- Many multimillion-dollar homes sit on the marketplace for years.
- These luxury listings often include celebrity megamansions or historic homes, as “over-customised” properties struggle to sell.
- The luxury homes are also often relisted for significantly lower prices, as years pass without finding a new owner.
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Some multimillion-dollar homes sell in just days, while others sit on the marketplace for years.
Many of the unsellable properties have received hefty price cuts, belonged to celebrities, or both. Others are abandoned historic mansions now listed for mere fractions of their original worth, though some – like Lynnewood Hall, the largest home for sale in America – are still worth millions even in disrepair.
Homes on this list range from Michael Jackson’s vacated Neverland Ranch to a decaying mansion on New York’s Carleton Island that will cost the new owner millions in renovations. Michael Jordan has not lived in his Chicago mansion in years but the empty property still struggles to find a new owner after six years on the market. Though his home, like others, is now devoid of its famous resident, the property is not completely abandoned as staff members continue to maintain the grounds for potential buyers.
Business Insider’s Lina Batarags previously reported that “over-customised” homes – like Michael Jordan’s and Michael Jackson’s – are hard to sell. Both estates feature personalised entry gates amongst other features, making homes undesirable to potential buyers with their own visions for a luxury home.
Other homes on the list include a Versailles-inspired Manhattan townhome that has been on and off the market for 16 years, along with a massive Bel Air mansion called “Billionaire” selling at a $US100 million discount. The latter is just one example of how Los Angeles has too many megamansions for sale.
Keep reading for a look at luxury homes currently struggling to sell on the market.
Michael Jackson’s infamous Neverland Ranch first appeared on the market in 2015. Now listed for $US31 million, the property has undergone extensive changes and was renamed Sycamore Valley Ranch.
Despite the removal of Jackson’s zoo and amusement park, the estate still features its recognisable train station and its original main house, which was built in the 1982.
The 2,700-acre estate features a 6-room, 7-bathroom luxury home. The home also includes a pool, a 50-seat movie theatre, and a guesthouse nearby. A total of 22 structures are scattered across the massive property.
Sources have cited the recently revisited allegations of sexual assault against Jackson as having decreased the ranch’s value following the release of the four-hour HBO documentary “Leaving Neverland” in March.
In 2006, staff members were told to stop working by California authorities, and Jackson eventually defaulted on a loan due to financial difficulties. After the singer’s death in 2009, the property remained “in limbo” until it appeared on the market in six years later.
The property continues to remain uninhabited, though the grounds are maintained for potential buyers.
Michael Jordan’s customised celebrity home has also struggled to find a new owner. The property — like Jackson’s estate — has undergone several hefty price chops as it continues to sit on the market.
The home was originally listed for $US29 million, and is now on the market for $US14.9 million.
Jordan has not lived in the mansion for several years. However, even though the property is empty, it is still manned by staff to keep it in pristine condition for the next owner.
The custom Chicago mansion was completed in 1995. According to previous reporting from Business Insider’s Cork Gaines, Jordan lived in the home for 19 years; it has now been on the market for six. Though he no longer calls the mansion home,Jordan still pays more than $US100,000 in annual property taxes.
Among other custom-designed rooms, the home features a personalised basketball court.
Business Insider’s Lina Batarags previously reported that personalised homes are hard to sell. Certain luxury amenities, such as home gyms, do not appeal to every buyer; as a result, many celebrity homes sit on the marketplace for years.
The historic Lynnewood Hall is currently on the market for $US11 million. It is also the largest home for sale in the United States.
The Neoclassical mansion has 110 rooms total, including 55 bedrooms and 20 bathrooms. At 70,000 square feet, it is over 15,000 square feet larger than the second largest home for sale in the US, a massive ranch and resort in Northern Michigan.
The massive structure was built between 1897 and 1900 for industrialist Peter A.B. Widener and has remained empty for over a decade.
