We are starting to see a trend amongst the higher value celebrity properties in the US which does not bode well for the short to medium term. More and more properties are now being withdrawn from sale and then relisted at significantly reduced prices. Is this an indication that the US real estate market is topping out? Perhaps celebrities are asking too much for their cherished homes? One thing is certain, selling a celebrity property today is proving more difficult than you might expect.
Chicago Bulls superstar Scottie Pippen
Scottie Pippen owns an extremely stylish mansion in one of Chicago’s more upmarket suburbs. The property was originally listed for sale back in June 2016 with an asking price of $3.1 million. Apparently, there was little interest and it was later withdrawn. However, the 10,500 ft.² home has now re-emerged on the market with a reduced asking price of $2.795 million – a reduction of just over $300,000.
Celebrity neighbourhood
Records show that the property was originally acquired back in 2004 for $2.25 million so even a sale at the asking price would be a significant paper profit. The neighbours include Billy Corgan and the famous Michael Jordan who himself seems to be having difficulty selling his 32,000 ft.² estate which has been on the market for some time.
It is surprising there has been so little interest in Scottie Pippen’s property because it sits on 2.5 acres of prime real estate and boasts five bedrooms and six bathrooms. Indeed, one of the headline photographs accompanying the sale shows an extremely stylish swimming pool which looks more like a Greek garden in design than your traditional outdoor pool.
Spacious and open plan
The kitchen area is dominated by cream-coloured walls, white furniture and stylish black countertops. There are numerous shades of wood floor throughout the property which offer an interesting contrast to the decor colours. The kitchen itself is extremely spacious, as you would expect, contains the traditional central island and enough utensils and storage areas to feed an army. Yes, this one certainly ticks the boxes!
The living room is a sight to behold with an array of stylish furniture and chairs, a more formal eating area, but the main attraction is the stairway and balconies overlooking the room. The ironwork we can see on the images is exquisite, eye-catching and goes perfectly with the style of the room. It must be a pleasure to relax in this kind of atmosphere………….
Surprise surprise, a half-sized basketball court
Those who follow the world of NBA will be well aware of Scottie Pippen and his extremely successful career. Therefore, a half-sized basketball court complete with large replica shirt image on the floor really does add the finishing touches to this mesmerising property. The basement area has been refurbished to an extremely high standard and while the memorabilia currently adorning the walls is not part of the sale package, this additional area would be a welcome bonus for any buyer.
Shifting celebrity properties
As we touched on above, it seems to be proving more and more difficult to sell celebrity properties at list prices. However, when you bear in mind some of the inflated prices we have seen of late surely the $2.795 million asking price for Scottie Pippen’s home looks good value when you consider the overall deal?