Celebrities are notorious for purchasing high end real estate, Miami Beach oceanfront homes and Miami Beach luxury homes being among the properties preferred by the wealthy. Generally speaking, celebrities often go for multimillion dollar property and when they choose to sell, the asking price is typically higher than what the property was originally purchased for. Let’s take a look at some examples.
Entertainer Cher is known for frequently selling off many of the homes she purchases. Before she made news headlines by auctioning the majority of her possessions in her California villa, Cher owned a multimillion dollar Key Biscayne home here in Florida overlooking Biscayne Bay which she sold off for a cool $8 million dollars. As for the 12,000+ square foot Italian villa, it’s currently on sale for just over $40 million.
Reality TV star Brooke Hogan was living in a Miami Beach penthouse in the Mosaic condo as featured on her television show “Brooke Knows Best”. The property has since gone up sale for just over $15 million and Ms. Hogan is now living at the Flamingo condo located southeast from the Mosaic.
Finally, basketball star Shaquille O’Neal has put his 2.5 acre eight bedroom Miami Beach oceanfront home in celebrity favorite Star Island up for grabs for just under $30 million after having purchased it for the relatively inexpensive price of $19 million back in 2004.
This buying and selling trend raises an interesting question: are celebrities themselves inadvertent real estate investors since they usually sell their properties for twice as much as they originally purchased? They’re arguably in a better position to find buyers since they deal in luxury real estate but at the of the day many of them continue to choose South Florida homes as their preferred market when deciding where to keep a vacation or permanent home.
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