Epic Real Estate Investing - 18 BIGGEST Celebrity Real Estate LOSSES in 2024: Ranked Lowest to Largest Price Cut | 1400

Episode Date: December 26, 2024

In this episode, we take a deep dive into the jaw-dropping financial losses endured by 18 ultra-wealthy celebrities as they struggle to offload their extravagant properties in one of the toughest real estate markets in recent history. From former MLB star Jose Canseco’s multi-million-dollar Las Vegas mansion to casino mogul Steve Wynn’s sprawling Beverly Hills estate, we’ll explore how even the most luxurious homes are feeling the sting of price reductions — some of which soar to a staggering $60 million. But it’s not just about the properties. We’ll unpack the reasons behind these steep price cuts, examining the dynamics of the luxury real estate market in 2024. What’s causing these once-prized mansions to lose their allure? Are high-end buyers becoming more cautious in the face of economic uncertainty, or is this just a temporary dip? We’ll also explore how repeated price reductions are reshaping the perception of value in the world of ultra-luxury homes. Join us as we break down what these high-profile losses reveal about the future of celebrity real estate, the shifting trends in luxury markets, and what this means for the wealthy elite in the years to come. With millions at stake, this episode provides an eye-opening look at how even the rich and famous are feeling the heat in today’s volatile real estate landscape. Learn more about your ad choices. Visit megaphone.fm/adchoices

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Let's go. $60 million. dollars gone. That's how much one billionaire lost trying to sell his Beverly Hills mansion. But he's not alone. In fact, 18 ultra wealthy celebrities just took massive losses on their luxury homes. And I'm about to show you exactly how much money each one of them lost, including a medium mobile who sold his Manhattan pet house for 20 million less than you paid for it. But let's start with number 18. Remember Jose Canseco, the big hitting baseball legend? Well, he's been trying to offload his Las Vegas man, It's got five bedrooms, four and a half bathrooms, and plenty of room to flex.

But even a sports star can't dodge a tough market. To entice buyers, he had to knock off $100,000 from his asking price. Now he's sitting at $1.6 million. Not a massive loss compared to what's coming, but still, it stings. The house is still on the market, which shows how even a little price drop might not be enough. Number seven, another baseball giant, Albert Pooleholes. He couldn't escape the pinch. He sold his massive 10,000 square foot.

Mansion and Irvine for $8.8 million, but only after slashing $1.18 million off the top. Ouch. That might not seem huge to a multimillionaire, but losing a million bucks is still a serious hit. If you think this is painful, just wait. These losses are about to get way bigger. Number 16, actress Leah Rimini tried hard to sell her six-bedroom, nine-bathroom, Los Angeles home. To move it, she trimmed off $1.445 million. Now it's going for $10.5 million. And guess what? It's still on the market. I mean, just because you drop over a million dollars doesn't mean buyers will come running. It's a sign that even well-known names struggle to find the right buyer at these price points. Number 15. Ever a dream of living like a world famous music producer? Well, DJ Zed's

modern mansion and Encino might have been on your wish list, but even a home with a sleek design and top-tier tech didn't go quickly. Zed had to cut $1.9 million before finally letting it go at 17.1 million. For the rest of us, that's a fortune. For these celebs, it became the new normal in 2004. Now, let's up the stakes. These first few losses were in the low millions, but things are about to get more painful, much more. Because when we move from number 14 down to number one, we're looking at price cuts that would make your headspin. Think double-digit millions. And in one case that I mentioned, even $60 million. You ready? Let's keep it moving. Number 14, Kylie Jenner and a Scott. The famous on-again, off-again couple tried selling their Beverly Hills party pad,

seven bedrooms, 11 bathrooms at home that screams celebrity lifestyle. But even with their star power, they had to slash the price by two million bucks, settling at $17.995 million. And you know what? It's still waiting for someone with deep enough pockets to bite. Fame doesn't guarantee a quick sale. Number 13, singer, dancer, and internet personality, Todrick Hall had a Sherman Oaks mansion that looked like it popped straight out of a Hollywood fantasy, but buyers, they weren't lining up. He had to slice $3.5 million, dropping the price to $4.95 million. In most parts of the country,

