18 of the most massive real-estate price cuts we've seen in the past year, from the 70% discount on Michael Jackson's ranch to a $20 million price chop on a log mansion

Courtesy of Concierge AuctionsThe downstairs of a Florida mansion, which received a $US115 million price cut in January.

Recent price cuts to multi-million-dollar properties include Michael Jackson’s Neverland and an empty Beverly Hills plot, but they are not alone.

In the past year, Business Insider has reported almost a dozen massive price reductions on mega-mansions and penthouses. The latter sometimes results in the sale of separate apartment units, which are more marketable than the full complex.

Read more: Many NYC penthouses aren’t selling, so real estate companies are chopping them up into multiple smaller apartments to get them off the market

While some homes listed below still remain on the market, others successfully sold after their price chops, such as a $US159 million mansion in Hillsboro Beach. The mansion sold in January after three years on the market and a whopping $US100 million reduction.

Keep reading for a look at some of the most expensive real-estate cuts over the past year, from lived-in celebrity homes to brand-new apartments.


1. Michael Jackson’s infamous Neverland Ranch is back on the market for $US31 million.

AP ImagesThe gated entryway to Jackson’s 2,500-acre California property.

Source: Business Insider


Originally listed for $US100 million in 2015, the property was reduced to $US65 million in 2017. Its most recent cut reflects a 70% drop from its initial asking price.

Jim BartschThe iconic train station in the estate, now rebranded as ‘Sycamore Valley Ranch.’

Source: Business Insider


2. Meanwhile, in Los Angeles, a four-level mega-mansion that was once listed for $US250 million …

Berlyn Photography


Source

:
Business Insider, Business Insider


… got a $US100 million price cut in January and is now on the market for $US150 million. The property includes an in-house bowling alley, along with a movie theatre, luxury car gallery, and five bars.

Berlyn Photography


Source

:
Business Insider, Business Insider


3. Nearby in Beverly Hills, an empty hilltop plot nicknamed “The Mountain” was initially listed for a whopping $US1 billion …

Matthew Momberger / Juwan Li

Source: Business Insider


… but recently sold for just $US100,000 at a foreclosure auction. The property was sold back to its lender, who had lowered the property’s asking price by $US350 million price chop in February. Despite this massive cut, the property was still the most expensive listing in LA.

Matthew Momberger / Juwan LiThe view is targeted towards billionaires interested in building their own mansion.

Source: Business Insider


4. Even further south on the California coastline, business mogul Warren Buffett’s Laguna Beach vacation home finally sold for around $US7.5 million after two years on the market …

Todd Tankersley Photography, Newlistingphotos.comWarren Buffett is currently the world’s third-richest man.

Source: Business Insider, Business Insider


… but not before receiving a $US3.5 million price cut from his original $US11 million asking price. That’s a 30% discount.

Todd Tankersley Photography, Newlistingphotos.comThe California home’s living room.

Source: Business Insider


5. In New York City, a SoHo penthouse initially listed for $US65 million received a $US5.5 million price cut …

Getty ImagesThe building, located on Broome Street, was also the former home of late actor Heath Ledger.

Source: Business Insider


… reducing its asking price to $US59.5 million. However, like the LA hilltop, this property will still break records if it sells for this asking price. If purchased for $US59.5 million, it will be the most expensive apartment ever sold in downtown NYC.

Evan JosephThe penthouse’s spacious kitchen.

Source: Business Insider


6. Farther uptown, a Central Park penthouse in New York City’s tallest residential building received a $US21 million total price cut before selling in February. The penthouse’s initial asking price was $US82 million.

DBOX for CIM Group & Macklowe PropertiesThe penthouse is located on the 95th floor of the 432 Park Avenue building.

Source: Business Insider


After sitting on the market for two years, the penthouse was split into two luxury apartments. The separate units sold for $US30.7 million and $US30.2 million.

DBOX for CIM Group & Macklowe PropertiesA bedroom in the penthouse.

Source: Business Insider


7. Nearby, a luxury townhouse dubbed “Versailles in Manhattan” has been on and off the market for over a decade.

Courtesy of Douglas EllimanThe 15-room home is located in the Upper East Side.

Source: Business Insider


Now listed for $US19.75 million, the home’s highest asking price was for $US35 million in 2007. This represents a $US15.25 million price drop over the course of 12 years.

Courtesy of Douglas EllimanDespite its beautiful architecture, the space is has been deemed ‘unsellable.’

Source: Business Insider


8. Meanwhile, a mansion modelled after the Palace of Versailles in Florida received a much heftier $US115 million price cut …

Courtesy of Concierge AuctionsThe 30,000-square-foot is now called ‘Playa Vista Isle,’ formerly known ‘Le Palais Royal.’

Source: Business Insider


… bringing its asking price down from $US159 million to $US42.5 million at an auction in January. The 11-bedroom and 22-bathroom mansion is located on “Millionaire’s Mile” in Hillsboro Beach.

