A little over a month since the singer re-listed
her Beverly Hills villa, Britney Spears
the price of her home from $5.5 million to $4.85 million. Spears, who is poised to lose millions on the transaction, first listed the sprawling five-bedroom, six-bathroom mansion for $7.9 million in 2008.
So, why isn't the pop sensation's home benefiting from the prolific media attention and reeling in a deep-pocketed buyer?
According to one high-end real estate
expert, it may be quite the opposite.
Broker Christophe Choo
of Coldwell Banker Beverly Hills says many buyers in the million-dollar plus range tend to be businessman and professionals, who prefer a private lifestyle over inheriting a formerly celeb-owned, overexposed property.
"When your typical buyers is in the 5, 6, 20 million range, they might not necessarily want to buy a Britney Spears or Brittany Murphy house
," he says. "There can be a negative cachet of a property being well-known."
Another reason, Choo adds, is how Spears has played the housing market.
"She's been chasing the market and dropping her price too little, a little too late," he says.
In 2009, the singer pulled the palatial estate off the market for a year-and-a-half only to re-list it for $2.4 million less than her list price at the top of the market.
Spears originally bought the property for $6.8 million in 2007. According to multiple reports
, a month after the purchase, Spears put it back on the market for a price tag of $7.5 million.
Today, Spears' mansion is on track to fare worse than the performance of the average Beverly Hills home.
The current price tag of $4.85 million is approximately 29 percent less than Spears' purchase price of $6.8 million (and 39 percent less than her one-time $7.9 million asking price). According to data from the Adner Realty Group
in West Hollywood, Calif., in 2009, the median sales price of a home in Beverly Hills was $2.87 million, a 20 percent slide from $3.6 million two years prior.
Despite the celebrity factor and bad timing with the housing downturn, Spears' Tuscan-style mansion would seem to be a real estate
match for the high-profile and the rich.
Located in the ultra-exclusive gated community, The Summit
, the 7,543-square-foot home boosts a grand stone foyer, two-story high ceilings, crown moldings, a maid's quarters, a heated spa-pool, and mountain-top views.
Back in 2006, celeb real estate guru, Barbara Corcoran, told Star Magazine
,"It's on the best street on the Summit Circle gated community, on a quiet cul-de-sac... and it needs absolutely no work."
In 2006, Spears' Beverly Hills property was ranked the 32nd most expensive home for sale in the country. And now that high price is one Spears is having to pay.
"No matter how rich you are, nobody likes to lose money on their house," says Choo.
See homes for sale in Beverly Hills, Calif. at AOL Real Estate.