Even the Wealthy Take a Beating in Real Estate


GOSSIP ALERT!

Every once in a while, I love to throw in juicy pop culture gossip. It just so happens that I stumbled upon a couple of tidbits that compliment my own post  today on real estate woes of the common man.  This nosey news is from The Real Estalker:

(Writers take note of the gossip columnist style. There is a market for this kind of writing.)

We first heard it from Our Fairy Godmother in Beverly Hills and then we received a covert communique from a well-connected insider—let’s call him Charlie Chitchatter—who snitched that magically mercurial Oscar-nominated actress Sharon Stone has done sold a five-ish acre estate in Beverly Hills, CA that Your Mama first discussed way back in December 2006 when it popped up on the open market with a starry-eyed $12,500,000 asking price.

After many fits and starts, countless price reductions and at least one high-paying rental tenancy, Miz Stone—who never, as far as we know, actually occupied the property—has sold the neo-Mediterranean style compound for, according to documentation provided by Our Fairy Godmother in Beverly Hills, $6,595,000.

That’s a whole lotta dough by any standard but it’s also almost half Miz Ston’s original asking price and represents, as per our bejeweled abacus, a bank account flogging $4,400,000 loss. Ouch!

And this:

Over the weekend, while Your Mama did some peeping and poking around in the property records regarding the John Lautner-designed Bob and Delores Hope house in Palm Springs, CA that recently and very quietly available through an upscale Beverly Hills brokerage with—so the rumor goes—an astronomical $45,000,000 asking price, we happened across documentation that reveals the sublime and much-lauded four time Emmy winning actress Allison Janney (West Wing, Juno, The Help) owned a house just down the street from the Hope house that—quelle horror—she lost to unforgiving maw of foreclosure in September or October 2012.

On this one, there’s going to be a loss by someone who makes his living flipping houses — on TV no less:

On the currently airing sixth season of the reality program Flipping Out, sometimes temperamental house flipper and sassy-pants Bravolebrity Jeff Lewis bought a 1940s traditional on Spring Oak Drive in Los Angeles, CA without telling his much younger and punctiliously primped live-in man-friend—and employee—Gage Edward who at least acted for the cameras as if he were none too pleased with the behind-his-back acquisition.*

Property records show the Spring Oak Drive domicile, located on narrow cul-de-sac in the Bronson Canyon area of Los Angeles, was acquired by Mister Lewis—and only Mister Lewis—in April (2012) for $1,350,000. Yesterday—sixth months and an extensive and expensive renovation later—the property is back on the open market with an only slightly higher asking price of $1,450,000.

Finally, here’s one where the tenant (Cee Lo Green) moved out in order to rent smaller digs (a trend these days among the common folk as well) and the landlord has taken repeated hits to his wallet in losses on sales. It just goes to show ya, it’s tough out there!

Since at least March 2011 rapper, songwriter, music producer and televised singing contest judge Cee Lo Green* (The Voice) leased a 4,200-ish square foot residence just above the Sunset Strip in Los Angeles, CA owned—as it turns out—by actor, race car driver and indie pop rock band drummer Frankie Muniz (Malcolm in the Middle, the Agent Cody Banks franchise).

Howevuh hunnies, according to our always so freakishly well-informed friend and aide-de-camp Lucy Spillerguts Mister Green recently decamped Mister Muniz’s updated 1941 traditional for a smaller, more contemporary crib in the so-called Bird Streets ‘hood** high above the Sunset Strip. . .

. . .Mister Muniz is well known among celebrity property watchers and real estate gossips as a relatively frequent shuffler of the cards in his property portfolio. He once owned a house just above the Sunset Strip he sold to Halle Berry in 2005 for $5,995,000 and in 2004 he spent $4,650,000 on a low-slung modern on Blue Jay Way that he sold the following year for $3,900,000.

In the early days of 2006 Mister Muniz dropped $3,499,000 for the Sunset Strip house that, until recently, was rented by Cee Lo Green but is now back up for sale at $3,195,000 and is also listed to lease at $14,000 per month.

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