Hotel and casino magnate Steve Wynn paid $16.25 million for his 11,000 square foot mansion above the Bel-Air Country Club, however he just sold his mansion for a loss, according to an article by Andrew Khouri for the Los Angeles Times.
He tried lowering the price several times before finding a buyer.
From the article:
Less than a year later [after he bought it], he sought to unload the home with a paneled library and staff bedroom for $20 million.
No luck. Then he tried $17.45 million. No luck again.
In May, Wynn dropped his price to $15.95 million, $300,000 less than what he paid for the property in 2014. The home went into escrow “very close” to that price last month, said Coldwell Banker agent Mary Swanson, who confirmed Wynn would be taking a loss.
And Khouri isn’t the only one having trouble.
Britney Spears also had to take a loss of about $1 million in the asking price of her home, according to an article by Neal Leitereg for the Los Angeles Times.
From the article:
Finding no takers at her previous asking price of $8.995 million, pop superstar Britney Spears has lowered the price for her home in Thousand Oaks by $1 million. The renovated spread on more than an acre in the Lake Sherwood community now lists for $7.995 million.
During the first quarter this year, for the first time since 2012, sale prices decreased for the luxury housing market, defined as the top 5% of homes sold in a given quarter, according to a report by Redfin, a real estate brokerage.
Many predict a slowdown in California’s housing market, and a recent report for the California Association of Realtors gives three reasons why the housing market is about to grind slower.
“Sales continue to be lackluster state-wide,” said Madeline Schnapp, PropertyRadar director of economic research in a recent report. “Without an increase in affordable inventory, high prices continue to depress sales.”