You might think celebrities are immune from the pains of the real estate market but in fact, many of them have taken a hit.
There are quite a few celebrity homes on the market that have had serious price reductions, though many of them would still make a profit if they sold at the current list price today. But there are others who, for one reason or another, have had to sell their homes at a loss.
“Celebrities aren’t exempt from today’s national real-estate trends,” said Candice Cerro, a spokesperson for Move.com and Realtor.com. And, they’re not exempt from life. “Even though they might have more money, there might be life circumstances that are forcing them to have to sell” in a down market, she said.
For some, it’s divorce, for others, it’s financial troubles. Whatever the reason, it’s hard to believe that starpower can’t overcome this market. Here are eight celebrity homes sold at a loss.
By Cindy Perman
23 March 2011
bought for: $7 million in 2007
sold for: $4.95 million in 2010
loss: $2.05 million
Scarlett Johansson, who’s starred in "Iron Man 2" and "Lost in Translation" and was named “Sexiest Woman Alive” by Esquire, sold her Hollywood Hills home last year at a hefty loss of $2.05 million, the same year she and husband Ryan Reynolds began divorce proceedings. It’s a 4 bedroom, 5.5 bath Spanish-style home with a sun room, cascading gardens and a chef’s kitchen with retro 50s-style appliances.
bought for: $2.2 million in 2006
sold for: $1.85 million in 2011
Teen Choice Award winner Adam Brody (“The O.C.” and “Scream 4”) may have luck with the ladies but not so much with the real estate. He bought a Los Angeles home from rocker Fred Durst for $2.2 million in 2006 and sold it at a loss at the end of January. The 3 bedroom, 2.5 bath house is described as “traditional” with tree-top views, two master suites, a sun room, a spa, a pool and a backyard garden.
bought for: $1.7 million in 2006
sold for: $1.292 million in 2011
Speaking of a ladies’ man, “Your Body is a Wonderland” crooner John Mayer also makes the list, with a $408,000 loss on his Pacific Palisades home that he sold in January. The 3 bed, 3 bath home is walled and gated, with a custom-built two-car garage, stained glass front door, super-high ceilings and tennis court. First he quit Twitter and said buh-bye to his 3.7 million followers, then he sold his home at a loss — I guess he was just tired of “Waiting on the World to Change.”
bought for: $2.05 million in 2007
sold for: $1.795 million in 2010
He may be a Grammy winner but Beck was a “Loser” in real estate, losing $255,000 when he sold his Malibu home last year. It’s a “hip” mid-century ranch, according to the MLS listing, with 3 bedrooms, two baths, vaulted ceilings, private gardens and a 2-bedroom guest house.
bought for: $1.575 million in 2007
sold for $1.399 million in March 2010
This 1920s Spanish-style house is a cute as Michelle Tanner on “Full House” but Ashley Olsen still took a loss of $176,000 on it when she sold it last year. The house has wood-beamed ceilings, a large picture window and French doors, with a titled staircase, wrought-iron railings and plaster walls. As Uncle Jesse would say, “Have mercy!”
bought for: $6.7 million in 2008
sold for: $5.5 million in 2010
loss: $1.2 million
Hogan bought the Santa Barbara, California home new in 2008, but then got embroiled in a tax scandal down under and was barred from leaving his native Australia until he paid up. He and wife Linda Kozlowski, also an actress, sold the 5 bed, 7 bath French Country mansion with an organic garden and fruit trees in December 2010 for a loss of $1.2 million. That’s not a g’day, mate!
bought for: $2.6 million in 2007
sold for: $1.06 million in 2010
loss: $1.54 million
Who knows how she’ll “Breathe Again” after this loss: Six-time Grammy winner Toni Braxton lost $1.54 million after the Henderson, Nevada, home she and husband Keirston “Keri” Lewis went into foreclosure last year and she was forced to file for bankruptcy. The Mediterranean-style home is 5,337-square feet with four fireplaces, a spa, a wine refrigerator, a three-car garage and sweeping mountain views. This isn’t the singer’s first brush with financial troubles: She filed for bankruptcy once before, a few years after the 1993 hit “Un-Break My Heart.”
bought for: $3.35 million in 2007
sold for: $3.104 million in 2010
Earl may have hit the jackpot on “My Name Is Earl” but the actor who played him, Jason Lee, didn’t: He lost nearly a quarter of a million when he sold his L.A. home last year. The 2,200-square foot Mediterranean home features a private garden for the master bedroom, beamed ceilings, detached office/studio, two-car garage and a view of the “Hollywood” sign. What happened to karma, Earl? She must’ve had the day off, Randy.