After Sale Falls Through, Katy Perry’s Home Gets Second Price Cut
“As much as she was attracted to the home, life took a turn, and there was no looking back,” listing agent Ernie Carswell of Teles Properties said when asked why singer Katy Perry is selling her Hollywood Hills home.
The pop sensation bought the Spanish-style residence at 8159 Hollywood Blvd, Los Angeles, CA 90069 when she was married to actor-comedian Russell Brand. After finalizing their divorce in July 2012, Perry listed the property less than a year later.
“She’s very focused on her career now,” Carswell said. “Katy wants the house sale to be final.” Additionally, she’s looking for a cash offer.
After first asking $6.925 million, Perry dropped her ask by $430,000 in June. The price cut seemed to do the trick: The home had a pending sale in August with seven offers on the table. But, according to Carswell, the buyer couldn’t pull all of their resources together.
Then the same thing happened again. The home showed a pending sale in early October, but it also ended up falling through. “Perry was in Europe and wanted this done, but it was a collective decision to cancel on the buyer,” Carswell said. “They made an all-cash offer but never put their money in escrow. They just couldn’t follow through.”
Now with another price cut, bringing the asking price down to $5.988 million, the “Roar” singer is hoping to close the deal as soon as possible. But finding a cash buyer in Hollywood Hills, where the median home value is almost a fifth of what she’s asking, isn’t the only challenge.
“It needs some work to bring the home up to date to be in line with today’s lifestyle,” Carswell said. “Kitchens were for staff people in the 1920s, not for entertaining.”
Early 20th-century architectural details and a divided floor plan don’t appeal to every buyer, and that’s not the only issue.
“It’s the 3 acres that need as much attention as the house itself,” Carswell explained. “When Katy was in the process of purchasing the home, upper hill topsoil slipped down from the neighbor’s lot above hers.”
Perry’s property has been repaired for the time being but needs sculpting and design work, which Carswell says has made it harder to sell on the Hollywood Hills real estate market.
“There has been almost daily, legitimate interest in the home,” he said. “But the buyer will have to be someone with house and land vision.” And, of course, someone with enough cash.
- Report: Katy Perry Buys Mid-Century Modern Home in Hollywood Hills
- Real Estate Battle of the Exes: John Mayer
- Following Split, Torrey DeVitto and Paul Wesley List Hollywood Hills Home