11 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 $350 million price drop on an LA hilltop

Courtesy of Concierge AuctionsThe downstairs of a Florida mansion, which received a $US115 million price cut in January.
  • In the past year, several notable million-dollar properties have received massive price cuts.
  • As luxury mansions and penthouses sit on the market for months – sometimes years – owners have opted to chop prices.
  • These discounts on expensive properties, such as Michael Jackson’s ranch, can be as high as 70% reductions over time.

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

One such home is Shaquille O’Neal‘s Florida mansion, which has an indoor basketball court and has seen a $US6 million price chop since it was listed in 2018. Business Insider’s Lina Batarags previously reported that the hidden dangers of customisation in luxury homes is that over-customisation makes some properties hard to sell.

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.

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 4-level mega-mansion once listed for $US250 million …

Berlyn Photography


Source

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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 received a $US350 million price chop in February, lowering its asking price to $US650 million. Despite this massive cut, the property is 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, representing a hefty 30% discount.

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

Source: Business Insider


5. In New York, 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 price 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. Finally, news broke overseas 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

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