The housing market can take anyone for a ride, even celebrities
The housing market is tricky and timing is critical in this ever-fluctuating sector. In the recent past, everyone has tried making money from their homes, including some of the top celebrities. However, making a profit in the real estate market does not come easy even if you’re globally famous. Here is a look at 10 of the top celebrities who took a major financial hit selling their mega-mansions, luxurious condos, and lavish estates.
1. Ryan Phillipe
Ryan Phillipe took a massive hit of $1.175 million on the sale of his Hollywood Hills home in 2016, as per Trulia. The famous actor and film producer paid about $7,175,000 for the property back in 2008. The 7,600-square-foot home has five bedrooms and 6.5 bathrooms. The gated property sits on top of a hill and offers killer city views. Phillipe sold the property for $6 million, absorbing the million-dollar loss.
2. Katy Perry
Singer-songwriter and TV personality Katy Perry bought an elegant Spanish-style home in Hollywood for $6.5 million in 2011. The home features a total of seven bedrooms and nine bathrooms, with 8,835 square feet of living space. However, soon after the purchase, Perry and her then-husband, Russell Brand split up leading to Perry listing the property on the market for $6.5 million, as per Haute Residence. Perry suffered a financial heartbreak too, when she ended up selling the home for just $5.5 million losing $1 million along with listing fees and closing costs and more.
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3. Reese Witherspoon
Reese Witherspoon unloaded a ranch in Ojai, California in 2013, which she had bought for $5.8 million a couple of years ago. It was this property where she married her husband Jim Toth in 2011. Witherspoon put the property for sale in 2013 for a whopping $10 million, as per E!. However, she had to chop the price down several folds finally settling for $4.98 million, taking a loss of nearly a million dollars. The Spanish-style ranch was once featured in Elle Décor, and it features a swimming pool, barn, horse stables, an organic garden, and more.
4. Simon Kinberg
Simon Kinberg, director of the “X-Men” movies, lost about $3 million when he sold his Hollywood Hills estate to Crypto tycoon Olaf Carlson-Wee. As per The Real Deal, Kinberg bought the spec-built property for $31.5 million in 2018. Built by Paul McLean, the home offered expansive views of Los Angeles, a movie theater, a pool, high-tech features along with extensive grass areas. He ended up selling the 12,000-square-foot mansion for $28.5 million.
5. Michelle Pfeiffer and David E. Kelley
The celebrity power couple David E. Kelley and Michelle Pfeiffer are known for flipping high-profile properties. However, their side hustle always doesn’t pay off as they took a loss when they sold one of their Pacific Palisades property. As per Realtor, the couple had bought the home for $7.7 million in 2018. They listed it a year later for $8.35 million and in 2021, they slashed the price to $7.3 million after failing to find a buyer. However, they failed to find a buyer even at that price and they eventually settled for $6.5 million incurring a loss of over $1.2 million. The midcentury home features four bedrooms, three bathrooms, and 2,870 square feet of space.
6. Haylie Duff
Hollywood actress Hilary Duff lost about $30,000 on the sale of her Toluca Lake bachelorette pad when she let it go for $1.72 million in 2013. As per Trulia, she had originally paid $1.75 million for it in 2008. The chic, semi-modest home features five bedrooms, six bathrooms, and 4,064-square-foot of living space and it sits behind privacy gates in the heart of Toluca Lake. Duff had listed the property for $1.799 million but ended up settling for about $70,000 less to get her hands off it.
7. Kate Walsh
"Private Practice" star Kate Walsh bought a lavish home in Los Felix for $4.75 million back in 2007. Walsh tried selling the property for about three years, listing it on and off on the market. She first put it for sale in 2010 for $4.925 million, as per Huff Post. However, after years of struggle, she finally unloaded the property for $4.67 million, taking a loss of about $70,000. The gated Spanish-style four-bedroom villa built in 1928 featured a tiled mail entry, a grand staircase, stenciled beamed ceilings, and arched windows.
8. Christina Aguilera
Christina Aguilera bought a home in Beverly Hills, with her now ex-husband, Jordan Bratman in 2007, for about $11.5 million. As per Trulia, the estate was previously owned by Ozzy and Sharon Osbourne and it featured on the family's MTV reality show as well. Following Aguilera’s split with Bratman in 2011, the Mediterranean-style home was listed for $13.5 million in the market. However, she struggled for over two years to find a buyer and eventually ended up selling the property for $11.5 million, eating a loss of $2 million.
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9. Sandra Bullock
Sandra Bullock owned a luxurious condo in the famous Sierra Towers in West Hollywood. She bought the 2,100-square-foot apartment for $5.1 million in 2017. However, she took a loss of about $1.5 million when she sold it for $3.6 million years later to “The Joker” director Todd Phillips, as per The Hollywood Reporter. The building which houses several other celebrities, offers world-class amenities, such as 24/7 concierge, valet parking, doormen, a sauna, a communal swimming pool, a fitness center, and much more.
10. Michael Jordan
The NBA legend has had one of the longest-running real estate struggles with his Chicago mansion. The iconic home was listed for $29 million about 10 years ago. Jordan failed to find a buyer despite slashing the price by $8 million and throwing in a set of Air Jordans in the deal. He even put the home up for auction, and it failed to sell even then. As per Business Insider, the property is still on the market waiting for a buyer.
