While home prices have been increasing steadily over the past years, massive luxury homes and mansions are not doing so well in the real estate market. It is no surprise to see them being sold way less than their estimated value.
Source: Pixabay
From being too extra to handle to being haunted by ghosts and past scandals, these mega-mansions are just not selling in the market. As a result, their value is almost worthless now. Read on to see which mansions had to go through major price drops.
Palazzo di Amore in California
This mega-mansion is known to be so expensive that even some of the richest Americans can’t afford it. And its over-the-top luxury may be the very reason why it can’t find a new owner. Billionaire Jeff Greene put the mansion up for $195 million.
Source: Haute Residence
While waiting for the mansion to be sold, he rented it out for $475,000 per month. With no buyers biting his price, Greene was forced to make a price drop to $129 million. The rent also went down to $295,000 per month.
Sylvester Stallone’s Mansion in Beverly Hills
In the 1990s, actor Sylvester Stallone bought a piece of land in Beverly Hills and built a very luxurious mansion on it. Years later, he put the mansion on the market for an asking price of $110 million.
Source: Mansion Global
But despite his status and all the luxury the house could offer, even the wealthy elites were not interested. Stallone later had to drop the price to $85 million. Years passed and nobody was still biting. Singer Adele finally offered $58 million for the estate in February 2002.
Steve Cohen’s Penthouse in New York
Steve Cohen is a brilliant hedge fund manager and owner of the Mets. The billionaire’s penthouse in New York has been on the market for years. The original asking price for it was $115 million and eight years had passed with nobody biting.
Source: Artnet News
In 2021, the penthouse finally sold for a huge price drop – $29.5 million. It was a big step down from the original price but it seems like the billionaire really wanted to get the property off his hands.
Stone Mansion in New Jersey
This mansion was built by a real estate deliver in 2006 for his wife but unfortunately, they split up, leaving the mansion unoccupied. The Stone Mansion has 12 bedrooms, a ballroom, two private libraries, an art gallery, and a bar. But nobody wanted it.
Source: Mansion Global
Originally, the owner asked for $68 million for the mansion in 2010. Then the price dropped to $33 million in 2020 after being unable to find a new owner for a decade. It finally sold recently for $27.5 million.
Halston Townhouse in New York
The Halson townhouse is a historical icon in New York. It was the place where some of the most famous politicians, actors, writers, and socialites have partied their nights away. It went up for sale in 2011 for an asking price of $38.5 million.
Source: Design By Proxy
The townhouse finally got sold in 2019 for $24 million. The new owner could raise its value though now that it is one of the only three buildings in Manhattan that was designed by the famous architect, Paul Rudolph.
Crespi Estate in Texas
This estate was built by architect Maurice Fatio in 1939. Over the years, the estate often had presidents, celebrities, and socialites for guests. But despite this, the huge property was hard to sell when it hit the market for $135 million.
Source: The Preston Hollow Lifestyle
The mansion had a lot of amenities – a pool, a pool house, a tennis court, a library, and a huge and luxurious guest house. The estate finally sold for $36 million in 2017.
Michael Jackson’s Neverland Ranch in California
King of Pop Michael Jackson’s Neverland Ranch is one of the most famous properties in all of America. The property first appeared on the market with an asking price of $100 million in 2015.
Source: Wikipedia
Over the years, the property has gone through a couple of price drops since nobody wanted to buy it. The controversies surrounding Michael Jackson contributed to its failure to have a new owner. The ranch immediately got sold in 2021 for $22 million.
Granot Loma in Michigan
This giant log cabin was built back in the 1920s and it became a popular destination for politicians, socialites, and the elite. It became so famous that it is actually listed on the National Register of Historical Places.
Source: Wikimedia Commons
Yet despite its grand and historical reputation, nobody wanted to buy it. Granot Loma was put in the market for an original asking price of $40 million. The price had to drop to $19 million, which is quite a shocking loss.
Tim McGraw and Faith Hill’s Tennessee Estate
When country singers Tim McGraw and Faith Hill thought of an investment, they decided to put up a farm in Tennessee. The estate had acres of farmland, buildings for farm equipment, a huge barn, a log cabin, and of course, a mansion.
Source: Williamson Source
By the time they decided to sell in 2013, they asked for $20 million. Nobody was biting the price seems nobody in the area could afford it and nobody who had the money would want to move into the sleepy town. They eventually sold the property in 2021 for $15 million.
Luke Brugnara’s Sea Cliff Mansion in California
The sea cliff mansion went on the market for $19 million. The price dropped to $15 million and then to $13 million. In 2021, the price rose to $15 million again but still, nobody was taking it off the market.
Source: SFGate
It did not help that Luke Brugnara was convicted of art fraud. Brugnara had refused to pay an art dealer after he received $11 million worth of art pieces. The scandal definitely affected the chances of him selling his mansion.
Michael Jordan’s Mansion in Chicago
Legendary basketball player Michael Jordan is no doubt one of the most famous athletes in the world. But his star player did not work in the real estate market. When he put his mansion up on the market in 2012, he had an asking price of $29 million.
Source: Bleacher Report
When nobody bought the mansion, Jordan tried to have it auctioned off. Nobody made a bid on it. This made him put it back on the market. Over the years, it went through several price drops and as of 2021, the price is now $14 million.
Billy Joel’s Estate in Florida
The piano man Billy Joel has an impressive Mediterranean waterfront mansion in Florida. The property is for sale including the lavish furnishings and one of his pianos. But despite all the luxuries, nobody is buying the $19 million mansion.
