Courtesy of Concierge Auctions
- In the past year, several notable million-dollar properties have received massive price cuts.
- As luxury mansions and penthouses sit on the market for months — sometimes years — owners have opted to chop prices.
- These discounts on expensive properties, such as Michael Jackson’s ranch, can be as high as 70% reductions over time.
Recent price cuts to multi-million-dollar properties include Michael Jackson’s Neverland and an empty Beverly Hills plot, but they are not alone.
In the past year, Business Insider has reported almost a dozen massive price reductions on mega-mansions and penthouses. The latter sometimes results in the sale of separate apartment units, which are more marketable than the full complex.
One such home is Shaquille O’Neal‘s Florida mansion, which has an indoor basketball court and has seen a $6 million price chop since it was listed in 2018. Business Insider’s Lina Batarags previously reported that the hidden dangers of customization in luxury homes is that over-customization makes some properties hard to sell.
While some homes listed below still remain on the market, others successfully sold after their price chops, such as a $159 million mansion in Hillsboro Beach. The mansion sold in January after three years on the market and a whopping $100 million reduction.
Keep reading for a look at some of the most expensive real-estate cuts over the past year, from lived-in celebrity homes to brand-new apartments.
1. Michael Jackson’s infamous Neverland Ranch is back on the market for $31 million.
AP Images
Source: Business Insider
Originally listed for $100 million in 2015, the property was reduced to $65 million in 2017. Its most recent cut reflects a 70% drop from its initial asking price.
Jim Bartsch
Source: Business Insider
2. Meanwhile, in Los Angeles, a 4-level mega-mansion once listed for $250 million …
Berlyn Photography
Source: Business Insider, Business Insider
See the rest of the story at Business Insider
See Also:
- A sprawling, 3,500-acre cliffside ranch with 2 luxury villas and 120 cows could break the Santa Barbara real-estate record — here’s a look inside
- I got a behind-the-scenes tour of a luxury building in NYC — and even though it’s still under construction, I could clearly see why buyers would drop $2 million or more to live there
- Take a look inside the most expensive hotel room in the world, a 2-story sky villa designed by Damien Hirst that runs $100,000 per night
Source: Business Insider – feedback@businessinsider.com (Marissa Perino)