The Biggest Celebrity Property Price Cuts in 2024
August 30th, 2024
Celebrity Property Price Cuts in 2024
Check out these big-name celebrities forced to lower the price of their homes amid a housing market cooldown.
Many celebrities are being forced to slash the price of their homes by millions of dollars with the hopes of attracting buyers in the middle of a cooling housing market.
Homes are selling slower than they used to, as buyers face high prices and interest rates. As more homeowners decide to list their homes for sale, competition rises as the supply of housing increases.
High prices and interest rates are straining household finances and significantly increasing unsold inventory nationwide. Many sellers are choosing to reduce home prices to make a sale.
These price cuts show that everyone is affected, and no one is immune, including celebrities selling mega-mansions and multi-million dollar luxury properties.
Here are 18 celebrities who have reduced the price of their homes for sale
Chapters
1. Steve Wynn
Location of Property: Beverly Hills, California
Type of Property: Mansion
Original Price: $125,000,000
2024 List Price: $65,000,000
Price Cut: $60,000,000
Current Status: Selling
Steve Wynn is an American real estate developer and art collector best known for his work in the luxury casino and hotel industry. Steve has made a name for himself with a net worth of $3.7 billion.
Having created some of the most notable casinos in Las Vegas, including The Mirage, Bellagio, Treasure Island, and Wynn Las Vegas, this notable businessman has had luck over the past few years selling investment properties nationwide.
Unfortunately, like everyone else, Steve is not immune to the current housing market. He has had to cut the price of his Beverly Hills mansion by $60 million, making this the most significant price cut among other celebrities.
Originally purchased in the summer of 2015 from the co-founder of Guess, this large estate features 11 bedrooms and 14.5 bathrooms and is 27,150 square feet in size.
2. Rupert Murdoch
Location of Property: Manhattan, New York
Type of Property: Penthouse
Original Price: $62,000,000
2024 List Price: $28,500,000
Price Cut: $33,500,000
Current Status: Selling
Rupert Murdoch is an Australian-American business magnate, investor, and media proprietor. At the age of 93 and with a net worth of $20 billion, he has built an empire over his career and founded Fox News, Sky News, and News Corp.
His penthouse spans the top three floors of a tower in the Flatiron District and has gone through a multimillion-dollar price cut. This 7,100 penthouse features floor-to-ceiling windows, a gourmet kitchen, five bedrooms, and stunning city views.
3. Rick and Kathy Hilton
Location of Property: Los Angeles, California
Type of Property: Mansion
Original Price: $55,000,000
2024 List Price: $25,000,000
Price Cut: $30,000,000
Current Status: Sold
Rick Hilton is an American businessman and founder of the real estate brokerage firm Hilton and Hyland, and Kathy Hilton is a fashion designer, actress, and television personality. Parents of Paris Hilton, their Los Angeles mansion underwent a $30 million price cut before leading to a sale.
Selling for $25 million, this Georgian-style mansion in the lower Bel Air neighborhood blends modern and traditional styles. Complete with eight bedrooms, 16 bathrooms, and a luxurious backyard complete with a pool, this compound is officially off the market.
4. Kanye West
Location of Property: Malibu, California
Type of Property: Mansion
Original Price: $53,000,000
2024 List Price: $39,000,000
Price Cut: $14,000,000
Current Status: Selling
Kanye West, now known as Ye, is an American rapper and singer-songwriter who has become one of the most prominent figures in hip-hop. Since West purchased his beautiful mansion in Malibu in 2021, the property's price has been cut by $14 million.
The Oppenheimer Group marketed the 4,000-square-foot home, which has four bedrooms and five bathrooms. As of August 26th, California's Belwood Investments is purchasing the house for $21 million.
5. Sugar Ray Leonard
Location of Property: Los Angeles, California
Type of Property: Mansion
Original Price: $51,995,000
2024 List Price: $39,995,000
Price Cut: $12,000,000
Current Status: Selling
Sugar Ray Leonard, a former professional boxer and motivational speaker, is asking under $40 million for his beautiful mansion in Los Angeles. Located in the Pacific Palisades neighborhood, this eight-bedroom mansion is almost 17,000 square feet and sits on two private acres.
