Reports of declining home values, price cuts and foreclosures dominate the headlines — even in the world of celebrity real estate. But, there are some celebrities who not only sold their homes in a down market, but pocketed substantial profits from the sales. Plus, we sprinkled in a few that stand to make a profit, compared to their purchase price. Take a look:
For sale: 14223 Evans Rd, Pacific Palisades, CA
Purchase Price: $1,830,000
Listing Price: $16,900,000
Potential Profit: $15,070,000
Actor Dennis Quaid has a lot to celebrate as he turns 57 (birthday is April 9). First, he is among acting’s elite A-list, is happily married, and is also in the process of selling his massive equestrian estate for a huge profit. According to public records, Quaid purchased the 2-acre Pacific Palisades property in 1999 for a reported $1,830,000. After a series of renovations, Quaid transformed the quaint property into a luxurious equestrian retreat featuring a French country-style main house, a guest house, studio, barn, and corral. Quaid’s equestrian estate hit the Pacific Palisades real estate market last month for $16.9 million – an 823.5% price increase from his purchase price back in ’99.
Faith Hill and Tim McGraw
Purchase Price: $6,200,000
Sale Price: $9,500,000
Country music stars Faith Hill and Tim McGraw didn’t get to take any shortcuts when it came to selling their Beverly Glen mansion. Originally listed in 2008 for $14.8 million, it took almost a year and a half for the Grammy-winning couple to find new buyers. During its time on the Beverly Glen real estate market, the 6-bedroom, 8-bathroom estate took a hefty price cut to $10.8 million in December 2009, then finally sold in July 2010 for $9.5 million. Despite the $4 million price cut, Hill and McGraw were still able to make a surprising $3 million profit based on their $6.2 million purchase price in 2003.
For Sale : 2556 Greenvalley Rd, Los Angeles, CA
Purchase Price: $1,000,000
Listing Price: $2,500,000
Potential Profit: $1,500,000
This February, Zillow had some exclusive celebrity real estate news that Ashton Kutcher was selling his Hollywood Hills home for $2.6 million. As it turns out, Kutcher’s bachelor-era home was more of a home improvement project than a party pad. Kutcher purchased the home in 2004 and extensively renovated and remodeled the property from the ground up with his dad, Larry.
Kutcher’s 4-bedroom, 4.5-bathroom property recently knocked $100,000 off the asking price, joining the nearly 25 percent of Beverly Hills real estate listings that received a price cut. Even with the price cut, Kutcher is still in line to walk with some spare change from a sale. According to public records, Kutcher purchased the 3,3235-sq ft home in for a flat $1,000,000.
For Sale: 21644 Pacific Coast Hwy, Malibu, CA
Purchase Price: $3,495,000
Listing Price: $6,995,000
Potential Profit: $3,500,000
Whether a renter or a buyer, blond bombshell actress, Charlize Theron, wants someone to take her beachfront Malibu abode off her hands. The 3-bedroom, 3.5-bathroom home, which she purchased with ex Stuart Townsend, took its first trip to the Malibu real estate market in June 2010 as a rental property asking $50,000/month. At the beginning of 2011 it also became available for sale, listed for $7.5 million. The La Costa Beach property recently shaved $500,000 off the listing price, but not to Theron’s despair. She purchased the property in January 2003 for $3,495,000, so is looking at a possible profit of nearly 50 percent if she finds any takers.
Purchase Price: $9,500,000
Sale Price: $12,000,000
When actress Uma Thurman listed her Greenwich Village townhouse, her fans received a little insight into how the thin celeb stays in such good shape — stairs! Thurman’s 25-ft wide house has five stories and no elevator in sight. After 280 days on the New York real estate market, Thurman finally found a buyer for the 7-bedroom 6.5 bathroom home, but not for the price she was hoping for. While it was originally listed for $14,200,000, new buyers took the Fifth Avenue gem off the actress’s hands for $12 million. Luckily for Thurman, this was a profit of $2 million since Thurman bought the townhouse in October 2006 for $9,500,000.
Purchase Price: $2,600,000
Two-time Academy Award nominee Winona Ryder listed her 1936 Spanish villa in October 2010 for $4,095,000. After taking a 3.5 percent price cut, the 4-bedroom, 4-bathroom property found a buyer and sold for $3,675,000 in January, according to public record. This proved to still be quite the steal for Ryder, who purchased the .32-acre piece of Hollywood real estate back in March 1998 for $2.6 million.
Purchase Price: $9,100,000
Sale Price: $10,750,000
Serial home flipper, Diane Keaton, appeared to make a quality Pacific Palisades real estate investment when it comes to the Lloyd Wright-designed house she revamped and sold last year. Purchased in 2007 for $9.1 million, Keaton put some serious elbow grease into the restoration of this 1-acre compound. After two years of work, Keaton listed her Pacific Palisades home for $8.5 million in April 2010 at a 6.6% loss. The Los Angeles Times reports, however, that the property was soon taken off the market, expanded to include over 2.5-acres and re-listed for $13,250,000 in June. Though not at the price she was gunning for, Keaton managed to find new owners for the home in September 2010 who handed over $10,750,000 for the mid-century property.
Read more about Diane Keaton’s Pacific Palisades home
Purchase Price: $13,500,000
Listing Price: $42,000,000
Potential Profit: $28,500,000
“Friends” favorite, Jennifer Aniston purchased her beautiful Beverly Hills estate for $13.5 million back in November 2006. The purchase happened about a year after her highly publicized divorce from actor Brad Pitt. After two and a half years gutting and renovating the property (the photo above shows the home during construction), Aniston completely transformed the property into a breathtaking 10,000-sq ft home, that she named “Ohana.”
While the project may have been therapeutic for her emotional well-being, it may also be a plus for her pocket book. Currently a pocket listing, Aniston’s Beverly Hills home has an A-list asking price of $42,000,000.
Read more about Jennifer Aniston’s Beverly Hills pocket listing
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