While Cindy Crawford and husband Rande Gerber have a very impressive track record when it comes to real estate investment, it looks as though they may well have to take a loss on their Malibu property acquired back in 2015. It is believed that they paid $50.5 million for the property although after recently listing the house for $60 million, they have been forced to chop $10 million from the price. So, if they were to achieve the new $50 million asking price there would be a $500,000 loss as well as the cost of any renovations.
What do you get for a $50 million investment in Malibu?
We will cover Cindy Crawford and her husband’s real estate investments in more detail later on in this article suffice to say they will not be losing any sleep over a potential $500,000 loss. The property in question was built back in 1944 and is described as a secluded beachfront house with 5254 ft.² of living space. It was initially relisted on the market back in November 2016 although there has been little interest to date.
This is a four-bedroom house set on 3 acres of land with panoramic views over the Pacific Ocean. There is a huge living room with floor-to-ceiling sliding glass doors and breathtaking views as well as a wraparound deck, fire pit and tennis court for fitness fanatics.
As you would expect from a $50 million investment this is not your traditional run-of-the-mill beach house. The open plan design, the comfortable luxury furniture and the contrasting white walls and wooden furniture are just perfect. While some celebrity properties may need renovating before a new buyer moves in, this one needs no additional investment!
The open plan design makes the property look absolutely huge and the long flowing kitchen is a perfect finishing touch. The design of the kitchen is subtle but if you look at the detail there is everything you’d ever need. There are few properties which offer the ability to cook while you watch the approaching waves from the Pacific Ocean.
The house has a fantastic spiral staircase leading to the bedrooms upstairs all of which have their own personal balconies. There is also a swimming pool for those who prefer to remain on dry land as opposed to splashing about in the sea.
It is worth noting that Cindy Crawford and Rande Gerber recently spent $11.6 million on a new Los Angeles home. Many people may not be aware but the celebrity couple recently sold a joint investment, held with George Clooney and his wife Amal, which netted them $100 million. These were vacation homes which they developed in Mexico and sold in 2016. However, there is more!
George Clooney and Rande Gerber have been friends for many years and set-up tequila brand Casamigos Tequila which they recently sold to drinks giant Diageo for a rumoured $1 billion. So, when you bear in mind that Cindy Crawford may be forced to take a $500,000 loss on her Malibu home, this is chickenfeed when you bear in mind recent investment returns.