"Some of the biggest mansions in and around Los Angeles haven't been fetching anywhere near their original listing prices, despite former ownership by some big-name celebrities. This month alone, homes once owned by Milwaukee Brewers minority owner Robert Beyer, singer Ricky Martin, and previously married Jennifer Lopez and Ben Affleck have sold or are asking for well under their listing price, Mansion Global reported."
"The Beverly Hills former home of Ricky Martin and Doris Day before him is on the market for just under $50 million, down $25.1 million from its August listing price of $75 million, per Mansion Global. The 2.4-acre property includes the 9,200-square-foot mansion; Michael Smith, CEO of natural gas exporter Freeport LNG, bought the property from Martin in 2006 for $15 million."
"Over the past three years, the only listing over $50 million to sell for close to the asking price was a mansion in Beverly Park formerly owned by Mark Wahlberg. That property sold in June to Paris Hilton for $63.1 million, about $5 million less than the asking price. Wahlberg built the estate in 2014 and asked $87.5 million in April 2022 before finding a buyer for $55 million in February 2023."
Several high-end Los Angeles mansions have recently sold or are asking far below original listing prices. A Brentwood custom-built mansion listed at $75 million sold for $44 million, a 40 percent discount. A Beverly Hills estate once owned by Ricky Martin is listed just under $50 million, down $25.1 million from $75 million. The former Jennifer Lopez and Ben Affleck home is asking $52 million, $16 million below a prior $68 million asking price. A Beverly Park mansion formerly owned by Mark Wahlberg sold for $63.1 million. Measure ULA imposes a 4 percent tax on sales over $5 million, which may contribute to downward pricing pressure.
Read at therealdeal.com
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