If you're a Hollywood A-Lister, you're pretty much a guaranteed multi-millionaire but some celebrities have a second career that could be rivaling their box office paychecks.
Oftentimes we hear about big-name celebrities that bought a home for an extravagant amount and while some are purchasing to upgrade, uproot or diversify their residences, for some stars, it's all about the profit.
In a recent report by The Telegraph, some of Tinseltown's finest have found a way to make even more bucks on the side. As the real estate value of Los Angeles properties soar, some stars are cashing in.
According to the publication, Tobey Maguire took in nearly $2 million in profit after he bought a house from Ricki Lake for $8.4 million, in less than a year the "Spider-Man" star sold it for a profit at $10.25 million.
One star who's making a killing on the real estate market is talk show host Ellen DeGeneres. It was reported that she made a cool $15 million after selling a property she held on for six months. The home was sold to billionaire Sean Parker (off-the-market) with a price tag of $55 million.
Forbes notes that to date, DeGeneres holds the title as the reigning Hollywood flipper. It reported that the dancing daytime host has flipped about half a dozen houses.
Citing the rising high-end property market in Los Angeles, "celebrities with cash and a discerning eye can make big profits flipping. They just need smart design sense, an understanding of the local market, and the luck of good timing," analyzed Mauricio Umansky of the Agency.
He explained that "One of the advantages celebs have for flipping is brand recognition." Unlike other regular home flippers, celebrities are able to "get their name out there."
The stars of concluded sitcom "Friends" are also getting in on the action. Forbes notes that Jennifer Aniston flipped a Beverly Hills mansion in 2006 she bought for $13.5 million and the outcome was so stunning it was published in Architectural digest. The property was sold in 2011 for an estimated $35 million.
Her colleague and best friend Courtney Cox has also joined the flipping action and has listed her Beverly Hills mansion for $19.5 million. It stands to bag a profit of $14 million as it was purchased for $5.45 million in 2007.
Some other big ticket names you may recognize that have been flipping their own properties include the likes of "Avengers" actor Jeremy Renner, TV star Corbin Bernsen, "The Hobbit" star Orlando Bloom and actress Diane Keaton, to name a few.
