Magazine article Variety

Celeb Properties Make Super-Sized Price Reductions

Magazine article Variety

Celeb Properties Make Super-Sized Price Reductions

Article excerpt

Unreserved real estate optimism may continue to reign supreme, and the price of luxury property in prime markets continue its seemingly ceaseless ascent toward the stratosphere, but increasing numbers of celebs have been compelled to drastically slash overly confident asking prices for their multimillion-dollar homes.

Richard Gera's six-plus-acre compound just outside the Hamptons village of Sag Harbor - purchased over several transactions between 2005 and 2008 that totaled $11.3 million - first popped up for sale in 2013 with an in-hindsight audaciously rose-tinted price of $65 million. With no takers, the tariff on the bayfront estate plunged to $56 million, then to $47.5 million, and now stands at $36.5 million.

Relativity Media founder and CEO Ryan Kavanaugh made his Malibu estate available in late April at a sliver less than $10 million, and within a month the price plummeted to just over $8.9 million. Model-tumed-reality-TV-mogul Tyra Banks has her BevHills home listed at $6. …

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