Celebrity Home Prices Not Seeing A Boost From Their Famous Owners

In this real estate market it takes more than a famous name to bump up the price of a home.

It’s more conventional perks like location and amenities that push the price of celebrity homes higher, not the famous name attached with the property, according to the Los Angeles Times. Recently several celebrities have had to trim the asking price of their homes.

Meg Ryan, for example, recently listed her home at a 42 percent price cut from its 2008 listing price, according to the LA Times. Penelope Cruz likewise recently sold her home for $807,000 less than she asked for.

Celebrities aren't the only ones who have been forced to accept lower prices for their homes in recent years. Though home prices rose in more than half of metro areas during the first three months of this year, the uptick followed six years of declines, according to the Wall Street Journal.

When celeb homes do go for big bucks it's usually thanks to more than just their owner's famous name. Ryan Seacrest put down $49 million on the home Ellen Degeneres and Portia de Rossi bought for $27 million, largely due to additions the couple made, Zillow reports

One celebrity has even been able to profit, despite the housing bust. Bringing “winning” to the celebrity real estate market, Charlie Sheen sold his Los Angeles home in January at an almost $500,000 profit from when he bought it in 2007, AOL Real Estate reports.

With a slew of celebrity homes on the market this spring, it isn’t likely that such success will be repeated anytime soon. Billy Joel recently posted his Miami Beach home for almost $15 million, for example. Neighbors Ricky Martin and Lil’ Wayne are doing the same thing, while on the west coast Sylvestor Stallone, Britney Spears and Harrison Ford are all looking for buyers.

But the celebs who’ve had it worst in the real estate market seem to be those who’ve entered foreclosure. Burt Reynolds Hobe Sound, Florida has dropped in value by over $6 million since being put into foreclosure. R. Kelly’s foreclosed-on mansion in the Chicago suburbs sold for slightly more than $1.5 million in December, down from an over $5 million valuation in 2009.

Check out some other famous celebrity foreclosures below:

Comments

[GerryS]

10:59 PM on 05/22/2012

goodness Meg Ryan,

looks like another botched facelift !!

[CreepyThinMan]

08:50 PM on 05/22/2012

Even if I was a millionaire the most I'd go for is a nice two or three bedroom condo. Why the Hell do you need a gigantic house?

[ken vincent]

08:12 PM on 05/22/2012

Is that the Joker?

[plan-uts]

06:00 PM on 05/22/2012

Celebrity 1 percenters, or should we say .10 of the 1 percenters. It expensive to be rich. Even more so to be stupid.

[blueken60]

03:32 PM on 05/22/2012

I will be shareing beach front with Nicholas Cage. He has an estate in the Bahamas. I've been there 5 times and never seen him. The people who own the estate I'll be staying at go there for months at a time and they have never seen him. A building lot on this island can go for $20 million.

[mbo2]

12:24 PM on 05/22/2012

Ryan Seacrest is able to buy a $37 million dollar home?

this country is so screwed

[StopMakingSense2]

02:15 PM on 05/22/2012

He's just the tip of the iceberg! Haven't you been keeping up with the Kardasians? Idiocracy is here and now!

[Stephen Thorpe]

04:58 PM on 05/22/2012

Isn't he the creator of the program?

[oilfield]

12:17 PM on 05/22/2012

how do you foreclose on a 12k contractor bill? lien yes, foreclose...not a chance.

[mbo2]

12:23 PM on 05/22/2012

uhhh, you need to check the law, an unpaid lien can result in a forced foreclosure - no different than not paying your mortgage

[Indigo1941]

08:37 AM on 05/22/2012

Celebrity Fashion Pricing Method: Consult the crystal ball for the omens, make up a fancy price based on how wonderful you think you are, put it on the market and get ridiculed on HffPo.
Sell Your House Now Pricing Method: Consult the county registry on line to learn the average sales price in your neighborhood. List your house at that price. Get out of the house and let it show. Be a good sport and prepare a list of phone numbers for the electrician and the lawn guy and the irrigation guy and the roofer and the plumber for the new owner who will be closing this afternoon.

[Y3rMawm]

03:22 AM on 05/22/2012

"Even She Can't Get Sell Her Home For Its Asking Price"

FFS is that even Engrish Huff n Puff Fsking Po?

[Joy Campbell]

02:46 AM on 05/22/2012

Seriously folks, why the hell does Justin Beiber need a 9,000 sq. ft. home?

[Kaptain Kool]

06:03 AM on 05/22/2012

Better to have it and not need it, than to need it and not have it? I'm reaching here.
I had a joke about the teeth, hair and ego not fitting in a smaller house, but I can't get the wording right.

[Hopalongpoppyseed]

11:22 AM on 05/22/2012

Sometimes, I just can't snark fast enough.

[AlfredE69]

10:30 PM on 05/21/2012

Well, boo hoo hoo. Maybe you're asking too much, lower your price or sell it on eBay; starting bid 0.99

[BCinVA]

10:18 PM on 05/21/2012

The bigger the bubble the louder the pop.

[Carl Caroli]

07:01 PM on 05/21/2012

Why anyone would pay a premium because of the previous owners name is beyond my stupidity. How long does that thrill last to make anything but normal market value smart?

[truthocentric]

10:58 PM on 05/21/2012

You're right.

[Marcusarilius]

11:28 PM on 05/21/2012

Like buying a dress at an auction that was once owned by J. Edgar.

[Benjo333]

06:14 PM on 05/21/2012

Octo Mom is a celebrity? More like celebutard...

[sensimilla]

06:02 PM on 05/21/2012

Housing prices are down 40% around the country. The irresponsible elite are no exception.