The rapper Eminem (real name Marshall Mathers) has had a music career which many people can only dream of. Officially declared as one of the top 100 artists of all time in the Rolling Stones magazine it seems as though everything he touches turns to gold. However, when it comes to real estate there have certainly been some problems especially with his Michigan mansion. So, how deep is the bath that Eminem has taken on his Michigan mansion?
Less than half the purchase price
At a time when real estate in the US has been volatile but general up, especially celebrity real estate, Eminem has been forced to take a serious bath on his Michigan mansion. Acquired for $4.75 million in 2003 even inflation over that 14 year period would have seen a significant increase in value. However, the property is now listed for a price of $2 million. Yes, Eminem will at best lose $2.75 million on the property and there is no guarantee he will obtain the asking price.
Why the fall in value?
On the surface the mansion has 17,500 ft.², is surrounded by 6 acres of prime real estate near Rochester Hills and has five bedrooms. Each bedroom has its own private bath and the property has a guardhouse, entertainment room, pool, outdoor sports court and a five car garage. Surely this must tick nearly all of the boxes for a modern day celebrity?
While property tax records indicate the mansion was assessed in 2016 with a value just over $1.76 million even this was an increase from the low of $1.51 million in 2014!
Ominous wording on the listing
When you see a celebrity property coming onto the market you would expect it to be pristine and in perfect condition. The listing for the Eminem mansion has the words “house is sold as-is” which is normally estate agent talk for in need of repairs/improvement. While there is nothing wrong with the pictures accompanying the sales listing many people have picked up on the fact there are no signs of recent habitation.
Traditionally a lack of habitation of a property can bring about an array of potential issues but surely Eminem’s mansion must be in prime condition? It is also worth noting that while many celebrities will use their name to sell their property there is no evidence to suggest that Eminem even lived in this mansion although we know he did.
Beautiful decor, beautiful scenery
There is definitely a wooden emphasis on the style right across this mansion which fits perfectly with the local environment. Sport and fitness is also a major part of the life of Eminem not to mention the large theatre for entertainment purposes. The swimming pool is immaculate, the grounds pristine so why has this property been left uninhabited? Or has it just been stripped bare ahead of the sale?
We can only assume that with a $2 million asking price Eminem just wants rid of the property as quickly as possible. We know he has many other properties, enormous wealth from his music career and other business interests. However, it is a mystery as to why this beautiful mansion set in pristine grounds with amazing views has fallen in value over the last 14 years.