three and a half million can buy you multiple houses. Here, it's just a discount on one property. If you happen to be looking for an income-producing investment property that won't break the bank and will actually hold its value, cash flow savvy just released their 2025 version of the frustrated investors' guide to passive income. You can grab a free copy at Frustratedinvestor.com. Now, back to our list of the biggest celebrity real estate losses of 2024,

and you won't believe the bloodbath Jim Carrey is taking. And the bleeding, it's not over for him either. But right now, we're entering the realm of huge eye-watering losses. And yes, we're talking about the kind of money that could buy entire neighborhoods. Number 12, NFL superstar Russell Wilson and singer Sierra tried selling their 11,000 square foot waterfront mansion in Bellevue for what felt like forever. Over two years, they finally let it go at 21 and a half million, but only after they had to slice off $5 million. It just goes to show that even the perfect celebrity couple can't always call the shots in real estate.

Number 11, Anna Pacquen and Stephen Moyer. The True Blood co-stars have a five-bedroom custom home in L.A. They took off a heart-stopping $6 million, bringing it down to $8 million. That's nearly a 50% drop. I mean, imagine listing your home for $14 million and ending up at $8. That's brutal. Yet, here we are, and they're not alone in this struggle. Number 10, Sophia Vergara, one of TV's highest paid actresses,

tried to unload her Tuscan-style Beverly Hills Villa. She had to reduce the price by $6.2 million, finally selling at $13.7. Now, I've got a name that might shock you. Number nine, Jim Carrey, the comedy legend. You'd think a home owned by one of the funniest men on Earth would sell in a snap, right? Wrong. What happened to Carrie's place is a perfect example of how tough this market has become. Jim Carrey's Los Angeles estate is more like a private resort. Two acres of lush gardens,

waterfalls, a tennis court that belongs on the pro circuit and a secret garden maze. It is a storybook fantasy. But no matter how magical it looks, he had to slash the price by a mind-blowing $7 million. That's about a 30% drop. That's like losing enough money to buy 20 average family homes in most U.S. cities. And even after that big drop, it's not exactly flying off the shelf. Carrie's still stuck. The bleeding is not over. Now, let's jump to someone who tried a similar strategy. Number eight, Tony Stewart, the famous race car driver. Spoiler alert, he's having a tough time too.

Tony listed a 20,000 square foot ranch in Columbus, Indiana, with six bedrooms and more land than some small towns. This place, it's huge. Still, he knocked off $7.5 million, bringing it down to $22.5 million. But it's still just sitting there. You see, when buyers see repeated cuts, they start to wonder, what's wrong? They think, is the seller getting desperate? This is a key insight into the luxury market,

but it applies to the real estate market overall for the most part. If you cut the price too often or for too long or both, your property becomes known as an O-PT, an overpriced turkey. And once that label sticks, buyers circle like sharks, waiting for even deeper discounts. And here's the shocking truth. Studies show that homes priced right or even underpriced from day one

often sell faster and for more money than those that start high and keep chasing the market down. I mean, it's like dating. You act too desperate and you scare good prospects away. And speaking of desperation, wait until you see what's happening with Alec Baldwin's Hampton home because it's absolutely insane and some might suggest it's karma. But let's first look at number seven. Singer Billy Joel, the piano man himself had to relist his 13,349 square foot nine bedroom mansion in Florida with a $10 million discount. Now it's priced at $54.9 million.

Even with that massive drop, it's not a guaranteed sell. The ultra-luxury crowd is picky, and the competition is fierce. Now number six, Alec Baldwin. His 10,000 square foot estate in the Hamptons has been on the market since 2002. He's slashed $10 million off the top,

settling at $18.995 million. That's still a ton of money, but now buyers wonder, if he cut this much once, Will he do it again? As we approach our top five biggest losses, you'll notice a pattern emerging. These aren't just random price cuts. They're telling us something crucial about the luxury real estate market in 2024.

