Everyone loves the American dollar exchange rate at the moment. There’s no better time than now to shop online, travel to the States, and buy an extravagant multi-million dollar mansion in Beverly Hills. Wait a minute – did he just say “go out and buy an exorbitantly-priced home?”
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Before any of you think we’ve gone nuts and stop reading this blog, consider this: you’d literally save millions by buying a property of this calibre in the States. And the good news? Assuming you’ve got a ridiculous sum of money already just lying around for a deposit, with some simple budgeting, a solid mortgage, and the help of some useful online calculators, you could theoretically own one yourself… theoretically that is.
So how much would it cost? If you decided to join the Hollywood A-list, how much would you need to sink into property? By the looks of this brief, rather a lot! And by that we mean millions, which to mortgage would cost anything from about $20,000 to just under $1,000,000 per month. That is a lot of zeros!
(In order to work out what the monthly repayment would be, all prices are calculated according to a 25 year, 7% fixed rate loan, and don’t include the price of the 47-odd housekeepers, pool cleaners and gardeners you’d need to maintain these mammoth properties. You’d be surprised at the running cost of a humble mansion these days!)
Lavender Hill Farm
The House: ‘Lavender Hill Farm’, a luxury farm and compound in Malibu, California, with a six-bedroom main house and three guest houses. Owned by everybody’s favourite actor, Mel Gibson.
The Price: The Wall Street Journal has reported that the property was relisted in March this year at US$11.8-million. A real discount, too – that’s 19% off its original US$14.5-million asking price in March 2010.
Monthly Repayments: Assuming the interest rate remained at 7%, you’d only have to make repayments of about AU$78,538 per month, which would cover off both interest and principal. Total cost of the loan would be AU$23.5million.
Image: Lavender Hill Farm Malibu
Candy Spelling’s Modest Bel-Air Mansion
The House: The house is bigger than The White House, it has a bowling alley and its own wine tasting cellar, and the car park alone can hold 100 vehicles. The best part? A 17,000 square foot attic. Imagine all the junk you could store in there!
The Price: After 2 years on the market, it’s currently still listed at a whopping US$150 million, and it recently topped Zillow’s list of the 10 most expensive U.S. homes currently for sale. Check out the listing for yourself here.
Monthly Repayments: AU$998,333 per month. The total cost of the house would be around $300.6 million by the end of the loan.
Image: Hilton & Hyland
Dr. Phil’s Beverly Hills Mansion
The House: The doctor is in the house. Or at least he was, before self-help TV guru Dr. Phil sold his eight bedroom, seven bathroom Beverly Hills mansion in 2010.
The Price: The property was listed for a cool US$16.5 million.
Monthly Repayments: Home loan repayments would set you back a modest AU$109,816 per month. Which isn’t bad, considering the property is so huge, it has its own website.
Image: 1008 Lexington
Angela Bennett’s Perth Estate
The House: If you’re looking for something a little closer to home, Australia’s most expensive house is said to be this lavish Perth home of mining heiress Angela Bennett. The estate sits on a huge riverfront allotment in Mosman Park, and has self-contained buildings, a boathouse, private jetty, cinema, gym, pool and tennis court.
The Price: Was sold in late 2009 for $57.5 million.
Monthly Repayments: This huge hotel, er, we mean house, would set you back AU$406,383 per month in repayments.
Photo: AFR
Katy Perry & Russell Brand’s LA Home
The House: situated on a prime piece of LA real estate, Katy Perry and Russell Brand’s house is a sprawl of stylishly decorated living spaces and bedrooms with the obligatory swimming pool. Some say it appears that the home has been ‘dressed’ for sale, or in other words, they’ve removed anything personal and left a blank canvass.
The Price: this one is on the market for a mere US$3.4 million
Monthly Repayments: a home loan to cover the cost of buying this property would come in at just AU$19,966 a month. Perfect for first home buyers, we think.
Image: Realtor.com
Ok, so we’re not actually saying to go out and buy one of these. Most of them would require monthly repayments of more than most people earn in an entire year (or five). We’re intending to show that even simple budgeting isn’t everything when it comes to money. You’ll still need to consider your own means and work out a financial plan which is realistic. In the meantime, it’s perfectly fine to dream in 9-figure sums.
This post was compiled by Mortgage Choice, an Australian website where first home buyers can review a range of home loans.
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Posted on: Beverly Hills Real Estate-Beverly Hills Homes For Sale
Amazing blog. You’re such an excellent person Mr. Choo. I love all of your wonderful post. Anyways this blog was interesting and fabulous. I love everything in this post specially the lavender hill farm. Big thanks.
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