The real estate market is a tough one because buying a home or commercial building can be either good or bad. The problem starts when it’s time to offload your residence or business premises for some reason or other only to have it spend months or even years on the market. Several reasons push people to sell, and there is an endless list of reasons why such listings fail to move.
It doesn’t help matters that we are talking about strikingly gorgeous mega-mansions that once fetched a fortune. Celebrities and wealthy folk have found themselves in such situations when for some reason, their mansions just won’t sell. These residences that just won’t move also seem to take a nosedive in their price, and the longer they stay on the market, the worse it gets. Here is a list of some of those fancy mega-mansions that now fetch next to nothing.
Mel Gibson - Malibu
After more than a decade on the market, Mel Gibson’s French Country Malibu residence is still listed. With an asking price of $14.5 million, the pricey mansion comes with five bedrooms and five bathrooms. Gibson attempted to adjust the price over the years to attract buyers, but it didn’t help.
In the span of eight months since listing the residence, Gibson slashed off $1 million from the original asking price. He figured that he should remove the listing, and in 2019 he listed it once again with the initial asking price. Word is that Prince Harry and Meghan Markle have their eyes set on the mansion.
50 Cent - Connecticut
Fifty-two rooms, pools, a night club, recording studio, basketball courts, and game rooms are some of the lavish amenities found in 50 Cent’s former Farmington mansion. The impressive features didn’t immediately attract buyers, and the mansion spent 12 years on the market since its original listing.
When 50 Cent bought the luxurious abode in 2003 from former professional boxer Mike Tyson, he dropped $4.1 million. Dolly Lenz, a broker, shared her thoughts with Realtor.com on why the house wasn’t moving. She explained that at $18.5 million, the price was just too high. The mansion finally found a buyer in 2019 after 50 Cent reduced the price to $2.9 million.
Kurt Russell and Goldie Hawn - California
Beyond proving that relationships don’t always have to end up at the altar, Goldie Hawn and Kurt Russel have also taught us that couples can invest together. They have also shared income from movies like The Thing, Overboard, and Private Benjamin. Beyond the screen, they also share a Malibu beach house that they’ve been trying to sell since 2011.
Russell and Hawn set out to offload the Balinese-inspired abode for $14.8, but there were no takers. They rented out the mansion for $90K before deciding to sell it. After several price cuts, they sold the 4,200-square-foot spread in 2013 for $9.5 million.
Jennifer Lopez - Hidden Hills
Unsurprisingly, Jennifer Lopez's California mansion has an utterly luxurious dressing room. It also offers nine bedrooms, a recording studio, a dance studio, a gym, a games room, and a state-of-the-art 20-seat theater. Some of its other features include an outdoor pool, a lounge, and a play area.
In 2015, Lopez listed the Hidden Hills residence for $17 million. Despite it all, Lopez has had a tough time selling it. The estate was built in 1987, and Lopez did some home remodeling while she resided at the mansion. She dropped the price down by $4.5 million, but the estate closed for $10 million in 2017.
Faith Hill and Tim McGraw - Tennessee
Country artists Tim McGraw and Faith Hill once owned a Leiper’s Fork castle. Covering 3,152 square feet, the residence offers five bedrooms and a generous ten bathrooms. The entire estate sits on 622 acres of land and houses a 12-stall stable.
McGraw and Hill listed the estate in 2013, asking for $20 million. They managed to sell 131 acres of the land in 2015 and re-listed the mansion at a lower price, asking for $18.5 million. It looks like they finally decided to remove the residence from the market.
Ellen DeGeneres - Los Angeles
Ellen DeGeneres dabbles in the flipping business, and she's resold several high-end luxury homes. When it comes to the Los Angeles condo she invested in alongside her wife, Portia De Rossi; it was a different case entirely. They listed two Los Angeles condos they flipped in 2014 but only one of the neighboring units sold.
The second proved a tough sell, with the price falling from $8 million to $5.85 million. That was the amount DeGeneres and De Rossi had spent on the unit. The two-bedroom spread finally sold in 2017.
Mediterranean Mansion - Beverly Hills
Palazzo di Amore is a Mediterranean-themed mansion located in Beverly Hills that, in 2014, was considered one of America’s most expensive residential buildings. It is strikingly eye-catching but surprising enough, it won't bait a buyer. The mansion spreads out over 43,000 square feet with 12 bedrooms, an impressive 23 bathrooms, and a 10,000-square-foot wine cellar.
Some of the other noteworthy amenities that come with the mansion include a reflecting pool, an entertainment complex, a waterfall, and a lush green garden. It went on the market in 2017 with an initial asking price of $129 million. Any celebrity or executive who snaps this up is in for a treat!
