rates are at an all-time low. What's keeping you from buying?

Lender requirements are too strict. I can't qualify for a loan.

5025 (39.5%)

I have to sell my current home first.

4348 (34.2%)

You could bring the interest down to 0 percent -- I still couldn't afford the monthly payments.

3359 (26.4%)

Reader Comments (7)

by Angela - February 7th 2010 @ 9:28AM

None of these comments have any relativity to the
article!! Mine does, however, if you can great
digs in NYC, this one has to be it! Hell, I'd love
it for the chef's kitchen alone.

Reply | Report

by Al Schrader - February 7th 2010 @ 8:34AM

Nice but it's in New York City. The key word here is big "city" = Noise, dirt, people everywhere. Sorry, but I wouldn't live there for free...Al-

by tony - February 7th 2010 @ 8:36AM

Some amature does one deal that luckaly makes a home run and all of a suddon they are a real estate mogul, watch out Donald, I have a thousand clients who are filing chapter 7 who thought they were the next Trump

by Laura - February 7th 2010 @ 9:07AM

I'm no real estate investor, but why would Billy Joel have to spend $3M to sell her his half of the condo? If he was selling her his half, it would seem she would have paid him $3M, right?

by sjc - February 7th 2010 @ 10:39AM

So this "gold-digger" takes the money she extorted from Billy Joel, has her bi-sexual designer boyfriend put a few doilies around the apartment and the lib media makes her a "genius"? And the bar drops another rung.

by Tabby - February 7th 2010 @ 1:24PM

Just more excess which comes from all who pay the high prices for concerts, movies, sports.....in the name of being entertained. As long as you pay....they get. You're left with less money in your pocket. Stop paying the prices (attending) and the 'super rich' (many of which lack REAL talent) will stop getting richer. SPORTS is the WORST of all! Millions for a football/baseball/basketball player....while millions are losing their homes.

I'm not impressed enough to spend 1 million on this home. My home is nice and it didn't cost me millions and I no longer have a mortgage either. Who needs a gold overleaf dressing room? STUPID ! If you entertain at home, yes, a nice kitchen is great. Entertaining at home saves money going out as far as I'm concerned, but then again, I have a four burner stove, one oven and two microwaves.

I live within my budget and believe me...these days....even that is difficult. I no longer have cable (or even a TV) in my home. What I watch, I watch on my computer. Frankly, there isn't much on TV I want to watch except the old movies or older shows which were on TV years ago. The only things I watch when I'm where there is a TV? NCIS for sure, Nat Geo and Animal Planet. I think our 'pickings' on TV is for the 'dogs' and I can't understand why anyone watches anymore unless they are just so bored they can just sit and stare.

Recently, my family has invested in a few new board games, pulled the old ones out of the closet and we always have cards. A lot more fun that the garbage that is being shown on TV.

Movies cost so much I refuse to go. Last movie I paid to see: Passion of the Christ !

All this stuff you see from actors, musicians, sports figures is just 'over the top' greed ! Have any of you thought about what one million dollars could do to your life? I'm talking about one million. Do you think any one of those making all these millions would share even grace 3 other people with a million? NOT HARDLY. So why should I contribute to their greed?

So, go ahead. Continue to feed their pockets and find less in your own.

By the way: I get so much enjoyment from playing with my grandchildren, coloring in a coloring book with them, reading to them, playing on the floor, taking them for a walk and teaching them about the things I know about because my parents did the same thing for me and my siblings. I'm passing the REAL VALUES on.

OH...do any of you go to a blood bank and give blood regularly? Now there's something else you can do. Recently I saw that John Travolta took his jet and another to Haiti with supplies and made sure they got into the proper hands. Haiti's government is corrupt...like so many other countries.

While I applaud Mr. Travolta's efforts.....and I truly do.....I also wonder why he felt the need to tell all of us about it. HE GOT PUBLICITY WHICH HELPS HIM ! The only TRUE good thing did was to make sure the public knows that what you donate may not be going where you were told it was going.

We are taught....do good things, but keep them to yourself. There is no need to brag about them or tell the world.

You have my opinion and I'm entitled to it. By the way? Do any of you remember how the Haitians (and other countries) were dancing in the strees when 9/11 hit us? Just a thought !

by Peter - February 7th 2010 @ 8:10PM

This article was not well-researched. The recorded sale price for 23 Perry Street on December 8, 2005 when the Joels closed on this home was $5.9 million (NOT $2.5 million)! I live in the West Village and can't remember when a townhouse was last listed for $2.5 million--at least not in the last 12 years or so!!! When the Joels bought the home, it was, at the time, only 2,650 square feet, so it is evident that they poured a lot of money into it. People can put a home on the market for whatever price they want, so until she sells it, it is impossible to say how much profit Katie Lee will earn from the investment. Don't forget, she had to buy Joel out for $3 million---which is half of what they paid for it back in 2005. Coincidence? I think not.

7 Comments / 1 Pages