Celebrity real estate has become a news item of its own over the last few years with fans and investors alike monitoring the activities of celebrity real estate investors. 0One area which has done particularly well in the real estate stakes is the world of fashion where shoes, bags and clothing can go for thousands of dollars. While not every celebrity real estate investment goes to plan, check out these properties which are currently on the market today.
Fashion guru Max Azria and his wife Lubov Azria have certainly covered all angles with their Holmby Hills mansion known as Maison Du Soleil. This property, with 17 bedrooms, 22 bathrooms, a bathhouse and 6000 square-foot movie theatre, is on the market for a phenomenal $88 million. However, just in case the property does not sell in the short to medium term you can rent this 1930s mansion for a staggering $400,000 per month. While you do get access to a 30,000 square-foot compound many people would feel honoured to buy a property worth $400,000 in their lifetime let alone rent a mansion that cost $400,000 per month!
The Hamptons features regularly in an array of movies and TV series where there is high end property and millionaires galore. Having created a multibillion dollar shoe retail business Vince Camuto passed away back in 2015 leaving his Swedish born wife Louise to take control. She is now the chief creative officer of the Camuto Group and has decided to put the couple’s Hamptons mansion up a sale for a staggering $72 million.
Once the site of a convent this 15 acre estate has been substantially renovated over the years by the billionaire couple. It will be interesting to see whether the $72 million pricetag is reached and, perhaps more importantly, who will buy the property?
Everything associated with Gucci seems to turn to gold but the family’s duplex apartment on top of Manhattan’s Olympic tower has been on the market since 2015. The eight bedroom penthouse offers views over the Rockefeller Centre and St Patrick’s Cathedral with the Empire State building also faring heavy on the skyline. Originally the property was listed for $45 million back in 2015 but this price has now been reduced to $35 million. When you bear in mind the duplex apartment covers the 50th and 51st floors of the Manhattan Olympic tower it is surprising there has been little interest so far.
Tamara Mellon is best known as the co-founder of Jimmy Choo and is a multimillionaire in her business and her investment life. She currently owns a 7000 ft.² penthouse on top of The Grand Carhart building on 3 East 95th Street. Apparently the property has been up for sale since 2014 when it was listed with a $34 million pricetag although this has since been reduced to $25 million. There seems to be a growing trend of significant price reductions amongst some celebrity real estate investors. Are they finding that their name does not sell their property? Were they asking too much? Is the market flat?
Celebrity real estate
While there is no doubt that many celebrities will use their name and their influence to enhance their real estate portfolios, the above examples just show it is not always easy to sell property in the higher echelons of the real estate market. Having to reduce their asking price by millions of dollars must be a kick in the teeth for some of these high profile celebrities and the fact everything is so public just rubs salt into the wounds.