Where's the "checkbox" for Celebrity on your Appraisal Form?

By
Real Estate Agent with Florida Supreme Realty SL514814

I've searched and searched again to find the little boxes marked celebrity and non-celebrity on an appraisal but to no avail. They must be there somewhere because celebrity home asking prices have premiums that have been observed to exceed 60% more than market value. On the other hand, courts are unable to find this elusive valuation when the celebrities face foreclosure.

Granted, the reality "star" market is one where there's bound to be some blinding by the proverbial light but that's generally caused by inept money management. In 2014 several major players in all sports and entertainment fields also felt the foreclosure pinch. The so-called celebrity status did buy many of them time, which was not available to the 4,000,000 non-celebrities who have lost their homes since 2007.

Fleur de Lys Mansion The luxury home market is flooded with exquisite properties right now and they may even sell if there was an appropriate valuation method to coincide with the asking price. With some of them it's not even about price but ego. We all want to profit from our sales and there should always be room to haggle. There are limitations but generally the higher the asking price the more movement that's possible.

If I were to market Michael Jordan's Chicago home I would immediately remove the "23" welded into the structure of his home's driveway entry gate. I don't think Lebron, Hester, Beckham or even Mattingly are going to write offers. By making this easy change out it might open the doors, literally, to thousands of others who may have an interest in an otherwise superb residence. I was prompted to research a little deeper after seeing Wayne Newton's $40M price reduction on his older, yet sublime, Las Vegas home. He's now asking a mere $30,000,000 for this uniquely amenitized residence. Celine Dion dropped $10M off her asking price and now wants only $62,500,000 for her personally designed Jupiter Island waterpark styled home.  Come on Celine, you'll have to dig deeper than that to hit pay-dirt. All we can ask is that you keep on singing?

It is hard to argue that Jane Fonda's 2,300 acre New Mexico ranch isn't a steal at $19M or that Petra Ecclestone's $102,000,000 Los Angeles home in Holmby Hills have reached their true valuations. You may remember it as the former owners, Aaron & Candy Spelling's 56,000 square foot home which Petra purchased for $85 million and then proceeded to renovate with another $20 million in upgrades. At one point the asking price was $150,000,000 which made it the most expensive home in America. Now she's come to her senses, at least on the price, and someone is going to get a superior value, celebrity notwithstanding! The rumor is that there are six Los Angeles real estate associates vying for position to sell this grand mansion as a pocket listing.  Pick ONE Petra and be done with it!

If you're not familiar with the pictured home, it is frequently called America's most beautiful estate and known as Fleur de Lys and is also located in Holmby Hills. It was listed in 2007 for $125,000,000 and sold for $102,000,000 in 2014. Amazingly, after 7 years on the market, three potential billionaire buyers battled it out and in the end the winner temporarily became the owner of the Country's most expensive home.                      

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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

It always makes me laugh when a celebs home goes on the market at a ridiculous price.  The only thing even more ridiculous is when someone overpays by millions for it!

Sep 17, 2014 04:42 AM #1
Rainmaker
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Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

John, there are a few on the Hudson I might overpay for and definitely Mar-a-Lago or The Biltmore Estate, The ones that need a re-evaluation are Dr. Dre's, Chris Bosh's and Reese Witherspoon's in my evaluation, However, I wish them all the best of luck!

Sep 17, 2014 04:57 AM #2
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Kevin,

I am definitely familiar with the Beverly Hills, Holmby Hills, Bel Air and Malibu scene...somehow, there is a cache for a celebrity home, and people get it.  The home next to us in LA was at one time owned by Audrey Hepburn and Jose Ferrer.  Our then neighbors did pay a bit more of course it was many many moons ago that they bought it.  The adantage of owning it, was that for years they would get large floral bouquets for Audrey, which the florists did not want returned.  Fun, A

Sep 17, 2014 06:14 AM #3
Rainmaker
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Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Alexandra, your comment is priceless when I consider that Donald Trump paid only $10 Miliion for Marjorie Merriweather Post's, Mar- a-Lago on Palm Beach. That was way back in '85 although it was the perfect investment in hindsight.    

Sep 17, 2014 07:26 AM #4
Rainmaker
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Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Love this post Kevin and it is the real estate we see on TV...not here and I'm sure you see some of this in FL...

Sep 17, 2014 10:24 PM #5
Rainmaker
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Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Notoriety isn't too far away Ginny. Even though RI is ranked 50th in size I imagine that its celebrity status is rated #1 per square mile. You seem to be inundated with athletes and entertainers plus being its #1 REALTOR.

Sep 18, 2014 03:46 AM #6
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