Vincent Forge’s Mansion - Pennsylvania
Vincent Forge's mansion dates to 1770, and it originally served as the residence of an ironmaster on an iron forge. In 1800, the estate was converted into a farmhouse. In 1925, it became a Catholic Boys' camp, and in the '70s, it became abandoned.
Since then, Forge's mansion has struggled to change ownership. It doesn't help that Facebook sleuths have been spreading tales alleging that a ghost haunts it. The 7,800-square-foot residence has been on the market since 1994, and its initial value is assessed at merely $825K. What a deal!
Granot Loma - Michigan
Located off Lake Superior's coast is the 26,000-square-foot mansion that 400 Scandinavian builders and artisans constructed. Granot Loma has 23 bedrooms, a private marina, and an outbuilding that has four apartments. Financier Louis G. Kaufman commissioned the construction of the residence in 1923 and gave it the name.
It's considered America's largest log-cabin lodge, and the main house alone cost $5 million. In 1991, the residence made it on the National Register of Historic Places. The estate went up for sale in 2015 at a staggering $40 million, but the price steadily dropped to $20 million.
Alan Wilzig’s Townhouse - Tribeca
Anyone who has watched The Wolf of Wall Street is familiar with the name Alan Wilzig. He inspired Leonardo DiCaprio's character in the film. Wilzig paid his dues, and these days he's an entrepreneur as well as a semi-professional car racer.
In 2014, Wilzig listed the townhouse he owns in Tribeca for $44 million. The townhouse hasn't been off the market, and over the years, it's also taken a hit in terms of its appearance. By 2018, Wilzig reduced the price down to $18.75 in the hopes of attracting a buyer.
Neverland Ranch - Los Olivos
William Bone constructed the Neverland Ranch in 1981, and the estate now goes by Sycamore Valley Ranch. It is located in Los Olivos, California, and spans across 2,700 acres of land. It continually goes on and off the market with its initial value estimated at $100 million.
The late king of pop Michael Jackson famously owned the estate until his death. The mansion fell into a state of disrepair, and in 2015 it went through some restoration work. The animals and amusement rides that once occupied the estate had been removed by then. It was listed for $31 million, and after five years, it was pulled off the market again.
Steve Cohen’s Penthouse - New York
Hedge fund mogul Steve Cohen has built his fortunes to the tune of $14.1 billion. He has made a couple of missteps along the way, like investing in a Manhattan duplex that he couldn't sell. Cohen listed the penthouse in 2013, asking for $115 million.
As the years rolled by since he listed the 9,000 square foot spread, the price had dropped down to a meager $57.5 million. The five-bedroom penthouse features an art gallery where Cohen, who is an avid art collector, houses part of his extensive collection.
Sylvester Stallone - La Quinta
In 2010, Sylvester Stallone bought a mansion for $4.5 million in La Quinta, California. Featuring four bedrooms and five bathrooms, the interior design mixes Mediterranean and Tuscan styles. The exterior features clay-covered stucco.
The beauty didn’t help the listing move, and Stallone placed it on the market in 2014. He unlisted it only to relist it again the next year, asking for $3.87 million. Five years later and the mansion came back on the market for $3.999 million, and he sold the desert retreat at a loss for $3.15 million.
Michael Jordan - Illinois
Former basketball legend Michael Jordan listed his Highland Park mansion in 2012 for $29 million. After struggling to find a buyer, Jordan dropped the price of the seven-acre estate down to $15 million. Even with the price drop, he still can’t seem to sell the mansion.
Jordan even tried sweetening the deal by offering a rare pair of vintage Air Jordans with it. Like most mega-mansions, the problem is the high price and the possibility that the value will depreciate, given its long history on the market. Its current asking price is $14.9 million.
Aubrey House - New Jersey
Locals call the historic family house located on Pleasant Avenue in Montclair, New Jersey, the "Aubrey Lewis House." After it failed to sell for the shockingly low $10 listing price, the residence was eventually demolished in 2018. The catch was that the new owner had to move the house to another lot.
The home stood on 2.7 acres, and Aubrey Lewis and his wife Ann owned the residence where they raised their five children. The Montclair Township Planning Board gave the green light for the land's subdivision, where the house sat in 2017. A new modern living community made up of eight family homes currently takes up the lot.
The Stone Mansion - New Jersey
The Stone mansion located in New Jersey looks like the castle you read about in fairytales. The house has been on the market since 2010, and it hasn't changed ownership since its construction. It also keeps going on and off the market as the years go by.
