Celebrities are Unloading Their Real Estate Weight

Published by julia | Filed under Miscellaneous, Real Estate, Shout Outs, Uncategorized

When it comes to being a celebrity, buying and selling homes is like changing your underwear. Celebrities are the only group of people who can buy a house and sell a house for a loss and never think twice about the money.

Britney Spears, in the news this time for real estate and not motherly or drinking matters, is selling her home in Beverly Hills. The mansion is listed on the market for a cool $7.9 million. The home features a whopping 7.500 square feet with 6 bedrooms and 61/2 baths. It is hard to say why the pop star gone psychiatric patient has decided to sell her home, but figuring she does not have custody of her children any longer maybe she just needed less room.

Another seller in the celebrity real estate market is Keifer Sutherland. Year ago, Keifer decided he was going to turn an old warehouse into the house of his dreams. Well, dreams change and now Keifer is offering up that warehouse home for the huge price tag of $5 million. The home offers a total square footage of more than 13,000 feet. Only 5,000 square feet are currently being used for residential purposes with the remaining 8,000 housing a recording studio and some office style fares. Keifer had the home listed for the “special” buyer only…what is that?

With the mortgage crisis and foreclosures in full swing, even celebrities are not in a position to beat the bank. The Eastern Savings Bank has charged Damon Dash with not paying his mortgage. The co-founder of Rock a Fella Records has reported his net worth somewhere near $50 million, but cannot manage to make his $78,000 a month mortgage payment on 2 Manhattan condos. It seems that having money and spending money makes the money disappear.

Celebrities highs and celebrity lows abound in the real estate market. Home sales, home purchases and home foreclosures are all up in the world of stardom. When it comes to separating the business people from the fad stars, the foreclosure listings are a great indication.