The first signs were already in 2020, and now the boom has taken off. The US has never sold so many luxury homes since the 2008 financial crisis. Many providers have well-known names, such as Hollywood star Michelle Pfeiffer (63), who obviously doesn’t care about her pool and has just sold her villa with a large bathing area for 25 million US dollars.
For some celebrities, the reason for selling is obvious. You have a new partner and want to move in with him like Pfeiffer’s colleague Jennifer Lopez (52), who is looking at villas with her old and new friend Ben Affleck (49). To do this, it needs liquid funds. However, she has not yet got rid of her New York penthouse.
Hollywood as paradise in danger
With the exception of new love constellations, experts pinpoint several reasons for the boom. Last year it became clear that the greater Los Angeles area, where a particularly large number of villas are over the counter, is becoming less and less attractive for Hollywood stars. There are fewer productions, plus heat, forest fires and bad air. And the pandemic has shown that a local presence is often not mandatory.
A rather mundane reason for selling is an acute need for money: Since March 2020, the income of many stars has imploded, now they have to liquidate assets, in an emergency even below price. In addition, the pandemic is responsible for another aspect: the pandemic hit not only ordinary people at home, but also stars. A new domicile can now open up a new world.
Celebrities play real estate agents
In addition, the trade in real estate and its renovation among show sizes beyond the investment has long been popular. The word of opportunity spreads quickly. Leonardo DiCaprio (46) has one of the most valuable real estate portfolios in Hollywood. His collection includes a villa in LA that he bought from Madonna (63) in the 1990s. Most recently, he acquired an object in Los Feliz that previously belonged to the musician Moby (55).
Calvin Klein (78) has shown how you can really earn a lot from a house. The designer recently raked in $ 85 million for his historic house in the East Hamptons on the US east coast. In 1987 he bought it for a mere 3.6 million.
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