How famous or infamous a person is can determine the value of the house when it’s up for sale. According to home appraisal experts, homes owned by the rich and famous can sell at a premium of up to 20 percent more than homes that belong to just regular millionaires.
Depending on the reputation of the celebrity, buyers will pay a premium. The only question is “how much of a premium they’ll pay,” New York real estate agent Barbara Corcoran said in a statement. “They always do, they just can’t resist it.”
For instance, the Miami Beach mansion belonging to New York Yankee third baseman Alex Rodriguez or A-Rod, as he is known, is on the market for $38 million. In 2010 when he bought the house, its value was $24 million.
The 20,000-square foot house features a home movie theater, a 3,000 square foot gym, a steam room, nine bedrooms, 11 full baths, a four-car garage, an infinity pool and a gourmet open kitchen. The waterfront property also has 275 feet of water-frontage and two boat docks.
“According to public tax records, A-Rod's lot at 22,062-square feet is much smaller than two other competing homes which are on the market for lower asking prices,” Joseph Castaneda, CEO of Home Appraisals Inc., said in a statement. “They are located on nearby Star Island, which I consider a more prestigious address. They both have 40,000 square foot lots, which is almost double the size of A-Rod's” said Castaneda.
Though the bank may not qualify A-Rod’s house to appraise at a premium rate, Castaneda said a buyer might, considering it was owned by a New York Yankee star.
Similarly, when gangster Al Capone’s home came up for sale last weekend, the 1922 property was also listed at a premium. The house was bought by investment banker Peter L Corsell last year $5.7 million. Today, it is listed for $9.5 million.