6. Alec Baldwin
Location of Property: East Hampton, New York
Type of Property: Estate
Original Price: $29,000,000
2024 List Price: $18,995,000
Price Cut: $10,000,000
Current Status: Selling
Alec Baldwin is a famous American actor and is the oldest sibling of the four Baldwin brothers in the acting business. Most known for his role in the sitcom 30 Rock, his home in the Hamptons is for sale with a $10 million price cut.
This five-bedroom, 10,000-square-foot property is listed for just under $19 million and has gone through a series of price reductions since 2022.
7. Billy Joel
Location of Property: Manalapan, Florida
Type of Property: Mansion
Original Price: $64,900,000
2024 List Price: $54,900,000
Price Cut: $10,000,000
Current Status: Selling
Billy Joel is an American singer, songwriter, and pianist who has had a successful solo artist career since the 1970s. Nicknamed the "Piano Man," Billy Joe's Floridian mansion has been relisted with a $10 million price cut. This 1.61-acre estate was built in 2010 and is 13,349 square feet with nine bedrooms and 11 bathrooms.
8. Tony Stewart
Location of Property: Columbus, Indiana
Type of Property: Ranch
Original Price: $30,000,000
2024 List Price: $22,500,000
Price Cut: $7,500,000
Current Status: Selling
American race car driver Tony Stewart has reduced the price of his almost 20,000-square-foot ranch home in Indiana by $7.5 million. First listed in March 2022 for $30 million, this six-bedroom, nine-and-a-half-bath home is one of the most significant custom homes in the state.
9. Jim Carrey
Location of Property: Los Angeles, California
Type of Property: Ranch
Original Price: $28,900,000
2024 List Price: $21,900,000
Price Cut: $7,000,000
Current Status: Selling
Jim Carrey is a Canadian-American actor and comedian best known for his roles in Ace Ventura, Dumb and Dumber, How the Grinch Stole Christmas, and Eternal Sunshine of the Spotless Mind.
Hitting the market in February 2023, his five-bedroom, nine-bathroom estate in Los Angeles has gone through a $7 million price cut and is now for sale for $21.9 million.
10. Sofia Vergara
Location of Property: Beverly Hills, California
Type of Property: Mansion
Original Price: $19,600,000
2024 List Price: $13,700,000
Price Cut: $6,200,000
Current Status: Sold
Columbian-American actress Sofia Vergara has finally sold her renovated Tuscan-style villa in Beverly Hills. First listed in 2022, this Modern Family star slashed the price to $14 million and sold it for $13.7 million.
11. Anna Paquin and Stephan Moyer
Location of Property: Los Angeles, California
Type of Property: House
Original Price: $14,000,000
2024 List Price: $8,000,000
Price Cut: $6,000,000
Current Status: Selling
Anna Paquin, a New Zealand actress, and Stephan Moyer, an actor and film director, met on the set of True Blood and are selling their custom-built home in Los Angeles.
Originally purchased in 2009, this 7,102-square-foot property features five bedrooms and eight bathrooms. Listed at $14 million, it has been on and off the market at lower prices, hoping to sell soon.
12. Russell Wilson and Ciara
Location of Property: Seattle, Washington
Type of Property: Mansion
Original Price: $36,000,000
2024 List Price: $31,000,000
Price Cut: $5,000,000
Current Status: Sold
Russell Wilson, quarterback for the Pittsburgh Steelers, and his wife Ciara, an American singer and songwriter, finally sold their Seattle mansion after it had been on the market for over two years.
This waterfront mansion in the Bellevue neighborhood sold for $21.25 million after the asking price dropped over time. Built in 2007, it is 11,104 square feet and sits on a 1.89-acre lot.