According to the estate’s Zillow listing, “Lynnewood Hall is one of the largest surviving Gilded age mansions in the Philadelphia area.”
Potential uses for the colossal mansion include a boutique hotel with five-star restaurants, an art museum, a music venue, or a refurbished private estate.
In addition to the hefty price tag, estimated renovations to the historic hall will also cost the new owner millions.
According to listing agent Frank Johnson, renovations could cost “as little as $US3 million to $US7 million.” However, a historian estimated renovations will cost $US50 million to transform the abandoned mansion.
Unlike Lynnewood Hall’s long history, the Stone Mansion in Alpine, New Jersey, was put up for sale before its residents-to-be even moved in.
Richard Kurtz, CEO of developer Kamson Corporation, purchased the former estate of Henry Clay Frick II, which he later subdivided into separate luxury lots. After commissioning the large stone mansion on six acres of property – intended as a personal residence – Kurtz and his wife abandoned the project as they separated before its completion.
Since then, the mansion has been manned by staff in order to keep it ready for purchase. Otherwise, the house has been empty for over eight years.
“The home’s never been lived in,” listing agent Dennis McCormack told Realtor.com.
Despite its lack of residents, the home is used as an event space while realtors continue to search for a new owner.
The 12-bedroom, 15-bathroom home is only eight miles from Manhattan and is currently listed for $US36 million with Sotheby’s International Realty.
On Carleton Island in upstate New York, an abandoned mansion known as the Carleton Island Villa sits in ruins.
The 15,000-square-foot home once had 11 finished bedrooms. According to the property’s listing, “around the World War Era, contractors were allowed to go in and remove the interior and the doors and windows leaving the Villa to the elements.”
Though it’s listed for only $US495,000, renovations that would accompany the purchase are estimated to cost anywhere between $US11 million and $US12 million.
The home, which sits on waterfront property, has not been occupied in almost 70 years.
The new owner of the 6.9-acre purchase would have access to three waterfronts on the property. The island – located on the St. Lawrence River – is only accessible by boat.
Meanwhile, in New York City, a luxury townhouse dubbed “Versailles in Manhattan” has been on and off the market for 16 years.
Now listed for $US19.75 million, the home once had an asking price as high as $US35 million in 2007. This represents a $US15.25 million price drop over the course of 12 years.
The home features unique Versailles-inspired architecture, but has been deemed “unsellable” due to its “museum-like quality.”
Business Insider’s Hillary Hoffower previously reported how no one wants to buy the townhome. While the property has been praised as an “architectural masterpiece,” its “museum-like grandeur” is just one of the contributing factors it has been labelled hard-to-sell.
In addition to its five bedroom suites and eight marble bathrooms, the townhouse includes a rooftop terrace for outdoor entertaining.
The home features 15 rooms total, including an English pine library dating back to 1872, a formal dining room, a temperature-controlled wine cellar, and a bar area.
Hoffower reported, “Despite all the grandeur, the lavish spread may not appeal to buyers seeking a more modern look.”
Finally, a luxury home in Los Angeles’ Bel Air neighbourhood still remains on the market despite several significant price cuts over the past few years.
Business Insider’s Katie Warren previously reported that the mansion – despite receiving a $US100 million price cut – still won’t sell. Previous reporting from Business Insider’s Dennis Green shows the property initially received a $US62 million price cut in 2018.
The 38,000-square-foot home, nicknamed “Billionaire,” includes a variety of personalised amenities like other luxury properties of its size.
The 12-bedroom, 21-bath home includes two master suites and 10 VIP guest suites. Additionally, the mansion features an indoor bowling alley, a 40-seat movie theatre, five bars, and two wine cellars.
In addition to the spacious indoor areas, the home boasts 17,000 square feet of outdoor entertaining decks.
Downstairs, the home features a luxury car gallery complete with vehicles worth $US30 million in total. Outdoor spaces also include an 85-foot infinity pool.
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