A celebrity divorce is sad news but it is good for realty business. Some famous stars who had major splits this year, such as Blake and Miranda, Jen and Ben, Gwyneth and Chris, are sure to have their properties listed on the market.
These celebrities are rushing to sell their properties fast once they extricate themselves from their marriage. But it doesn't mean that they can sell these properties so fast. There are a number of celebrity homes lingering on the market and sold below the asking price.
Terrell Owens and his estranged wife are still looking for buyers for their "Nantucket-style'' house in Sherman Oaks, CA, who can snatch it for $2,193,500. Buyer will be happy for the big discount, as the house was listed for $2.35 million in June.
Angel's outfielder, Josh Hamilton, is offering another bargain for his mansion in Newport Coast, CA, which is now listed for only $15,888,000. It was first listed on the market for $16.5 million in April.
According to Realtor, when Drew Barrymore split from her husband of one year in 2013, they listed their home for $7.5 million; it was later on sold at a reduced price of $6.35 million.
However, there are also some divorced celebrities that have hit a jacket in real estate. When Antonio Banderas and Melanie Griffith split after 18 years of marriage, they sold their Hancock Party property for almost $16 million, well above the $4.2 million price they paid for it in 1999.
Confidential Magazine said divorce or death of one of the couple is good for business for realtors, although most of the listing is laden with emotional baggage. Keeping emotional feelings off the table can help close a deal.
When a property is to be divided, one spouse (usually the one not living in the house) is inevitably keener to close a sale. "It's a very emotional process that brings out the best and worst in people," says Sally Forster Jones, president of Aaroe International Luxury.
