Why are all these celebrity homes going ‘cheap’? From Britney Spears’ New York City penthouse for US$7 million to the mansion in Taylor Swift’s Blank Space video, sold at half the asking price
- The California estate used in Basic Instinct and Big Little Lies is on sale at US$30 million – ‘tremendous value’ at US$2,450 for each of its 12,000 square feet
- With Jennifer Aniston, Beyoncé and Jay-Z in the neighbourhood, humongous LA mega-mansion Le Fin sold for ‘just’ US$141 million – less than half its asking price
As the world mourned the sudden passing of cricket legend Shane Warne, Australian media revealed that his plans to build an uber-luxury family estate were now in limbo.
On a prime beachside site in his hometown of Melbourne, the latest new build by the Australian spin king and serial property investor was reportedly to include a gym, theatre, games room, library, bowling alley, jet ski garage, wine cellar, music room, an alfresco bar and a four-bedroom guest wing.
The location – Portsea on the Mornington Peninsula – is one of Australia’s most desirable coastal suburbs. CoreLogic reports that Portsea home prices increased by 33.6 per cent in the 12 months to February 2022, to a median of A$3.4 million (HK$19.7 million), against a national average of A$728,000 (HK$4.2 million).
According to property agent Liz Jensen, director of Portsea and Sorrento at Kay & Burton Real Estate, the locale “attracts a variety of well-heeled prospective purchasers ranging from the very successful unknown through to high-profile corporate figures and super star status individuals”.
But does a celebrity connection to a home always increase its selling price?
Says Jensen: “Humans naturally want to walk in the steps of successful individuals and therefore do become interested in properties that have been owned and enjoyed by such people. The volume of interested parties at any one time directly affects the selling price, so it may have an influence.”
More than this, though, Jensen believes that locals will miss the colourful character and larger than life status of much-loved Warne, who regularly holidayed with his family in Portsea. “You can’t recreate another ‘Hollywood’ [also Warne’s moniker] easily,” she says. “Nor be in touch by queuing at the fruit and veg shop next to him.”
Making Hollywood home
What about walking in the footsteps of actual Hollywood stars? Jonathan Spencer, a property agent at Compass in Carmel, California, is handling the sale of The Lodge at Spindrift, a spectacular oceanfront estate which served as the set for 1992’s box office smash Basic Instinct (starring Sharon Stone and Michael Douglas), and more recently, for the acclaimed 2017-2019 HBO series Big Little Lies, with Reese Witherspoon and Nicole Kidman.
“For many years, Hollywood elites have recognised this property as the quintessential coastal estate,” he explained. “It’s a rare opportunity to own 2.1 acres of ocean splendour with a 12,100 sq ft all-inclusive compound with every amenity one could ask for.”