Courtesy of Concierge AuctionsThe interior includes $US3 million worth of 22-karat gold leafing.

Source: Business Insider


9. In Windermere, Florida, famed NBA player Shaquille O’Neal is selling his $US22 million mansion.

The AgencyO’Neal has lived in the Windermere home for over 26 years.

Source: Business Insider, Variety


The mansion has gotten a $US7 million price chop: When the mansion first appeared on the market in 2018, it asked for $US28 million.

The AgencyThe home includes a personal basketball court.

Source: Business Insider


10. In Michigan, the world’s largest cabin sits on 5,000 acres of wooded property and includes its own private marina.

Granot LomaThe cabin is located on Lake Superior.

Source: Business Insider


The owner of the “Granot Loma” discounted the property by 50% discount, reducing its $US40 million price to $US20 million last July.

Northern Michigan Land BrokersThe cabin’s dining room features rustic decorations like the rest of the house.

Source: Business Insider


11. Overseas, news broke that billionaire Ken Griffin purchased a luxury London house for £95 million, or $US123 million.

Google MapsKen Griffin is a hedge fund manager with an estimated net worth of $US9.81 billion.

Source: Business Insider, Mansion Global, Bloomberg


While the sale was still one of the most expensive home purchases recently, the mansion once had an asking price of £125 million, or $US165 million.

Google MapsThe home is located in Carlton Gardens in Westminster, not far from Buckingham Palace.

Source: Business Insider, Mansion Global


12. A mansion once owned by Cher returned to the Beverly Hills market with a 44% discount.

The Altman Brothers Team at Douglas Elliman Real EstatePart of the estate, including an outdoor patio.

Source: Business Insider


The 11-bedroom, 17-bathroom estate is now on the market for $US48 million, following an original listing for $US85 million in 2017.

The Altman Brothers Team at Douglas Elliman Real EstateThe estate’s main house, visible beyond the tennis court and cabana.

Source: Business Insider


13. Across the country, a Connecticut mansion once owned by President Donald Trump received a 29% price chop in June. Trump lived in the mansion for about a decade with his then-wife, Ivana. Following their divorce, Ivana sold the property financier to Robert Steinberg in 1998.

ZillowThe former Trump mansion in Greenwich, Connecticut.

Source: Business Insider


The Greenwich mansion has been on and off the market since 2009. For the most recent discount, the Steinbergs reduced the asking price from $US54 million to $US38.5 million.

ZillowThe entryway in the Greenwich mansion.

Source: Business Insider


14. Another mansion once owned by a US President is also back on the market for over $US17 million less than its original price. Known as the “Western White House,” the Orange County estate was once owned by former President Richard Nixon.

Rob Giem of CompassAn aerial view of the Orange County property.

Source: Business Insider


The 9-bedroom, 14-bath estate — once used for diplomatic meetings — was first listed for $US75 million in 2015; two years later, the list price had dropped over $US11 million.

Rob Giem of CompassThe entryway to the estate’s main house.

Source: Business Insider


15. Meanwhile, on the east coast, a New Jersey mansion known as the “White House of Englewood” returned to the market for a whopping 75% off.

The Michelle Pais Group Signature Realty NJThe front of the ‘White House of Englewood.’

Source: Business Insider


The Roaring ’20s estate is located just five miles from NYC. The mansion was listed for $US39 million in 2013; today, it has a sticker price of only $US10 million.

The Michelle Pais Group Signature Realty NJThe entryway of the mansion.

Source: Business Insider


16. In Tribeca, Meryl Streep is selling her penthouse for a 26% discount.

Travis Mark for Sotheby’s International RealtyThe penthouse’s living room.

Source: Business Insider


The full-floor, four-bedroom penthouse was originally listed for $US24.6 million in August 2018, later discounted to $US19.75 million, and most recently reduced to $US18.25 million.

Travis Mark for Sotheby’s International RealtyThe penthouse kitchen.

Source: Business Insider


17. Unlike Streep’s home — which is still on the market — actor Bruce Willis’ Turks and Caicos compound recently sold for $US27 million.

Provo PicturesAn aerial view of the compound’s main house and pool.

Source: Business Insider


The celebrity’s 11-bedroom, 13.5-bath estate sold for $US6 million less than its original $US33 million price tag, representing a 20% discount. Even with the price cut, it’s still the second-most expensive home sale in the country’s history.

Provo PicturesInside one of the estate’s living areas.

Source: Business Insider


18. Finally, one of the most expensive homes for sale in the Hamptons — an estate known as Jule Pond — received a $US30 million price cut in May.

Bespoke Real EstateAn aerial view of the Jule Pond property.

Source: Business Insider


The mansion, previously listed at $US175 million, has been on the market for over two years. Due to the price cut, Jule Pond no longer holds the title of the most expensive home for sale in the Hamptons.

Bespoke Real EstateThe main house at Jule Pond.

Source: Business Insider

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.