Superstar singer Céline Dion is in the news again after allegedly been forced to drop the price of her Jupiter Island estate to “just” $38.5 million. While it is difficult to feel sorry for the famous singer, who has a long-term contract with Caesar’s Palace, it is interesting to learn that we are now approaching half of the original asking price of $72.5 million!
Why no interest in Jupiter Island?
It is difficult to understand why there is no interest in Céline Dion’s luxury property but the fact the price has been reduced from $72.5 million in 2013, down to $45.5 million last year and a further reduction to $38.5 million says everything. The property is located at 215 South Beach Road in Martin County but the property is a lot more luxurious than the name might suggest.
The main property, situated in the 5.7 acre waterfront site, covers nearly 10,000 ft.² with five bedrooms, an elevator and media room. There is also an eight bedroom guesthouse on the development, waterpark, pool house, beach house, tennis pavilion and a simulated golf range. To the average person on the street an asking price of $38.5 million is preposterous but to the well-heeled luxury property investors surely there must be some potential? What exactly did Céline Dion see in the property in the first place?
A sad history
Unfortunately the house has many sad memories for Céline Dion as the singer and her late husband René Angélil purchased the land and the properties as their dream location. Perhaps it is too difficult going back to the property venture she began with her late husband? Perhaps the fact that she spends all of her current time in Las Vegas at Caesar’s Palace does not help?
There have also been some changes to the selling agents due no doubt to the lack of interest and the significant “overvaluation” which is becoming apparent. Quite how anybody can be advised of a $72.5 million asking price and then after appraisal by a new selling agent drop the price to $38.5 million is bizarre. There is also a suggestion that the singer has spent considerably more than the current asking price on the development over the years and will affectively be making a loss if she does manage to get the latest asking price.
Luxury property market
We have seen the likes of Richard Branson and an array of other flamboyant property investors making money on their own “islands” investments but for some reason has not happened for Céline Dion. It will be a painful reminder of her late husband as this was their dream property where they plan to spend many years together. There will no doubt be some property sharks circling the waters for a “bargain” but unfortunately properties at this end of the market are only worth what people are willing to pay. Will somebody finally stump up the $38.5 million reduced asking price?
Time will tell whether the property does finally sell but let’s not feel too downhearted for the famous French-Canadian singer with her multi-million dollar Caesar’s Palace contract.