Biggest Celebrity Home Price Cuts
Stars Not Immune to Slow Market
Even the rich and famous are not immune to the battered real estate market, as celebrity after celebrity is forced to lower his or her asking price. Nicolas Cage has had to cut the price on one of his homes by $17.5 million, and former football standout Brian Bosworth has trimmed the asking price on his Malibu home (pictured) by $5 million, click through our gallery to see which stars are taking the biggest hits in today's housing slowdown.Quick Links: Search Homes | Check Credit | Local Rates
Was: $35 million
Now: $12.9 millionPrice Cut: $22.1 million
Les Baux de Palm Springs, a bit of faux Provence tucked into the hills of Palm Springs, California, belongs to Suzanne Somers and Alan Hamel and sits on 65 acres of desert land. The couple bought the land way back in 1977 and it came with a small home that the couple eventually enlarged and added to as well as putting in guest houses, an amphitheater and an updated pool on the property. The price was dropped by over 50 percent after the home was on the market for one year.
Was $35 million
Now: $17.5 million
Price cut: $17.5 millionNicolas Cage has multiple properties on the market including two in New Orleans, and homes in Las Vegas and Rhode Island. The crown jewel is his Los Angeles home. This vintage Tudor is classic old Hollywood and was once home to both Dean Martin and Tom Jones. Cage purchased the home in 1998 from Jones for $6.469 million and has been trying to sell the home off and on since 2006 when it was listed at $35 million. The seven-bedroom home is on an acre of land and has over 11,000 square feet of space with a large theater, game room, wine cellar and rooms of truly epic scale. It is now listed at $17.5 million. He has also cut the prices on some of his other homes including a recent price cut of $3.9 million on his Rhode Island home.
Was: $39.5 million
Now: $29.5 millionPrice cut: $10 million
Mel Gibson first put his Greenwich, Connecticut mansion on the market in 2007 for $39.5 million. His Old Mill Farm is a classic estate that is one of the last manor homes in Greenwich. The home is on 77 acres of land which includes formal gardens, a maze, pool tennis court, greenhouse, stable staff houses, log cabin and a pond. The home itself is an Elizabethan-inspired Tudor mansion of 15,800 square feet and the property has 15 bedrooms and 18 bathrooms total. The great hall has a 40-foot cathedral ceiling with a stone minstrel's gallery, walk-in fireplace and leaded glass ceilings.
50 Cent (Curtis Jackson)
Was $18.5 million
Now $10.9 million
Price cut: $7.6 million
Rapper 50 Cent thought he had a steal when he bought Mike Tyson's former home in Farmington, Connecticut, which he purchased from Tyson's ex-wife for just $4.1 million (She originally wanted $25 million). 50 Cent spent $6 million on renovations and has been trying to sell the home since 2007, listing the property for $18.5 million. Earlier this year, he settled a lawsuit against an engineering firm that he hired to inspect the 52-room home before he bought it, claiming they underestimated the cost of the repairs needed. At that point, the mansion, which was then listed at $14.5 million, was pulled off the market; it's now for sale again for $10.9 million. More on This Property
Was: $15 million
Now: $8.995 millionPrice cut: $6.005 million
Actor Burt Reynolds has been trying to sell his home in Hobe Sound, Florida for a while. The Mediterranean-style home is on over three acres of land and borders a wildlife refuge. The 12,500-square-foot waterfront compound was once listed at $15 million but is now listed at $8.995 million and has been at this price for nearly a year so it may need another price cut to sell.
Was: $11.9 million
Now $6.9 million
Price cut: $5 million
Former football player and sometimes actor Brian Bosworth first tried to sell his Malibu home back in 2007 when he was listed as his own real estate agent. Back then this seven-bedroom home was listed at $11.9 million and didn't sell. The home had a starring role in the television show "The O.C." as the home of Caleb Nichol and Julie Cooper. Bosworth must be a motivated seller because the home is back on the market with a lowered price of $6.9 million. More on This Property
Was $14.876 million
Now: $9.999 million
Price cut: $4.877 millionAfter cutting the price, New York Yankees baseball player Alex Rodriguez sold his New York City apartment (pictured) but his Coral Gables, Florida home remains on the market. The price has dropped from $14.876 million all the way down to $9.999 million for the waterfront mansion far under the $12 million he paid for the property in 2005. More on This Property
Was: $11 million
Now: $6.9 millionPrice cut: $4.1 million
Actor Dylan McDermott purchased his home in the Brentwood area of Los Angeles back in 1999 from Melanie Griffith and Antonio Banderas for $3.94 million and they had bought it in 1997 from Michelle Pfeiffer and David E. Kelly (the creator of "The Practice" and other shows). The 1920 Spanish style hacienda in Brentwood has four bedrooms, a two-story vaulted living room with a carved balcony, a den, and the "magical muse room." The small lot has a pool/spa area that overlooks the Riviera hills, a courtyard and fountain, and a beautiful 250-year-old oak tree, It was first listed at $11 million last August.
