Shortly after Dr. Phil cut the price of his Beverly Hills, Calif., home a buyer has stepped forward, according to listing realtor Billy Dolan with Hilton & Highland. The home was first listed at $16.5 million in July then eight months later dropped to $13.899 million. The sale is still pending, so Dolan couldn't reveal numbers, but he did say the price drop helped.
"That's all it takes in today's market," Dolan told AOL Real Estate. "A lot of sellers have a fear of leaving money on the table. In this price category it's very common to ask a price that's beyond a realistic expectation with the assumption that if someone's interested they're going to come in and make an offer."
When that wasn't working after eight months, McGraw, pictured left with his wife, Robin, brought the price down "a little closer to what the realistic value is and had less room to negotiate."
The TV talk show host, Dr. Phil, whose real name is Phil McGraw, bought the 8-bedroom, 7-bath home with his wife for $7.5 million in 2002, when it was nearly completed. The 11,000- mansion, it has an in-home theater, gym, billiard room and outdoor dining room. The walled, gated property is very private and has a two-bedroom detached guest house.
"When you're in the backyard you can not see any other homes," says Realtor Dolan. "It has complete privacy and in Beverly Hills that's hard to come by."
Dolan says the home's details also set it apart in the market. "It's been immaculately maintained. It has an overwhelming amount of detail and quality throughout the property that is above and beyond what most see."
McGraw traded up for a larger Mediterranean home, this one on three acres on a hillside with views of Century City, Calif., for $29.5 million.
Carrie Culpepper blogs about design at CultureFix.wordpress.com.