Celebrity Real Estate 2018: Who Were the Biggest Losers and Winners?

Celebrity Real Estate 2018: Who Were the Biggest Losers and Winners?

Thanks to the riches of the sports, entertainment, and business worlds, celebrities spend gobs of money on real estate. With those big outlays also come big risks.

If they make a housing misstep, they could lose large amounts of hard-earned cash or have a home sitting on the market for years. But if a celeb makes a smart buy, the rewards easily run into the seven figures,

So what famous folks wound up as 2018 real estate winners—and losers? It’s the time of year when we like to look back on those celebrity transactions we’d consider killer deals, and those which would be best classified as depressing duds.

We’ve selected five from each side. Let’s have a look…

Loser: Warren Buffett

You never see the words “Warren Buffett” and “loser” in close proximity—until now. It took almost two years and about a 32% price cut for the Berkshire Hathaway baron to finally sell his Newport Beach, CA, home. The Oracle of Omaha originally listed the palatial home in February 2017 for $11 million, but it didn’t sell until this fall, for $7.9 million.

But he’s a loser only in the sense that he overreached on the listing price—because he still managed to snag the ROI he’s famous for. He bought the three-level, 3,500-square-foot Emerald Bay home for $150,000 in the early 1970s. Buffet reportedly said it was time to sell the home since he no longer spent much time in California.

Judging by the listing photos, he didn’t spend a lot of time or money sprucing it up. The beach-view home still featured white laminate countertops and industrial-looking gray carpeting throughout.

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Winner: Drake

Chart-topping rapper Drake is one of the best-selling artists of the 21st century, according to Forbes. Befitting his status as major talent, he plunked down $6.7 million for a 2-acre property in Toronto. Judging by his Instagram stories, he’s molding his mansion into one of the fanciest estates in Canada.

He razed the existing structure to erect a 21,000-square-foot rapper’s delight with an indoor basketball court, gym, pool, and hot tub equipped with a large TV screen.

There will also be plenty of space to party, including covered porches outside and an adjacent piano room. The rapper is truly aiming for the stars with a dedicated snack room, an awards room, and a jersey museum for sports memorabilia.

This place north of the border must be posh to compare with the home he owns in Hidden Hills, CA. It includes a grotto, sport court, stables, and recording studio. In a bid to consolidate his holdings in Hidden Hills, he bought an adjoining property in October—his third in the exclusive celebrity enclave.

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Loser: Kyrie Irving

The Boston Celtics point guard Kyrie Irving is known for his stellar handle on the hardwood. However, the sale of his home in Westlake, OH, was a true double dribble. After being traded by the Cleveland Cavaliers, the Aussie-born NBA champ put his two-story brick Tudor in Ohio on the market for $1.7 million in late 2017.

After putting up the “For Sale” sign, Irving was met with stony silence. He had to slice the price several times before finally settling on a $755,000 offer in October 2018—almost $1 million below his initial asking price.

We wish him better luck in the Boston real estate market.

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Winner: Judge Judy

The verdict is in! Judy Sheindlin, star of “Judge Judy,” scored a killer deal when she bought a fabulous mansion in Newport, RI, for $9 million. The estate had previously been on the market for as much as $15.75 million.

Once home to the Campbell Soup heiress, the 9,000-square-foot mansion sits on nearly 4 acres atop one of the highest points in Newport.

When the feisty jurist bought the place this summer, it was the most expensive sale recorded in Rhode Island this year. Not only did she score a great deal, she also made a big deal—appropriate for the highest-paid person on TV. Case closed!

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Loser: Justin Bieber

Justin Bieber has developed a reputation for renting and running (sometimes being chased by angry neighbors) in Southern California. This year, the pop star may have made his worst housing mistake yet when he signed lease on an unassuming, 6,000-square-foot home in the San Fernando Valley for $100,000 per month. You read that number right.

TMZ reported the Canadian superstar is tired of living in hotels during his long stints in Los Angeles, and decided to park in a four-bedroom, Mediterranean-style house with lakefront views. But $100 large per month could score quite a suite at the Four Seasons.

It’s hard to discern what drew Bieber to this particular place. In 2017, he rented a home in more prestigious Beverly Hills for “only” $55,000 a month, and prior to that he rented the famous “salad spinner” house in 90210 for $59,000 a month.

Although he can’t seem to commit when it comes to California real estate, Bieber did purchase a $5 million mansion in Toronto this year.

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Winner: Bruce Willis

OK, we know Bruce Willis wound up with way less than the original asking price for his gorgeous ranch-style retreat in Idaho, but anyone who finally closes a real estate deal after waiting seven years is a true winner in our book.

After years of adjusting the price and switching agents, the A-lister accepted $5.5 million for the lakefront property. It originally went on the market for $15 million in 2011.

Willis has now set his sights on New York. In early 2017, he reportedly sold his 6,000-square-foot duplex on Manhattan’s Upper West Side for around $17.75 million. This year, he picked up a newer, smaller, and equally posh four-bedroom apartment, also on the Upper West Side, for around $7.9 million.

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Loser: Billy Joel

Perhaps the piano man should stick to tickling the ivories rather than playing the real estate market. In 2015, Billy Joel listed his Palm Beach, FL, mansion for just under $20 million. Three years later, it’s still on the market.

You can now pick it up for a relative song. Joel chopped the price in April to $16,495,000.

The price isn’t outrageous for an eight-bedroom mansion nestled on 2 acres between the ocean and the Intracoastal Waterway. The price even includes the furniture—minus Joel’s baby grand and personal effects.

Joel is also attempting to sell 2 adjacent acres for around $8.9 million. There are no takers yet, but we’ll keep you posted.

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Winner: Moby

When a savvy real estate investor like Leonardo DiCaprio pays more than what you’re asking, you’re a winner. Moby managed to sell his swell pad for $400,000 over the $4.5 million list price. DiCaprio offered a little over $4.9 million for the hip Tudor in Los Feliz.

Moby had tricked out the five-bedroom home, while retaining gorgeous 1920s period details, including a fireplace in the master bedroom, a double-barrel vaulted ceiling, and leaded glass doors.

However, the house isn’t going to be the next Casa DiCaprio. The actor has a habit of buying luxury homes and renting them out, and his judgment has been spot-on so far. According to the Los Angeles Times, DiCaprio bought it for a family member.

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Loser: Mel B

The Spice Girl and TV personality is having scary bad luck selling the Hollywood Hills home she listed shortly after she filed for divorce from Stephen Belafonte. They put their newly remodeled home on the market for $9 million in 2017, gradually reducing the price. The price was marked down to $5.9 million a month ago.

The L.A.-area home features custom furniture, floor-to-ceiling walls of glass, light wood paneling, floating staircases, a recording studio, home theater, pool, spa, and gym. Perhaps the new price will do the trick and a wannabe buyer will step up.

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Winner: Adam Levine

The Maroon 5 frontman and “Voice” judge turned his chair around for not one, not two, but three multimillion-dollar real estate deals in 2018—the biggest one being a famed Beverly Hills mansion for $35.5 million before it even went on the market.

How did Adam Levine have the cash to splash on this megamansion? Well, he and his wife, Behati Prinsloo, sold a 7,000-square-foot home in Beverly Hills for $15.9 million, and another large home in Holmby Hills for $18 million this year.

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