Kid Rock leaves Malibu on a bum note

Singer-songwriter Kid Rock is a name which is well-known around the world and his career has brought him fame and fortune. Despite the fact that Malibu has proven to be very popular with celebrities of late, it seems as though Kid Rock struggled to sell his home. Situated in a Balinese inspired compound he recently sold the property for $9.5 million. Surely he made a profit on a $9.5 million sale on a property bought back in 2006?

Off market transaction

Official papers confirm that the property sale was off market which effectively means it was not listed as ever being for sale. The property itself was built back in 2002 and purchased by Kid Rock for $11.6 million in 2006. So, despite the fact that Malibu has become something of a magnet for the celebrity property investor he was forced to bank a $2.1 million loss. That does not take into account any costs associated with updating the property.

What do you get for $9.5 million?

There are a total of five bedrooms and five bathrooms which is said to include a master suite, glass enclosed shower and two walk-in closets. The main property, there is also a guesthouse, covers 8300 ft.² and comes with hand carved doors, ebony floors and ornate woodwork. The large French doors and the array of skylights allow much natural light into the property giving it a light and airy feel.

There is an array of common areas in the property which include a black and white mosaic foyer, a formal living room as well as an open plan kitchen. A beautiful two-sided fireplace acts as a divide between the common areas although there is much more to the property. There is a swimming pool, lounge area, plenty of lawns and some beautiful landscaping. On those hot summer days why not venture out onto the dining pavilion which comes with a built-in barbecue, mounted flatscreen TV and a fireplace which sits just off the main house.

When you bear in mind this beautiful property sits within a gated compound and covers 1.5 acres of prime Malibu land, it is difficult to understand why Kid Rock was forced to take such a hit?

All that glitters is not gold

While we have seen some enormous celebrity property transactions over the last few months it is interesting to see that some celebrities such as Kid Rock have been forced to take significant losses on their real estate investments. It is strange that the property in question was never officially listed which, you would assume, significantly limited the potential buyer pool. Surely the best way to get the best price is to advertise the property in public and hopefully attract sufficient interest to create a bidding war?

Many people from all walks of life still see real estate as their pension fund of the future but it just shows you do need to be selective, control spending on decor and redevelopment and ensure that you do not pay over the odds. There is no indication that Kid Rock did pay over the odds back in 2006 but a $2.1 million loss is surprising.

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