The residence was constructed for steel magnate Henry Clay Frick II. The estate comes with an 11-car garage, a home theater, a wine cellar, and a stone wall encasing it, hence the name. The 30,000 square foot mansion has 12 bedrooms, 19 bathrooms, and it's currently on sale for $36 million, a drop from the initial $68 million asking price.
Joey Lawrence - Encino
Joey Lawrence, who is best known for his role in Blossom, set roots in Encino, California, with the purchase of a $1.2 million Spanish estate. After two decades spent calling the mansion home, Lawrence decided to sell it in 2010 for $3.2 million.
Its features, including six bedrooms and ten bathrooms in total, didn't attract a buyer immediately. The estate also has a movie theater and multiple saunas. Lawrence dropped the price to $2.3 million, but he still couldn't get a buyer. In 2016 he listed it again for $2.249 million.
The Halston Penthouse - Manhattan
Fashion designer Roy Halston Frowick designed and owned the penthouse that borrowed his name. Located in the Upper East Side, the Halston penthouse has a reputation of being a party location back in the '70s. Many famous names have visited the penthouse, but few are willing to take ownership of the unit.
The penthouse was listed in 2011 with a $38 million price tag attached to it. When it wouldn't move, the price dropped several times, and before its purchase, the asking price was $24 million. In 2019 the unit finally changed ownership after closing for $18 million.
Matt Lauer - New York
In 2019, Matt Lauer listed the waterfront estate he had purchased for $36.8 million from actor Richard Gere in 2016. Lauer asked for $65 million when he tried to move it in 2013, but there were no takers. Lauer asked for $44.99 million for the New York residence with six bedrooms and seven bathrooms.
Lauer had initially relisted the residence in 2018 for $44 million. Sitting on 6.3 acres, the house dates to 1902, and it went through a complete renovation. The residence covers 14,000 square feet taken up by 12 bedrooms and an equal number of bathrooms.
8 Mile Road - Michigan
Called 8 Mile Road in Detroit, it's a unique place in America where poverty and immense wealth convene on the same street. One example of a lavish estate in the region is the $9.9 million 8 Mile Road Mansion covering 4,600 square feet.
It sits on 4.55 acres, and visitors have to brave a long ride on a private road to access the hidden gem. The chateau-style mansion has a stone fireplace and a spiral staircase. Notably, the house where American rapper Eminen grew up is in the vicinity of this opulent mansion.
Golden Gate Mansion - San Francisco
The Golden Gate mansion is truly magnificent, right from the sunroom's retractable roof to its enormous walk-in-closets. It is undoubtedly one of San Francisco's most iconic mansions, and the palatial estate covers 16,000 square feet. It's a free-standing residence, offering panoramic views of the Palace of Fine Arts, Golden Gate Bridge, and the Bay.
The six-bedroom mansion has nine bathrooms, elevator access leading to all rooms around the house, and a rooftop deck. The estate dates to 1912, and it's gone through multi-year renovations. Records reveal that the estate last sold for $27 million in 2019.
The Aiken Estate - Georgia
The Aiken estate dates to 1855, and it once housed the late author/poet Conrad Aiken and his family. It has five bedrooms and an equal number of bathrooms covering 3,936 square feet of space. Located in Savannah, Georgia, the mansion has a veranda providing views of the overlooking lush gardens.
The residence went on the market in 2015 for $1.253 million, but it is yet to find a new owner. Aiken's tragic backstory, marred by witnessing his parents' murder-suicide, and rumors of ghosts are the reasons contributing to the tough sell.
Tommy Hilfiger’s Mansion - Connecticut
Tommy Hilfiger’s Greenwich, Connecticut mansion, is one of the newer mega-mansion listings. He listed it in 2020 for $47.5 million, and he told the Wall Street Journal that he was motivated to sell after hearing that the property market was “strong.”
Hilfiger and his wife also shipped off to Palm Beach, Florida, much like most New Yorkers fleeing the city in favor of the neighboring rural locales. The 13,344 square foot residence was completed in 1939, and it comes with a greenhouse and a guest cottage. There have been no takers so far.
SK Pierce Mansion - Massachusetts
Located in Gardner, Massachusetts, the SK Pierce Mansion dates to 1875. Sylvester Pierce owned the Victorian estate that is well-known for the rumors about it being haunted. No one wants to buy it, but the mansion retains an appeal with visitors who can't seem to resist exploring it.
Explorers often visit the residence, hoping that they will catch a glimpse of some paranormal activity. Records reveal that The Dark Carnival bought the mansion in 2015 with plans to revitalize the estate fully. The 6,700 square foot mansion's initial value is estimated at a mere $329K.