Source: Top Ten Real Estate Deals
Two years later after putting the house on sale, Joel dropped the price to 11 million. The price had been fluctuating ever since. It went up to $16 million then $14 million. It also went as low as $10 million.
Kurt Russell and Goldie Hawn’s Beach House in Malibu
In 2011, Hollywood couple Kurt Russell and Goldie Hawn placed their luxurious beach house in Malibu on the market for $14.8 million. The beach house had Balinese-inspired interiors, a scenic ocean view, a guest house, and a private courtyard.
Source: Hartford Courant
Despite all this, nobody was biting the price. In the meanwhile, the actors managed to make money out of their property by renting it out for $90,000 per month. They finally sold the property when they dropped the price to $9.5 million.
Ellen DeGeneres’ Condo in Los Angeles
Ellen DeGeneres is known for her real estate investments where she buys properties and sells them for more after doing some renovations. She managed to invest in a luxurious condo unit in a great area in Los Angeles.
Source: Realtor
Ellen first asked $14 million for her condo unit when she put it on the market. She ended up having to do a price drop and sell it for $6 million. Maybe a condo is not the best property investment after all.
Schweppe Mansion in Chicago
This property is located just outside of Lake Forest and was built as a wedding present for Laura Shedd and Charles Schweppe. Laura died later from a heart attack. A few years later, Schweppe committed suicide by shooting himself in the head in his bedroom.
Source: Bungalux
After his death, Schweppe requested that the mansion remain vacant for 50 years. His son-in-law sold the property to a couple in 1987. The mansion was back on the market in 2007 for $18 million. They were able to sell it in 2020 when the price dropped to $8.5 million.
50 Cent’s Mansion in Connecticut
The rapper’s mansion comes with 52 rooms, indoor and outdoor pools, hot tubs, game rooms, a private recording studio, a nightclub, and indoor and outdoor basketball courts. But nobody was biting the $18.5 million 50 Cent originally asked for.
Source: Homes of the Rich
In the end, after 12 years of trying to sell the mansion, the rapper had to sell the house for a sad $2.9 million. That’s an 84% discount! A factor that probably stood in the way was the fact that Connecticut is not really a great area to be all fancy.
French Provincial Castle in New York
Would you believe that there is a fairy tale castle in New York? It comes complete with oak floors, turrets, a stone fireplace, and outdoor gardens. It’s definitely the place that would make anyone feel like royalty.
Source: Circa Old Houses
The castle was listed on the market in 2016 for $3.5 million. The price then dropped to $2.8 million in 2020. Nobody was still biting and it went through another price drop of $1 million. Maybe maintaining a castle is not as good as living in a fairytale.
Conrad Aiken’s Childhood House in Georgia
Celebrated poet and Pulitzer Prize winner Conrad Aiken is an icon. And his childhood home has been on the market for a long time. Despite his reputation, the property is haunted by the murder-suicide of his parents when he was just 11 years old.
Source: Listverse
In 2018, the asking price was $1.4 million. The price has dropped to $1.3 million which is already cheap for a house that belonged to a prominent person. However, there have been reports that the spirits of Aiken’s parents haunted the house, making it very hard to sell.
The Watcher House in New Jersey
In 2014, the Broaddus family bought this mansion for $1.4 million. Five years later, they sold the property for $900,000 – which is just a $500,000 loss. And the weird thing is, the family left the house before they sold it.
Source: All Things Interesting
It turned out that the house had a stalker who called himself the “Watcher” and this stalker started leaving sinister letters to the family, claiming that they have been watching over the house for decades. Nobody wanted to buy a house that came with a stalker.
Forge Mansion in Pennsylvania
The Forge Mansion is a famous Pennsylvania landmark that has been around since 1749. That means it has been around before America became a country. Because of that, the Forge Mansion was added to the National Register of Historical Places in the 1980s.
Source: Way Marking
In 2009, the house was sold for $2.5 million. It was back in the market for only $650,000 in 2019. But it turns out, that nobody really wanted the property because of the paranormal activities within the centuries-old house.
Pillars Estate in New York
This six-bedroom Greek-inspired mansion has been around since 1878. The owners had put it on the market back in 2015 for $1 million. Since then, the price dropped to a mere $500,000.
Source: Wall St. Watchdog
The problem is the estate is famously known to be haunted. Mysterious children and a woman in white are common sightings in the house. The owners also reported the piano playing on its own and having footprints appearing out of nowhere.
Ann Starrett Mansion in Washington
This Victorian-style mansion is a popular landmark and comes with a long history. The house was built in 1889 and despite its rich history, the value of this house has dropped significantly.
Source: Atlas Obscura
The latest owner listed the house for just $900,000 Later, it went to another price drop of $750,000. It is rumored that the house’s paranormal activity had something to do with why this mansion kept changing owners.
SK Pierce Mansion in Massachusetts
It is understandable if people will think twice about living in a place somebody died in. But what about a place where seven people lost their lives? The SK Pierce Mansion and it is widely believed that the spirits of those seven souls wander around the house.
Source: Mass Live
The mansion has been the subject of many ghost hunting shows. So it is no wonder why it won’t sell in the market. It started to sell for a mere $500,000 and the price has gone as low as $180,000.
$10 Mansion in New Jersey
Would you believe that there is a mansion in New Jersey that only costs $10? It sounds impossible but it is true! the mansion belongs to football star and FBI agent Aubrey Lewis. The two-story mansion was built in 1906 and he put it on the market in 2017 for $10.
Source: Definition
This would make you wonder why nobody is grabbing the chance to live in a mansion. The planning board in New Jersey had approved new construction in the area and the new owner would be required to relocate the mansion, which would cost a lot of money.
