Celebrity Real Estate: Stars Making A Mint Off Real Estate

Story courtesy of ZILLOW.

By Lauren Riefflin

Reports of declining home values, price cuts and foreclosures dominate the headlines — even in the world of celebrity real estate. But, there are some celebrities who not only sold their homes in a down market, but pocketed substantial profits from the sales. Plus, we sprinkled in a few that stand to make a profit, compared to their purchase price. Take a look:

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Dennis Quaid

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For sale: 14223 Evans Rd, Pacific Palisades, CA Purchase Price: $1,830,000 Listing Price: $16,900,000 Potential Profit: $15,070,000 Actor Dennis Quaid has a lot to celebrate as he turns 57 (birthday is April 9). First, he is among acting's elite A-list, is happily married, and is also in the process of selling his massive equestrian estate for a huge profit. According to public records, Quaid purchased the 2-acre Pacific Palisades property in 1999 for a reported $1,830,000. After a series of renovations, Quaid transformed the quaint property into a luxurious equestrian retreat featuring a French country-style main house, a guest house, studio, barn, and corral. Quaid's equestrian estate hit the Pacific Palisades real estate market last month for $16.9 million - an 823.5% price increase from his purchase price back in '99. See more photos of Dennis Quaid's equestrian estate

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For sale: 14223 Evans Rd, Pacific Palisades, CA
Purchase Price: $1,830,000
Listing Price: $16,900,000
Potential Profit: $15,070,000

Actor Dennis Quaid has a lot to celebrate as he turns 57 (birthday is April 9). First, he is among acting's elite A-list, is happily married, and is also in the process of selling his massive equestrian estate for a huge profit. According to public records, Quaid purchased the 2-acre Pacific Palisades property in 1999 for a reported $1,830,000. After a series of renovations, Quaid transformed the quaint property into a luxurious equestrian retreat featuring a French country-style main house, a guest house, studio, barn, and corral. Quaid's equestrian estate hit the Pacific Palisades real estate market last month for $16.9 million - an 823.5% price increase from his purchase price back in '99.

See more photos of Dennis Quaid's equestrian estate

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Comments

[tinaschrader]

02:15 AM on 04/20/2011

Love looking at these gorgeous houses! If only I had the money...

[AllowMeToObserve]

10:43 PM on 04/19/2011

Regarding the math on the Quaid estate: The story says that he bought the property in '99 for $1.83M and it's now listed for $16.9M for a potential profit of $15.07M. But the story also says "After a series of renovations, Quaid transformed the quaint property into a luxurious equestrian retreat..." I'm guessing that cost him a few bucks. Maybe millions of bucks.

[3dtrix]

11:37 AM on 04/19/2011

The first pic sez Dennis Quaid - are you sure it wasn't supposed to be Thomas Kincaid?

[MrPragmatic]

10:35 PM on 04/17/2011

Quaid and Anniston are not going to get their asking prices. In particular, Jen is out of her mind if she thinks she will even come close. Even by Beverly Hills standards, that is a hefty price she trying to get. Good thing that Ryder sold her house she probably really and truly needed the money. Bless her heart, she hasn't been marketable in Hollywood since she got caught shoplifting.

[peacekitten]

09:13 PM on 05/06/2011

she was in the recently film "black swan."

perhaps she will be coming back.

[joe smithy]

12:31 PM on 04/17/2011

Glad that Huffpo is keeping me informed about how rich people are making money by selling fancy houses. What is the possible purpose of this on a supposedly progressive blog?

[frank day]

10:40 AM on 04/16/2011

Most of these are more modest homes and they've probably been held for some time, thus more equity.

[totaldisbelief]

09:09 AM on 04/16/2011

Is there a point to this article?

[Ramkshrestha]

09:00 AM on 04/16/2011

Then celebrities doing real state business?

[sarrasine]

01:13 AM on 04/16/2011

listing prices are not sale prices, you also have not added closing costs and renovations and other costs, rich people have much less personal wealth invested in real estate than the average American.

[Fonfax]

11:05 PM on 04/15/2011

What is the big profit? Most of these have been extensively renovated, which couldn't have been cheap and the carrying costs? Nonsense.

[freddiekrueger]

11:00 PM on 04/15/2011

cousin eddie's place looks aight...

[rjmtx]

11:24 AM on 04/16/2011

Dennis owns the house. Cousin Eddie doesn't have much and is in deep dookie right now.

[3daywkend]

10:26 PM on 04/15/2011

I'm surprised those Malibu beach houses go for under 7 million. 100 miles south in Del Mar they can fetch 20 million. I guess being that close to LA has it's minuses?

[peacekitten]

09:14 PM on 05/06/2011

being close enough to your neighbors you can stick your arm out your kitchen window and borrow a cup of sugar has its minuses, even if it's on the beach.

i've seen those homes.  there's not a snowball's chance they're worth $7 mil or more, beachfront or not.

[3daywkend]

10:16 PM on 04/15/2011

My parents paid 40,000 for our house in 1974 and sold it for 380,000 in the mid eighties due to divorce. The lucky SOB who has it now is sitting on 3,000,000.00

[ganglewaefre]

09:15 PM on 04/15/2011

I haven't gotten past the first example, Dennis Quaid, and I can already see problems.

You didn't mention how much Quaid spent restyling his house. It's not a $15 million profit if you consider how much he put into it.

[OneEarthling]

09:26 PM on 04/15/2011

Exactly. The profit, better called capital gain, includes all the capital improvement costs, and expenses associated with selling and closing. This simple math "profit" is bogus. Besides, Quaid hasn't sold it yet.

[clodandthepebble]

09:35 PM on 04/15/2011

Plus the commission paid to sell the place which could be around 8%.

[3daywkend]

10:19 PM on 04/15/2011

I wonder how you get to be the realtor to sell these things? You'd think one or two sales and you could retire. Perhaps the fee's go to the firm, and not some lucky woman who shows houses for a living.

[blocked]

09:04 PM on 04/15/2011

And most of them are democrats and will likely do a 1031 exchange to defer paying capital gains taxes.

[WSAY]

09:29 PM on 04/15/2011

They are college graduates, so of course they are Democrats.

[totaldisbelief]

09:12 AM on 04/16/2011

Thanks for your unjustified slur at democrats. It shows your ignorance and bias.