Unreserved real estate optimism may continue to reign supreme and the price of luxury property in prime markets continue its seemingly ceaseless ascent toward the stratosphere, but increasing numbers of celebs have, nonetheless, been compelled to drastically slash overly optimistic asking prices for their multimillion-dollar homes.
Relativity Media founder and CEO Ryan Kavanaugh made his Malibu estate available in late April at a sliver less than $10 million, and within a month the price plummeted to just over $8.9 million. Model-turned-reality-TV mogul Tyra Banks has her Beverly Hills home listed at $6.5 million after she first attempted to unload it at $7.75 million, and Jennifer Lopez — who just shelled out a widely rumored $28 million for Sela Ward’s Bel-Air compound — now has a $12.5 million ask on her Hidden Hills estate that was first offered a year and a half ago at $17 million.
Richard Gere’s six-plus-acre compound just outside of the Hamptons village of Sag Harbor — purchased over several transactions between 2005 and 2008 that totaled $11.3 million — first popped up for sale in 2013 with an in-hindsight audaciously rose-tinted price of $65 million. With no takers, the tariff on the bayfront estate plunged to $56 million, then to $47.5 million, and now stands at $36.5 million, after another $11 million was unceremoniously lopped off last month.
On Florida’s east coast, Billy Joel recently sheared $2 million off the original $29 million asking price of his opulent Manalapan mansion. And Celine Dion presides over an extravagant oceanfront estate on Jupiter Island that’s now listed at $45.5 million after it was first put up for sale almost three years ago with a publicity-assuring but, ultimately, preposterously unrealistic asking price of $72 million. The 5.5-acre estate, custom built for Dion and her late husband/manager Renée Angélil, encompasses a nearly 17,000-square-foot main house, two four-bedroom guesthouses, three separate swimming pools, and nearly 500 feet of pristine beach frontage.