They might be celebrities, rich and famous but that doesn't mean they are reigning in the marketplace. Despite property sizes and exclusive locations, many wealthy homeowners are seeing their properties sprawling in the languish market.
Just like regular people, celebrities also find their mansions unsold in the market. This is because different reasons, one of which is many buyers are willing to spend large amount of money just to live in their dream neighborhood and another one is there is actually fewer people willing to drop millions for a home.
As Variety reported, another reason that drive away buyers is the fact that celebrity-owned houses can be put on sale for above-market-value prices. But sometimes properties linked to popular names can generate publicity that can lead to a higher demand.
In Mischa Barton's case though, who bought her mansion in Mulholland Drive, above Beverly Hills back in 2006 failed to garner public attention amid of her fame.
'The O.C.' actress purchased the mansion at the age of 20 for $6.4million. After five years, she put up the 10,000 square feet property for sale at almost $8.4 million. Since then, the property has been on and off the market at least six times at different prices. The neo-Tuscan mansion has leased out over the years.
'Real Housewives of Beverly Hills' cast member Camille Grammer, has also encountered difficulties in the marketplace. After the divorce was granted, Camille was awarded with five-acre estate, located in Serra Retreat in Malibu.
In August 2012, the said property was put on the market for $17.5 million. The price of the lavish property with swimming pool, spa and lilly pond has been dropped to $15 million after it remained unsold for a number of years. Despite the price adjustment, the property is still available for grabs at the reduced price of $14 million.
Cleveland Cavaliers star James also struggled the same problem. The four-time NBA MVP originally put his mansion on sale last October at $17 million. However, after few negotiations the 16,000-square-foot property located in Coconut Grove, Miami, dropped down and was sold at $13.4million, according to the Daily Mail.
