Celebrity Price Cuts: Mel Gibson, Penelope Cruz, Billy Joel and More
With news of Kate Hudson buying a $5.8 million “house next door,” Sandra Bullock dropping $23 million on a new mansion, and Jennifer Aniston swooping up a collection of Upper East Side condos, it makes us realize the rich and famous might face losses in real estate — just like all of us — but they simply have deep reserves to plow ahead.
A recent Zillow market analysis showed the values of homes priced in the bottom-tier are falling at a faster rate than the most expensive one-third of homes in the U.S. On the contrary, Zillow’s Real Estate Market Reports for April also showed 30.4 percent of U.S. listings have been reduced in price in the last 30 days with price chops seen across all home tiers.
With that in mind, we’ve bundled together a list of celebrity homes presently on the market that are not only still awaiting buyers, but are actively getting price cuts to entice home buyers.
Original List Price: $3,695,000
Current List Price: $3,150,000
Price Cut: 14.7%
The size of her family may be increasing, but the price of Penelope Cruz’s Hollywood Hills home (above) is going in the opposite direction. The Oscar-winning actress, who recently welcomed a new baby boy into the world with actor-hubby Javier Bardem, reduced the price of her 3,334-sq ft home from $3,695,000 to $3,150,000.
The 3-bedroom, 2-bathroom Balinese-modern style home was built in 1956, but was completely updated after the Spanish star purchased it in 2005. The unique piece of Hollywood Hills real estate is tucked in a cul-de-sac near Sunset Strip and features high ceilings, carved-wood doors, private courtyard, bamboo floors, and an in-ground heated pool with a luxurious tented cabana.
Original List Price: $7,500,000
Current List Price: $4,500,000
Price Cut: 40.0%
Could Sheryl Crow’s Tennessee farm (above) be her favorite mistake? With a failed auction, parcel division, and price cut on the docket, it may be safe to say this particular real estate investment has been difficult to unload. As for it being her favorite, there’s no way to tell. But, if the latest activity with the property is any indication, we can tell the Grammy-winning artist really wants to sell.
First hitting the Nashville real estate market for $7.5 million in March 2010, Crow’s “equestrian facility,” named Cross Creek Farm, has since been divided into two properties, the first of which includes the main house, a 14-stall barn, and 51 acres for $4.5 million. The remaining 96 acres of the 147-acre piece of College Grove real estate is selling for $2 million.
Original List Price: $14,500,000
Current List Price: $11,750,000
Price Cut: 18.9%
Third time’s a charm, right? Controversial Hollywood star, Mel Gibson, is certainly hoping that is the case with his third attempt at selling Lavender Hills Farm (above). Twice reduced in price, Gibson’s private piece of Malibu real estate was recently re-listed for $11,750,000 — an 18.9 percent discount from the original $14.5 million asking price. He has been trying to sell the property since early March 2010, right in the wake of the actor’s split from ex-girlfriend Oksana Grigorieva.
Gibson’s 2.56-acre compound includes a 6-bedroom main house, pool, spa, lighted tennis court, media room, two offices, separate gym, a two-story outdoor entertainment pavilion with built-in BBQ, fireplace and kitchen, as well as three guest houses, fruit orchards, and organic gardens.
Original List Price: $16,900,000
Current List Price: $13,900,000
Price Cut: 17.8%
Favorite Parent Trap movie dad, Dennis Quaid, took everyone’s breath away with a look inside his luxurious equestrian estate (above), which he hoisted onto the Pacific Palisades real estate market with an equally stunning $16.9 million asking price. After just two months on the market and no bites from buyers, Quaid decided to entice buyers with a price cut of $3 million, reducing the list price to $13.9 million. While the 7-digit chop is certainly substantial, the 56-year-old actor is still in the running to make some kind of profit — he bought the home in 1999 for a reported $1,830,000.
Quaid and his wife, Kimberly, completely transformed the 2-acre property in 2008, turning it into a French-style equestrian estate including a 8,400-sq ft, 8-bedroom, 9.5-bathroom main house, putting green, pool and spa, horse stables, corrals and private horse riding and hiking trails.
