Stars Not Immune to Slow Market
Even the rich and famous are not immune to the battered real estate market, as celebrity after celebrity is forced to lower his or her asking price. Nicolas Cage has had to cut the price on one of his homes by $17.5 million, and former football standout Brian Bosworth has trimmed the asking price on his Malibu home (pictured) by $5 million
Suzanne Somers Home
Was: $35 million
Now: $12.9 million
Price Cut: $22.1 million
Les Baux de Palm Springs, a bit of faux Provence tucked into the hills of Palm Springs, California, belongs to Suzanne Somers and Alan Hamel and sits on 65 acres of desert land. The couple bought the land way back in 1977 and it came with a small home that the couple eventually enlarged and added to as well as putting in guest houses, an amphitheater and an updated pool on the property. The price was dropped by over 50 percent after the home was on the market for one year.
Nicolas Cage
Was $35 million
Now: $17.5 million
Price cut: $17.5 million
Nicolas Cage has multiple properties on the market including two in New Orleans, and homes in Las Vegas and Rhode Island. The crown jewel is his Los Angeles home. This vintage Tudor is classic old Hollywood and was once home to both Dean Martin and Tom Jones. Cage purchased the home in 1998 from Jones for $6.469 million and has been trying to sell the home off and on since 2006 when it was listed at $35 million. The seven-bedroom home is on an acre of land and has over 11,000 square feet of space with a large theater, game room, wine cellar and rooms of truly epic scale. It is now listed at $17.5 million. He has also cut the prices on some of his other homes including a recent price cut of $3.9 million on his Rhode Island home.
Burt Reynolds
Was: $15 million
Now: $8.995 million
Price cut: $6.005 million
Actor Burt Reynolds has been trying to sell his home in Hobe Sound, Florida for a while. The Mediterranean-style home is on over three acres of land and borders a wildlife refuge. The 12,500-square-foot waterfront compound was once listed at $15 million but is now listed at $8.995 million and has been at this price for nearly a year so it may need another price cut to sell.
