Topline
From Nashville to Hollywood, the celebrity real estate market is on a hot streak this week with the likes of Elton John, Cooper Kupp, and James Packer listing their multi-million-dollar mansions with amenities from wine cellars to saunas and theater rooms.
A Beverly Hills estate owned by billionaire James Packer is listed for $85 million by agents … [+]
Key Facts
Australian billionaire James Packer listed a sprawling Beverly Hills estate —previously occupied at different times by Danny DeVito, Jennifer Lopez and Ben Affleck — for $85 million—complete with 1.2 acres, 12 bedrooms, 17 bathrooms, a wood-paneled wine cellar, theater, cigar room, gym and sauna.
If the Lake Tahoe estate formerly owned by casino mogul and hotelier Steve Wynn on “Billionaires’ Row” in Nevada sells for its $76 million asking price, it will be one of the most expensive real estate transactions ever in the area; the compound includes a 12,661-square-foot main residence, guest house, private peach and deep-water pier.
Radio host and former American Idol mentor Bobby Bones dropped the price on his Nashville mansion to $8.7 million—$5 million more than what he paid for it three years ago but $500,000 less than it first listed for in September per Realtor.com—the sprawling home is ultra-modern and includes a renovated barn, pool, guest house and basketball court.
The Atlanta condo Sir Elton John has owned since the early 1990s and used as a home base for his U.S. tours is listed for sale at $4.995 million; the 13,500-square-foot home on the 36th floor of a condominium complex combined six units into one to include a gym, gallery space and massage room.
Los Angeles Rams wide receiver Cooper Kupp is asking for $3.5 million for his family’s five-bedroom home, guest house, barn-turned-training-facility and the 4 acres it sits on in Oregon—a million-dollar mark-up from when he purchased it in 2020, per the Wall Street Journal.
Jen Landon, known for her role as Teeter on hit Paramount show Yellowstone, listed her Venice Beach townhouse for $1.8 million, a purchase that comes with a two-car garage, bamboo floors, double-height ceiling and a roof terrace with mountain views.
A Beverly Hills estate owned by billionaire James Packer is listed for $85 million by agents … [+]
A wine cellar in the Beverly Hills estate owned by billionaire James Packer that is listed for $85 … [+]
Key Background
L.A.’s real estate market has been in flux since a new millionaires tax on luxury homes saw celebrities like Brad Pitt and Mark Wahlberg sell off their expensive properties before the April 1 deadline. The market was booming before the law went into effect—the first quarter of the year saw sales of $5 million homes shoot up 35% above average, real estate agents told the Hollywood Reporter—but the market chilled almost immediately after. Called Measure ULA, the new law adds an additional 4% tax to sales above $5 million and 5.5% for sales above $10 million. Luxury sales, defined as homes in the top 5% of market value, have plummeted nationwide, the Wall Street Journal reported, down 24% in the three months that ended June 30. Would-be buyers are grappling with historically high interest rates and concerns of a potential recession, while sellers in some areas seem to have pulled back on putting their homes in the market because of market conditions—WSJ reports a 17% drop in year-over-year in luxury listings.
Crucial Quote
“The flurry of activity that happened up until April 1 was pretty phenomenal,” real estate attorney Loretta Thompson told the Hollywood Reporter of the Measure ULA tax. “And then, of course, after that, people started pulling their listings.”
Steve Wynn’s Lake Tahoe estate.
The grand salon of Sir Elton John’s Atlanta condo.
Forbes Valuation
James Packer, the largest shareholder of Crown Resorts, is worth $2.5 billion and was the 1,199th richest person in the world as of Thursday. Steve Wynn, namesake of the Wynn hotel and casino chain, is worth $3.4 billion and landed at No. 855 on Forbes’ real-time billionaires list Thursday. He resigned as chair of his company after sexual misconduct allegations surfaced in 2018.
Tangent
George Clooney recently denied reports he was selling his luxurious Lake Como home, part of an impressive real estate portfolio that includes a Los Angeles villa, English island property and the Domaine du Canadel estate in France. The Lake Como house, which he bought from the billionaire Heinz family in 2002, is worth more than $100 and would have landed among the top of celebrity real estate deals. Other owners of $100 million homes include Snapchat CEO Evan Spiegel and model Miranda Kerr, tech billionaire Larry Ellison, Microsoft founder Bill Games, Amazon creator Jeff Bezos and Oprah Winfrey.
Radio host Bobby Bones has listed his Nashville home for $8.7 million.
Radio host Bobby Bones has listed his Nashville home for $8.7 million.
Cooper Kupp’s Oregon home is listed for $3.5 million.
Cooper Kupp’s Oregon home is listed for $3.5 million.
Further Reading
Casino Mogul Steve Wynn’s Former Estate On Lake Tahoe Lists For $76 Million (Forbes)
Sir Elton John Lists Longtime Atlanta Home For Nearly $5 Million (Forbes)
George Clooney Denies Reports That $107 Million Lake Como Villa Is For Sale — Here’s What We Know (Forbes)
Source: https://www.forbes.com/sites/maryroeloffs/2023/09/28/billionaire-and-celebrity-real-estate-heres-which-homes-hit-the-market-this-week/