*Buying Michael Jordan’s house in Chicago or Pharrell’s luxury Miami penthouse might sound like a dream come true — but in reality, many celebrities are having a hard time selling their properties in the current high-end housing market.
According to Celebrity Net Worth, Pharrell’s 9,000-square-foot, three-floor penthouse overlooking the Biscayne Bay has only just been sold after spending three long years on the market, and only then after several significant price cuts.
The “Happy” singer and big-time music producer originally listed his former pad at $16.8 million back in 2012. It sold to an anonymous New Jersey businessman in July for just $9.25 million — more than $3 million less than what Pharrell originally paid for it.
Meanwhile, basketball legend Michael Jordan’s 56,000-square-foot home in the upscale Chicago suburb of Highland Park has sat on the market for nearly five years without so much as a forward pass. Originally listed for $29 million, the asking price is now a modest $14,855,000 — the digits of which, as any fan will quickly point out, add up to 23, Jordan’s jersey number while playing for the Chicago Bulls.
But that’s not the only place you’ll see “23” on Jordan’s property: the numbers are emblazoned right on the front gates, and the house is full of reminders of the athlete’s long and legendary career.
That in itself might be part of the issue with the sale, says Rick Sharga, executive vice president of online real estate firm Ten-X: the pricey customizations of the estate aren’t appealing to the everyday multimillion-dollar mansion buyer. It also doesn’t help that 32% of people looking for houses right now are first-time homebuyers.
“In a way, this isn’t all that different from everyday homeowners who overspend on backyard pools, custom window treatments or overpriced fixtures in their homes, but can’t recoup those investments when it’s time to sell their home,” Sharga said. “Celebrities just do it at a much larger scale and get more publicity.”
Just look at Neverland Ranch. Michael Jackson’s famous California estate is currently on the market for $100 million, but will likely stay on the market for a long time to come.
Image Source: Realtor.com
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