Number five, Sugar Ray Leonard, the legendary boxer's 17,000 square foot mansion in L.A., sitting on two private acres, took a $12 million hit. Now it's just under $40 million. Think about that. Losing $12 million, that could buy eight or nine of those Jose Canseco home. Yet here, it's just the price of doing business in this shaky market. Number four, Kanye West's Malibu Mansion, about 4,000 square feet, four bedrooms, and more cool design features than you'd imagine, has dropped by $14 million, resting at $39 million.

Kanye's known for making bold moves, but even he can't control a market that's turning cold on high-priced homes. Number three, Rick and Kathy Hilton. You know the Hilton's, real estate royalty, right? Well, they sold their eight-bedroom, 16-bathroom, 16-baths, bathroom. Bel Air Mansion for $25 million after slashing an unbelievable $30 million off the original price. That's more than half. Cutting a price by 60% isn't just a discount. It's a fire sale. That sends a message, right? The market isn't what it used to be. Now we're heading into the top two, and these are going to blow your mind. First, we've got a media mobile. Lupert Murdoch. He's one of

the world's savviest businessman. He just took a $19.2 million loss on his Manhattan penthouse. He bought it in 2014 for around $43 million. He sold it for about 23.8. It's like buying a Ferrari and then selling it for the price of a used family sedan just a few years later. Why would someone so smart take such a massive hit? Well, it might come down to changes in where the rich want to live. You know, post-pandemic, many billionaires ditched sky-high penthouses in congested cities for sprawling estates in Florida, Texas, or other places where they can stretch out.

Plus, hanging on to a penthouse that's losing value means bleeding. money on taxes and fees and maintenance. Sometimes cutting your losses is the smartest move. Murdoch, he's no fool. He knows when to walk away. And now, the moment you've been waiting for. The biggest real estate loss of 2024. A price cut so massive, it feels like something right out of a Hollywood screenplay. Our number one loser, Casino Titan Steve Wynn. He took the crown with a jaw-dropping $60 million reduction on his 11-bedroom, Beverly Hills Estate. That's more money than most people see in a hundred lifetime. But this might actually be a brilliant move. You see, by slashing 60 million, Wynn got every major real estate outlet talking about his property. It's a marketing

stunt that puts his mansion on the map. Suddenly, what once seemed wildly overpriced now looks like a deal at $65 million. In the ultra-luxury world, perception, it's everything. Creating headlines can bring in the small pool of billionaire buyers who are always looking for something special. And now they've got their eyes on Wyn's property. It's a risky. gamble, but if there's one thing win knows, it's how to win big in the spotlight. So what does this all mean? Well, let's look at the big picture. Combined, these 18 celebrities lost a total of about $171 million in asking price cuts. That's more than the GDP of some small nations. Beverly Hills properties, they got hit the hardest, showing that even the glitzias zip codes

aren't immune. Modern mansions seem to be suffering bigger cuts than more traditional estates. Maybe the market is shifting and buyers want something more timeless. Properties over $30 million face the steepest drops, hinting that the pool of buyers at this level is shrinking, or at least getting pickier. These trends, they teach us something important. No matter how famous you work, the market doesn't care about your star power. You can't just name a price and expect someone to throw money at you. Today's ultra wealthy buyers do their homework. They're cautious.

They compare and they wait. And in 2024, many of them won the waiting game. And until next time, take care. And that wraps up the epic show. If you found this episode valuable, who else do you know that might too? There's a really good chance you know someone else who would. And when their name comes to mind,

please share it with them and ask them to click the subscribe button when they get here and I'll take great care of them. God loves you and so do I. Health, peace, blessings, and success to you. I'm Matt Terrio. Living the dream. Yeah, yeah, we got the cash flow. You didn't know home world, we got the cash flow.

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