Home Property The biggest celebrity real estate profits for 2023

The biggest celebrity real estate profits for 2023

by LLP Finance Reporter
11th Dec 23 4:14 pm

Mark Wahlberg emerged as the top earner among celebrities in real estate profits of 2023, securing an impressive $46.7 million.

Real estate experts, Agent Adviceanalyzed over 130 celebrity-involved property sales in the United States since January 2023. The study aimed to determine which celebrities achieved the highest profits by comparing their original purchase prices to the final transaction amounts.

In February of this year, Boston-born actor Mark Wahlberg successfully sold his expansive 30,500 square-foot mega mansion in Beverley Park, Southern California, for $55 million. Despite its initial listing at $87.5 million the previous year, he experienced a 37% reduction in the asking price. Considering that he had purchased the land for $8.25 million in 2009 and enlisted the expertise of Richard Landry to build the mega-mansion, Wahlberg ultimately realized a substantial profit of $46.7 million. Situated over 6.2 acres, the property boasts a range of amenities, including a skate park and a basketball court.

The celebrity securing the second-highest profit this year was Brad Pitt. In April, reports surfaced of the producer and actor selling his long-held Los Feliz compound, the former family home where he raised his six children with Angelina Jolie, for $33 million. Having initially purchased the 6,700 square-foot mansion from Cassandra Peterson over three decades ago for $1.7 million, he’s churned a substantial 1,840% profit. Pitt further expanded the Californian property by acquiring neighboring lots over the years. In a recent move, he opted for a considerable downsizing by swapping homes with actress Aileen Getty, who paid $7 million less than his initial asking price.

Canadian singer Celine Dion made headlines by selling her expansive 31,000-square-foot mansion this May, fetching a remarkable $30 million— triple the amount she had initially paid in 2017. Nestled in the ultra-exclusive Las Vegas community of The Summit Club, known for listings reaching as high as $25 million, the 4-bedroom, 12-bathroom property witnessed a substantial transformation during the year-long renovation. Although it remains uncertain whether Dion officially took residence, the venture resulted in an impressive $20.8 million profit from the property’s initial purchase.

Fourth on the list is broadcast journalist Diane Sawyer, who successfully sold her coastal Massachusetts vineyard to healthcare investor David Malm for $23.9 million. Dropping only $100,000 off the initial asking price, the 20-acre picturesque estate known as “Chip Chop” has been Sawyer’s residence since the mid-1990s. She bought it for $5.3 million and secured an incredible profit of $18.6 million. Constructed in the late 1930s, the estate’s attractive amenities and multiple detached suites contributed to its swift sale in less than two months.

Retired Boston Red Sox designated hitter David Ortiz set records for the $10.55 million deal of his Floridian mansion this year. After investing in the land in 2016 for $1.5 million, Ortiz’s recent transaction made him over $9 million richer after just four months on the market. Originally listed for $12.5 million, the expansive Pinecrest property spans 10,200 square feet, featuring amenities such as a home theater, a gazebo, and a sports memorabilia lounge.

Renowned director and producer Judd Apatow also achieved a remarkable feat this October, securing a $9 million profit for his Brentwood property, surpassing the asking price by an additional $2 million. Purchased in 2009 alongside his wife, Leslie Mann, from Marty Adelstein, the property initially cost $18 million. In a discreet off-market transaction this year, Apatow finalized the sale for $27 million. Boasting over 10,000 square feet of space, the new mystery buyer is set to enjoy the family home’s expansive backyard pool, lush green lawns, and a gated motor court.

Adding another Brentwood property to the list is English actor and comedian James Corden. With a net worth exceeding $70 million, Corden found himself $7.3 million wealthier following his all-cash deal of $17 million in July. The exchange for his 8,600 square-foot Brentwood mansion resulted in a 75% profit from his $9.7 million purchase in 2017. As Corden relocates back to the UK, he passes on the Los Angeles property to LeeAnn Akouri, daughter of Hong Kong Billionaire Weijian Shan, who secured the estate for $4.8 million below the asking price. Constructed in 1997, this New England-style property boasts a range of luxurious amenities, from pizza ovens to private terraces.

Following in the rankings is Oprah Winfrey. The esteemed host and television presenter recently bid farewell to her ranch house in Montecito, priced at $14.2 million. As reported in March, the 3,000-square-foot property situated across from her Promise Land estate is now under the ownership of Red Notice director Dawson Marshall Thurber. Having paid $7 million for the Californian property in 2005, as part of her decision to acquire neighboring properties around her estate, Oprah has seen a commendable profit of over $7.2 million. Last September, she sold another Montecito compound to Jennifer Aniston for $14 million.

Having dropped over 40% in his original asking price, Atlanta Hawks coach Quin Snyder still managed to secure a tidy profit of $6.8 million for his Utah mansion. Listed on the market since July 2022, the 12,000 square foot residence, boasting eight bedrooms and ten bathrooms, also includes unique amenities such as a pickleball court, a saltwater infinity pool, and a putting green. Reports indicate that Snyder extensively transformed the home after acquiring it for $925,000 in 2015 but moved on from the Salt Lake City estate this September.

Despite falling short of his initial expectations by 60%, Rockstar Energy Drink founder Russ Weiner concludes the list with a tidy profit of $6.4 million, marking his departure from one of his six properties. Acquiring the eight-bedroom, 11-bath home in 2018 for $18.6 million, Weiner successfully sold the property this August for $25 million to NoHo tech CEO Tony Safoian after 41 months on the market. The 10,575 square-foot residence, located in Beverly Park, is situated only a few hundred meters away from Mark Walhberg’s former mansion.

Chris Heller, co-founder of Agent Advice, said, “In a year marked by noteworthy and record-breaking real estate maneuvers, the impressive profits generated by these celebrities, from Mark Wahlberg to Russ Weiner, emphasize the resilience and allure of the luxury property market.”

“Celebrities are not only making substantial profits but also strategically timing their sales. This in-depth analysis also revealed fascinating patterns, such as February, April, and August yielding the highest profits, with January delivering the lowest. These findings are invaluable for both celebrities and aspiring property investors, offering strategic cues on optimal selling times.”

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