Nine Celebrity Pads That Are Facing Drastic Price Chops

Penelope

Photo: Zillow.com

With news of Kate Hudson buying a $5.8 million “house next door,” Sandra Bullock dropping $23 million on a new mansion, and Jennifer Aniston swooping up a collection of Upper East Side condos, it makes us realise the rich and famous might face losses in real estate — just like all of us — but they simply have deep reserves to plow ahead.

Click here to see the homes >
A recent Zillow market analysis showed the values of homes priced in the bottom-tier are falling at a faster rate than the most expensive one-third of homes in the U.S.

On the contrary,  Zillow’s Real Estate Market Reports for April also showed 30.4 per cent of U.S. listings have been reduced in price in the last 30 days with price chops seen across all home tiers.

With that in mind, we’ve bundled together a list of celebrity homes presently on the market that are not only still awaiting buyers, but are actively getting price cuts to entice home buyers.

Click here to see the homes >
This post originally appeared at Zillow.

Penelope Cruz's classic Hollywood home

Original List Price: $3,695,000
Current List Price: $3,150,000
Price Cut: 14.7%

The size of her family may be increasing, but the price of Penelope Cruz's Hollywood Hills home (above) is going in the opposite direction.

The Oscar-winning actress, who recently welcomed a new baby boy into the world with actor-hubby Javier Bardem, reduced the price of her 3,334-sq ft home from $3,695,000 to $3,150,000.

The 3-bedroom, 2-bathroom Balinese-modern style home was built in 1956, but was completely updated after the Spanish star purchased it in 2005.

The unique piece of Hollywood Hills real estate is tucked in a cul-de-sac near Sunset Strip and features high ceilings, carved-wood doors, private courtyard, bamboo floors, and an in-ground heated pool with a luxurious tented cabana.

See more photos of Penelope Cruz's Hollywood Hills home.

Sheryl Crow's spacious Tennessee farm

Mel Gibson's Malibu farm

Original List Price: $14,500,000
Current List Price: $11,750,000
Price Cut: 18.9%

Third time's a charm, right?

Controversial Hollywood star, Mel Gibson, is certainly hoping that is the case with his third attempt at selling Lavender Hills Farm (above).

Twice reduced in price, Gibson's private piece of Malibu real estate was recently re-listed for $11,750,000 -- an 18.9 per cent discount from the original $14.5 million asking price.

He has been trying to sell the property since early March 2010, right in the wake of the actor's split from ex-girlfriend Oksana Grigorieva.

Gibson's 2.56-acre compound includes a 6-bedroom main house, pool, spa, lighted tennis court, media room, two offices, separate gym, a two-story outdoor entertainment pavilion with built-in BBQ, fireplace and kitchen, as well as three guest houses, fruit orchards, and organic gardens.

See more photos of Mel Gibson's Lavender Hills Farm.

Dennis Quaid's Pacific Palisades cattle ranch

Original List Price: $16,900,000
Current List Price: $13,900,000
Price Cut: 17.8%

favourite Parent Trap movie dad, Dennis Quaid, took everyone's breath away with a look inside his luxurious equestrian estate (above), which he hoisted onto the Pacific Palisades real estate market with an equally stunning $16.9 million asking price.

After just two months on the market and no bites from buyers, Quaid decided to entice buyers with a price cut of $3 million, reducing the list price to $13.9 million.

While the 7-digit chop is certainly substantial, the 56-year-old actor is still in the running to make some kind of profit -- he bought the home in 1999 for a reported $1,830,000.

Quaid and his wife, Kimberly, completely transformed the 2-acre property in 2008, turning it into a French-style equestrian estate including a 8,400-sq ft, 8-bedroom, 9.5-bathroom main house, putting green, pool and spa, horse stables, corrals and private horse riding and hiking trails.

See more photos of Dennis Quaid's equestrian estate.

Star of the Real Housewives of DC, Mary Schmidt Amons' colonial-style estate

Original List Price: $2,350,000
Current List Price: $1,795,000
Price Cut: 23.6%

A real estate round-up is not complete without mention of the inevitable happenings of Real Housewives and their real estate.

Last September, Real Housewives of DC's Mary Schmidt Amons put her crisp, 5,450-sq ft home (above) on the McLean real estate market for $2,350,000. While there aren't any circulating rumours of bankruptcy or foreclosure (commonly associated with Real Housewives cast members), the 6-bedroom Langley Farms home has seen no sign of selling after nearly eight months on the market.

One thing that has changed, however, is the price.

Dropping nearly 24 per cent, Amons' home is currently listed for $1,795,000.

The modern-colonial style home was built in 1939 and sits on a meticulously manicured .34-acre lot.

The 6-bedroom house additionally includes 5.5 bathrooms, three fireplaces, a master suite with sitting room and private deck, sun room, library, and 4-car garage.

See more photos of Mary Schmidt Amons' McLean home.

Estella Warren's gorgeous poolside property

Billy Joel's spacious Hampton's home

Original List Price: $22,500,000
Current List Price: $16,750,000
Price Cut: 25.6%

Billy Joel's Sagaponack, NY home (above) has been a frequenter of real estate headlines over the past year.

The completely renovated, two-story home has had a series of price cuts since it first hit the Sagaponack real estate market in 2009, the first of which took the price down $2.6 million to $19.9 million.

This was quickly followed by another $1.4 million reduction over the 2010 holidays to $18.5 million.

Still awaiting buyers for the beachfront residence, Joel decided to cut the price of his Hamptons home again to $16,750,000 -- just below the $16.8 million Joel reportedly handed over for the property back in 2007.

The 5,550-sq ft home includes 4 bedrooms, 6 bathrooms, multiple terraces, cathedral ceilings, office, and separate studio with a loft area and 2-car garage.

See more photos of Billy Joel's Sagaponack home.

Kaley Cuoco's lavish Sherman Oaks retreat

Billy Dee Williams' beautiful Beverly Hills home

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