Like so many celebrities of the modern era Demi Moore has invested a significant amount of money into US real estate. It does seem as though the celebrity circles get opportunities to acquire properties before they reach the general market and the general public. So, in some ways it is who you know not what you know but then again when you are talking tens of millions of dollars you do need to have some savvy about you.
Career and personal life
Demi Moore is one of the most successful US actresses of all time but her personal life has been very different from her professional life. She has been unlucky in love on numerous occasions although she keeps battling back and real estate would seem to be one of her major interests.
This particular duplex penthouse is located in the South Tower of the San Remo co-op on Central Park West. Originally the property was put up a sale at $75 million in 2015 although this was later reduced by $16 million and then a further $14 million to secure the recent sale. Many people forget there are often very significant carrying costs when you are talking millions of dollars so knocking off a “few” million dollars can often make sense in the longer term.
For many real estate investors outside of the US it is difficult to appreciate the size of these duplex penthouses because when they are part of a larger building you do wonder how they can offer any real size. This particular property has 17 rooms and while $30 million was knocked off the original asking price it is still a record for the building. The property offers some beautiful views over the city and the decor is based around high class wooden floors and relatively neutral colours.
The entrance area is adorned with everything wooden which offers a perfect contrast to the white seating and relaxation areas. It would appear from comments made by Demi Moore that she has not had time to live in the property full-time therefore she has decided to sell at a reduced price. She claims that the property quite rightly justifies a full-time occupant and at $45 million we can safely assume the mystery buyer will make full use of the penthouse!
We have started to see a trend emerging in the area of luxury penthouses where properties are often placed back on the market at a relatively high asking price. Slowly but surely the asking price is reduced to induce greater interest which is perfectly reflected by the $30 million reduction by Demi Moore from her original asking price. It is difficult to say whether these initial high sale prices are on the advice of real estate agents because if they are, many have been well off the mark.
As we touched on earlier, any property investment has a carrying cost and when you are talking about a $45 million sale price this can very quickly begin to build. However, Demi Moore can sleep easy tonight because after two years on the market she has finally been able to cash in her duplex penthouse chips.