5 Celebrities Slashing Millions Off Their Home Sale Prices

After the rock-bottom interest rates of COVID-era real estate, the housing market’s most recent moves may have some homeowners yearning for the days of lockdown. Though prices shot sky-high around the country, 3% mortgage rates made loans relatively cheap and sellers were keen to cash in, often fielding multiple offers immediately after listing. Since those 2021 lows, mortgage rates have more than doubled, signifying a significant cooling in the real estate sector. 

While the median family income in the U.S. has risen slightly over the past year, the income needed to qualify for a mortgage has seen a more significant bump, limiting the pool of would-be buyers. The National Housing Affordability Index now sits below 100, meaning the median U.S. income isn’t high enough to buy the median U.S. home. It’s being felt nationwide, especially in California, where the income needed to qualify for a mortgage on a mid-tier home is more than twice the median reported income for Californian residents.

The upside for buyers who qualify for those pricier mortgages is that competition for properties is lower, the pressure on sellers to slash prices — and celebrities are no exception.

Many big names have been not-so-quietly cutting the asking prices for their luxury homes over the past year, with just five of these properties racking up an eye-popping $138.65 million in total discounts (so far).

The casino billionaire is well-known for owning beautiful money-making properties — lots of money. From his luxury establishments in Las Vegas, Cotai, Boston Harbor and Macau to his substantial real estate investment portfolio, Wynn’s no stranger to betting on the house and winning.

That reputation doesn’t seem to be holding when it comes to his Beverly Hills mansion. Despite its high-end finishes and sprawling three-acre grounds, Wynn slashed the asking price for his Golden State abode by nearly half.

• Purchase price in 2015: $48 million
• Original list price in 2021: $125 million
• Current list price: $65 million
• Price cut: $60 million
• Square feet: 27,150
• Bedrooms: 11
• Special features: Wine cellar, gym with massage room, tennis court, screening room

The multi-monikered artist is no stranger to making headlines, but this isn’t the type of clout he’s looking for.

After buying this modern beachfront home in 2021, Ye is reported to have completely gutted the property. Buyers won’t find any of the luxury features one would expect in a celebrity home — no pools, libraries or custom-built spas, not even any windows or wiring.

Though Ye’s asking price has sidled downwards over the past year, $39 million may still be a little rich for a cement box that sits open to the wind and rain (and sand).

• Purchase price in 2021: $57.25 million
• Original list price in 2023: $53 million
• Current list price: $39 million
• Price cut: $14 million 
• Total loss (so far): $18.25 million
• Square feet: 4,000
• Bedrooms: 0
• Special features: Previously designed and built by world-renowned architects, but all finishes and features have since been stripped by the enigmatic celebrity

This media magnate’s empire spans half the globe, but Rupert Murdoch has been trying to offload just one sparkling jewel for nearly a decade.

Purchased before it was completed, this elegant three-story New York condominium first hit the market in 2015 and has since been re-listed and then discounted three times, with a current asking price of less than half its original listing.

Still, with a sweeping spiral staircase, double-height great room, and panoramic view of the Manhattan skyline, it remains a stunning piece of real estate in one of the most sought-after markets in the world.

• Purchase price in 2014: $42.57 million
• Original list price in 2015: $72 million 
• Current list price: $28.5 million
• Price cut: $43.5 million
• Total loss (so far): $14.07 million
• Square feet: 6,850
• Bedrooms: 5
• Special features: 586-square-foot terrace overlooking Manhattan, staff quarters, elevator

While Michael Jordan may no longer be the biggest name in the NBA, he remains an icon and a history-making athlete nonetheless — which makes it all the more surprising that his massive 56,000-square-foot Chicago mansion continues to languish on the market more than 10 years after he listed it in 2012.

Now listed at just over half of its original asking price, some have speculated that this celebrity mansion is just too unique to sell.

With the basketball all-star’s jersey number prominently displayed on the iron front gates and the Jordan family names writ large on the floor of the custom basketball court, there’s no mistaking whose house this is.

• Construction price in 1995: $50 million
• Original list price in 2012: $29 million
• Current list price: $14.85 million
• Price cut: $14.15 million
• Total loss (so far): $35.15 million
• Square feet: 56,000
• Bedrooms: 9
• Special features: NBA-sized basketball court, “23”-emblazoned front gate, original doors from the Playboy mansion

Though millennials may retain an abiding love for the “Ace Ventura” star, that enduring fandom doesn’t seem to be doing Jim Carrey any favors when it comes to unloading his Brentwood, California, home.

According to Carrey, the property served as a “sanctuary” for the past 30 years, but he’s ready to let it go now that life has taken him elsewhere. “Letting it go” and finding someone to take it appear to be two different battles. Listed in February of 2023, Carrey has dropped the asking price three times in 18 months.

While a $7 million discount is nothing to sneeze at, the “Bruce Almighty” star is currently the only celebrity on this list with the potential to make money on his investment, since he bought the house 30 years ago for a fraction of its current asking price.

• Purchase price in 1994: $3.8 million
• Original list price in 2023: $28.9 million
• Current list price: $21.9 million
• Price cut: $7 million
• Total loss (so far): None
• Square feet: 10,954
• Bedrooms: 5
• Special features: Art deco movie theater, waterfall pool, outdoor yoga and meditation space