The Most Expensive and Overpriced Homes & Mansions in The World | Luxury Homes
The Most Expensive and Overpriced Homes & Mansions in The World | Luxury Homes
The Most Massive Real-estate Price Cuts | so expensive
The High-end Real Estate Market is Suffering, With a Glut of Overbuilt and Overpriced Mansions in Many of America’s Most Affluent Zip Codes.
Now, With So Many Newly Built Spec Homes on the Market — Many With Nearly Identical White-box Designs, Some Builders Are Sitting on Massive Properties With Large Loans and Maintenance Costs.
These Mega Mansions Started Out With Enormous Price-tags, but When They Didn’t Sell, They Got Massive Price Cuts. Some Estates Eventually Sold at a Discount of More Than 70% From the Initial Asking Price. Here Are Some of the Largest Price Drops in Residential Real Estate in America
1 Celebrity Plastic Surgeon Raj Kanodia Has Been Unable to Find a Buyer for a 34,000-square-foot Los Angeles Mega Mansion He Built to Flip for a Profit.
Four Years and Well Over $70 Million Later, the Modern Glass Palace He Built in Los Angeles Has Been Sitting on the Market for More Than Tow Years. After Failing to Find a Buyer, He’s Now Offering It for Rent at $1.5 Million a Month and Says He Would Consider Offers of More Than $120 Million.
2 a House Next Door, Built by Fashion Magnate Bruce Makowsky, This Los Angeles Mega Mansion Originally Hit the Market for $250 Million. Back in 2017, the Asking Price Made It the Most Expensive Listing in America. But the 38,000-square-foot Home Sat on the Market for Three Years.
The Price Was Eventually Chopped to $188 Million, and Soon After It Dropped Again to $150 Million.
Finally, It Sold in October for $94 Million. While That’s an Extraordinary Amount of Money, It’s Also One of the Biggest Price Cuts in Residential Real Estate History.
3 This Oceanfront Mansion in Hillsboro Beach, Florida, Was on the Market for $159 Million in 2015. At the Time, It Made Headlines as the Most Expensive Listing in America.
But for Three Years the 60,000-square-foot Compound Had No Takers. The Owner Eventually Decided to Put the Estate on the Auction Block, and in November of 2018, It Sold for a Fraction of the Original Asking Price at $42.5 Million. That’s a $116.5 Million or 73% Price Cut.
4 When Fashion Mogul Tommy Hilfiger Listed His Manhattan Penthouse at the Plaza Hotel in 2013, He Was Asking $80 Million for It. The 6,000-square-foot Duplex Sat on the Market for Six Years. And Over That Time, It Was Incrementally Reduced. In 2017, the Asking Price Was Lowered to $50 Million.
The Duplex Finally Sold for $31.25 Million. That’s a Reduction of About 61% and a Total Price Drop of More Than $48 Million From the Original Asking Price.
5 Michael Jackson’s Infamous Neverland Ranch, Originally Listed for $100 Million in 2015, the Property Was Reduced to $65 Million in 2017, and Now It’s Back on the Market for $31 Million, It’s Most Recent Cut Reflects a 70% Drop From Its Initial Asking Price, the 2,700-acre Property With Its Sprawling Mansion and Disney-themed Train Station, Still Has No Takers.
#Architecture #SoExpensive #Luxuryhomes #Mansions
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