Mary Schmidt Amons (The Real Housewives of DC)
Original List Price: $2,350,000
Current List Price: $1,795,000
Price Cut: 23.6%
A real estate round-up is not complete without mention of the inevitable happenings of Real Housewives and their real estate. Last September, Real Housewives of DC’s Mary Schmidt Amons put her crisp, 5,450-sq ft home (above) on the McLean real estate market for $2,350,000. While there aren’t any circulating rumors of bankruptcy or foreclosure (commonly associated with Real Housewives cast members), the 6-bedroom Langley Farms home has seen no sign of selling after nearly eight months on the market. One thing that has changed, however, is the price. Dropping nearly 24 percent, Amons’ home is currently listed for $1,795,000.
The modern-colonial style home was built in 1939 and sits on a meticulously manicured .34-acre lot. The 6-bedroom house additionally includes 5.5 bathrooms, three fireplaces, a master suite with sitting room and private deck, sun room, library, and 4-car garage.
Original List Price: $1,650,000
Current List Price: $1,395,000
Price Cut: 15.5%
It hasn’t been an easy month for “Planet of the Apes” actress, Estella Warren. Her personal (and legal) life took a recent turn, making headlines for a DUI arrest. The young starlet is not getting any sympathy from the Beverly Hills real estate market, either. Warren’s Beverly Hills home (above) was originally listed for $1.65 million in September 2010. Since then, the 3-bedroom, 2.5-bathroom home has seen three price cuts — the most recent being a $100,000 drop to the current list price of $1,395,000.
The secluded home, which has almost 2,250-sq ft of living space, was built in 1959 and features dark wood floors, an updated gourmet kitchen, and updated baths. Out back, a brick wrap-around patio leads to a sunken pool surrounded by mature foliage.
Original List Price: $22,500,000
Current List Price: $16,750,000
Price Cut: 25.6%
Billy Joel’s Sagaponack, NY home (above) has been a frequenter of real estate headlines over the past year. The completely renovated, two-story home has had a series of price cuts since it first hit the Sagaponack real estate market in 2009, the first of which took the price down $2.6 million to $19.9 million. This was quickly followed by another $1.4 million reduction over the 2010 holidays to $18.5 million.
Still awaiting buyers for the beachfront residence, Joel decided to cut the price of his Hamptons home again to $16,750,000 — just below the $16.8 million Joel reportedly handed over for the property back in 2007. The 5,550-sq ft home includes 4 bedrooms, 6 bathrooms, multiple terraces, cathedral ceilings, office, and separate studio with a loft area and 2-car garage.
Original List Price: $995,000
Current List Price $949,000
Price Cut: 4.6%
Bright-eyed sitcom star, Kaley Cuoco, best known for her roles on “8 Simple Rules” and “The Big Bang Theory,” isn’t having the best of luck selling her Sherman Oaks home (above). Noted as an “artist’s retreat,” Cuoco purchased the 3-bedroom, 2-bath residence back in 2005 for $1,355,000. She initially listed the property at a loss and recently dropped the price another $46,000 to the current asking price of $949,000 — a 30 percent loss. Selling for a loss isn’t all too uncommon in the Sherman Oaks real estate market. According to Zillow Real Estate Market Reports, nearly 35 percent of homes in Sherman Oaks sold for less than the previous purchase price.
Cuoco’s Sherman Oaks home is authentically Spanish in style and sits on a quarter-acre, gated lot with rich distressed hardwood floors, recessed lights, French doors, a covered patio, updated kitchen, and luxury master suite with walk-in closets and private bath.
Billy Dee Williams
Original List Price: $4,499,000
Current List Price: $3,895,000
Price Cut: 13.4%
Best known for his role as Han Solo’s buddy Lando Calrissian, actor Billy Dee Williams is on the move. But before he can head off to a galaxy far, far away he has to cut his Beverly Hills real estate ties — namely with the 6-bedroom, 6-bathroom home (above) he has owned since 1984. Public records show Williams snatched up the 5,295-sq ft house for a mere $553,000.
The contemporary style home, built in 1961, first hit the market with a $4,499,000 asking price earlier this year. Just last month, Williams sliced $300,000 off, bringing the price down to $3,895,000. The home is described as “Zen-like” with an open floor plan, large rooms, high ceilings, maid’s quarters, back deck with swimming pool and both city and ocean views.