Was: £9.5 million ($15.493 million)
Now: £7.5 million ($12.231 million)Price cut: £2 million ($3.262 million)
Model Elle Macpherson is the latest celebrity to drop the price of her home more than once. The Australian supermodel first put her London home on the market for £9.5 million last summer. The seven-story, Grade II-listed property is located in the Notting Hill area. Macpherson dropped the price to £8.95 million a while back but now she has switched agencies and dropped the price to £7.5 million. She bought the home in November 2006 after her break-up with multi-millionaire Arpad Busson, the father of her two children. The Victorian property was built in the 1850s and has six bedrooms. It has been redone in a modern style and includes a large kitchen with multiple islands.
Was: $8 million
Now: $5 millionPrice cut: $3 million
Baseball pitcher Curt Schilling's grand home in Medfield, Massachusetts is one amazing property with almost twenty-six acres on the lot and 11,000 square feet of house. The expansive lot includes a pool, batting cage and a triple-purpose court for tennis, basketball or ice-skating. Inside you'll find a library, game room, movie theater, a three-story spiral staircase and a 4,000+ square foot finished, walk-out basement. There are seven bedrooms, six full and two half baths not to mention a gourmet kitchen and eight-car garage.
Was: $15.9 million
Now: $13.5 millionPrice cut: $2.4 million
Football player Dan Marino has had his Weston, Florida compound on the market for around three years. In addition to the price cut the famous quarterback will throw in $1.5 million worth of designer furniture and a signed football, too. Marino and his wife Claire are looking to downsize but it has been slow going. The Mediterranean-style villa is on a four-acre spot in the Windmill Ranch Estates community. It is surrounded by a lake with fresh bass. The home's large pool area connects the main house with other areas. The property has two guest houses, staff quarters, an exercise room and a wine cellar. There are ten bedrooms total.
Was: $14.8 million
Now: $12.8 millionPrice cut: $2 million
Proving that even moguls aren't immune to the real estate crisis, Rupert Murdoch has been trying to sell his Centre Island, New York home off and on for the last couple of years. The classic Colonial was built in 1900 and has been nicely redone and updated. The home has five acres that include a pool, tennis courts, a cabana and a sandy beach. This home was recently rented by Brad Pitt and Angelina Jolie while Jolie was filming a movie in the area.
Kimora Lee Simmons
Was: $7.75 million
Now: $5.9 million
Price cut: $1.85 million
Model, designer and professional diva, Kimora Lee Simmons has put her home in the Beverly Hills Post Office area on the market.The former wife of rap mogul Russell Simmons paid the $5.9 million asking price for the home just a couple of years ago. The "country English" style home has five bedrooms and a casually luxe feel. The home was originally on the market last summer for $7.75 million but is now listed at $5.9 million. More on This Property
Was: $12 million
Now: $10.5 millionPrice cut: $1.5 million
Lance Armstrong recently twittered the birth of his fourth child which perhaps has made him more motivated to sell his expansive retreat near Dripping Springs, Texas. The 447-acre property was our estate of the day back in January. The ranch includes ownership in Deadman's Hole, a beautiful swimming hole that has a giant waterfall. The ranch includes a four-bedroom main house built in 2003 as well as a one bedroom guest house. The main house has great views of the surrounding countryside. There is also a pool and a spa and the acreage includes seven miles of bike trails.
Was: $7.9 million
Now: $6.499 millionPrice cut: $1.401 million
Britney Spears has been trying to sell her home in the Summit community of Beverly Hills nearly since she bought the home on what appears to have been a quick impulse back in 2007 during her more manic days . The home has been listed as high as $7.9 million last fall but now the six-bedroom villa is at a more realistic $6.499 million. Spears meanwhile has decamped to Calabasas when she's not on tour. The new price means that she will likely lose money on the deal, Spears bought for $6.75 million when it was on the market for $7.2 million.
Was $7.995 million
Now $6.995 million
Price cut: $1 million
Christina Aguilera first put her architecturally splendid West Hollywood home on the market in April after she and her husband bought the Beverly Hills home of Ozzy and Sharon Osbourne. The four-bedroom home was listed for $7.995 million but she has cut the price to $6.995 million. More on This Property
Was $12.95 million
Now $11.95 million
Price cut: $1 million
Oscar-winning actress Diane Keaton has dropped the price on her meticulously-restored Beverly Hills Spanish Colonial Revival mansion. It was first listed at $12.95 million in March and is now on the market for $11.995 million. Built in 1927 by architect Ralph Flewelling, the seven-bedroom home features arches in the living and dining rooms, a movie star-worthy pool, and a garden with olive tree-lined walkways. More on This Property
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