13. Todrick Hall
Location of Property: Los Angeles, California
Type of Property: Mansion
Original Price: $8,500,000
2024 List Price: $4,950,000
Price Cut: $3,550,000
Current Status: Sold
American singer and rapper Todrick Hall, who gained national attention on American Idol, first listed his luxurious residence in Sherman Oaks, California, in 2023 and sold it after a $3.5 million price cut.
14. Kylie Jenner and Travis Scott
Location of Property: Beverly Hills, California
Type of Property: Mansion
Original Price: $21,900,000
2024 List Price: $17,995,000
Price Cut: $2,000,000
Current Status: Selling
Kylie Jenner, an American media personality and businesswoman, and Travis Scott, an American rapper, actively try to part ways with their beautiful Beverly Hills mansion. Featuring seven bedrooms and 11 bathrooms, the asking price has been reduced to attract a buyer.
15. Zedd
Location of Property: Encino, California
Type of Property: Mansion
Original Price: $19,000,000
2024 List Price: $17,100,000
Price Cut: $1,900,000
Current Status: Sold
German music producer and DJ Zedd has sold his gorgeous modern mansion in the Encino neighborhood of Los Angeles. First listed in 2021 with an asking price of $26.5 million, the property has undergone multiple price cuts and was bought at a significant discount by film and television producer Kenya Barris.
16. Leah Remini
Location of Property: Los Angeles, California
Type of Property: House
Original Price: $12,995,000
2024 List Price: $10,500,000
Price Cut: $1,445,000
Current Status: Selling
Leah Remini is an American actress best known for her role in the CBS sitcom The King of Queens. Her six-bedroom, nine-bathroom property in Los Angeles was first listed in September 2022 and has undergone a price reduction to attract a buyer hopefully.
17. Albert Pujols
Location of Property: Irvine, California
Type of Property: Mansion
Original Price: $9,980,000
2024 List Price: $8,800,000
Price Cut: $1,180,000
Current Status: Sold
Professional baseball player Albert Pujols has sold his Irvine mansion for $8.8 million. This 10,000-square-foot home is located in the gated Shady Canyon neighborhood and features five bedrooms and seven bathrooms.
18. Jose Canseco
Location of Property: Las Vegas, Nevada
Type of Property: Mansion
Original Price: Selling
2024 List Price: $1,600,000
Price Cut: $100,000
Current Status: Selling
Jose Canseco is a former professional baseball player trying to sell his lavish Las Vegas mansion. Located in an upscale neighborhood, this five-bedroom, 4.5-bath home has had its original price slashed by $100,000.
FAQs
Will my house be worth less in 2024?
Housing prices are predicted to remain stable and unlikely to drop significantly for the rest of 2024. Even though interest rates are high, this is a good investment year.
Should I sell now or wait until 2025?
If you are concerned about a recession, uncertain about future market conditions, or experiencing significant life changes, selling now instead of waiting until next year might be a good idea.
What is the best month to sell a house?
While the best time to sell a home depends on location and inventory, the spring and summer seasons are generally considered ideal for selling since there tend to be more buyer activity and listings due to better weather. April, May, and June are typically peak months for home sellers.
Methodology
We used data from multiple sources, including Mansion Global, Forbes, The LA Times, and Robb Report, to determine the biggest celebrity property price cuts in 2024.
Biggest Celebrity Property Price Cuts - Final Thoughts
As more celebrities decide to reduce the price of their homes, this shows how the luxury segment is adapting and changing with current market conditions.
Contact the experts at Raleigh Realty if you are ready to buy or sell a home.
Ryan Fitzgerald
Hi there! Nice to 'meet' you and thanks for visiting our Raleigh Real Estate Blog! My name is Ryan Fitzgerald, and I'm a REALTOR® in Raleigh-Durham, NC, the owner of Raleigh Realty. I work alongside some of the best Realtors in Raleigh. You can find more of my real estate content on Forbes, Wall Street Journal, U.S. News and more. Realtor Magazine named me a top 30 under 30 Realtor in the country (it was a long time ago haha). Any way, that's enough about me. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Raleigh Realty. Looking forward to connecting!
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