Celebrities dealt harsh housing reality check as multimillion-dollar properties linger on the market, sell at steep discounts

Many big names in Australia and around the world learned some tough lessons in the real estate game this year.

Aussie and global personalities are getting wake-up calls when it comes to what they think they’re going to get from their homes when trying to sell, with many slashing their original price expectations, or giving up altogether.

From a $5m decrease on Traver Beynon’s Candy Shop Mansion in Queensland to Billy Joel’s Florida compound sitting on the market for six years, the stars are waking up to the harsh reality of the current property market.

Property Investment Professionals of Australia chair Nicola McDougall said celebrities weren’t immune to market conditions.

“Depending on where properties are located, you always need to price a property to meet the market,” Ms McDougall said.

“One thing celebs might find is the very, very small pool of potential buyers for their properties.

“If a property is overpriced for the market conditions at that point of time … celebs will actually have to make the necessary price adjustments to secure a sale.”

On the Money Rehab with Nicole Lapin podcast, the American real estate mogul warned the rich and famous needed to “get realistic”.

She added that the worst thing celebrities could do was continually lower the price of the properties as it sent the wrong message to buyers that they could be successful with a low ball offer.

Darren Palmer

Darren Palmer and his husband’s home has sold.

The holiday home of the The Block judge Darren Palmer and his husband, Olivier Duvillard has gone under offer, potentially incurring a $1m-plus loss.

The four-bedroom home ‘Pompano House’ at 30 Beachside Dr, Suffolk Park had an initial $3.1m-$3.3m price guide and later reduced to $2.95m-$3.245m and then $2.55m-$2.8m when it received an offer.

The home has direct access to Tallow Beach.

However, it was purchased by the couple for $3.85m in 2021 during the regional property boom.

The two-storey house is steps from Tallow Beach, with direct access down a beach path from the back gate of the residence.

Michael Jordan

Bulls legend Michael Jordan has finally sold his Chicago mansion.

Basketball legend Michael Jordan sold his Chicago mansion after it sat on the market for 13 years.

But the former Chicago Bulls and Washington Wizards player received under a third of its original $29m asking price, offloaded for just $9.5m, according to Realtor.

The full-size basketball court. Picture: Realtor

One of many living zones.

The nine-bedroom house in Highland Park, Illinois was first listed for sale in 2012 and had its price lowered to $16m a year later.

Then in 2015, the price was discounted further to $14.855m.

Past the grand front gates with Jordan’s jersey number ‘23’, the property features a full-size basketball court, an infinity pool, putting green, cigar room and tennis court.

Travers ‘Candyman’ Beynon

Travers “The Candyman” Beynon and wife Taesha Beynon. Photo: Instagram.

Tobacco mogul Travers ‘Candyman’ Beynon slashed the price of his Candy Shop Mansion to help it sell after it was on the market for more than a year.

The Freechoice Tobacconist franchise owner listed his 13-bedroom property for sale in December 2023 and was looking for offers above $25m.

The former Candy Shop Mansion, now the River Cove Mansion at 36 River Cove Pl, Helensvale.

Now, he has dropped his expectations and is looking for $18m-$20m — more than $5m less.

Benyon initially purchased the Queensland compound in 2010 and eventually bought the neighbouring home in 2014 to triple its size and sit on about half a hectare.

Once historic for hosting wild parties, the father-of-five changed the property’s name to River Cove Mansion to reflect how he is now focusing on family life.

Jennifer Lopez and Ben Affleck

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“Bennifer” have yet to sell their Beverly Hills property.

Although the former power couple listed their Beverly Hills property five months ago amid their break-up, Jlo continues to live in the $US68m ($A101m) mansion.

The pair put the 12-bedroom, 24-bathroom mansion on the market in July, a month after they filed for divorce, according to Realtor.

Jlo and Ben Affleck’s lavish mansion.

The 12-bedroom house is listed for a whopping $101m.

While there were rumours she was close to buying another $US55m ($A86.3m) compound in the same suburb, it seems Jlo continues to reside in the listed manor.

The couple snapped up the home for $US60.8m ($A90m) in May 2023.

It’s understood Affleck has since purchased a Los Angeles pad for $US20.5m ($A31.3m)

Irina Shayk

Russian model Irina Shayk is selling her West Village abode.

The Russian fashion model has cut more than $US1m ($A1.57m) off her New York City home’s asking price.

Located in the West Village, the three-bedroom abode initially had $US4.2m ($A6.59m) price hopes in June — now, it’s on the market for $US3.29m ($A5.163m).

She purchased the duplex for $US1.96m ($A3.076m) in 2010 when she was dating renowned soccer heavyweight Cristiano Ronaldo, the New York Post reports.

The West Village duplex. Picture: Realtor

Spanning a whopping 2450sq m, the home has nearly 3.4m ceilings, wide oak floors, heated floors in the bathroom and floor-to-ceiling glass windows.

The main bedroom has a large bath and walk-in wardrobe, with a sliding-glass door that separates it from the living zone.

There is also a basement level with an entertainment space and a secondary bedroom featuring a half bathroom.

Kylie Jenner and Travis Scott

Travis Scott, Kylie Jenner and their child, Stormi.

After spending two years sitting on the market, Kylie Jenner and Travis Scott have taken the listing of their Beverly Hills home down.

The former couple, who share two children together, put their seven-bedroom mansion up for sale in 2022 with $US21.9m ($A33.8m) price hopes, according to Realtor.

But after months of being unable to offload their property amid their break-up, the pair slashed its price guide to under $US20m ($A31.386m) in March 2023 and then again in February 2024 to $US17.995m ($A28.24m).

Travis Scott and Kylie Jenner’s mansion was first listed for sale in 2022.

The latest discount added the mansion was in February, down to $15.995m ($A25.117m) — nearly $6m ($A9.422m) less than the pair’s original expectations.

Spanning about 4000sq m, the home is largely open plan in its common living areas and has a chef’s kitchen fitted with an island and dark-wood cabinetry.

The primary suite has its own private sitting area, bathroom and two closets.

Billy Joel

Music legend Billy Joel sold his Florida mansion after six years.

Music legend Billy Joel sold his Florida mansion after six long years of sitting on and off the market in October.

The mammoth Manalapan compound was offloaded for $US42.6m ($A66.817m) — a whopping $US22m ($A34.505m) less than when it was first listed for $64.9m ($A101.79m), according to Realtor.

The Piano Man purchased the property in 2015 for about $US22m ($A34.505m) and tried to flip it for about $33m three years later.

Billy Joel’s former Florida compound. Picture: Realtor

The Piano Man sold it for $US42.6m ($A66.817m). Picture: Realtor

Stretched across 1240sq m, the nine-bedroom house had its price guide slashed numerous times, from $US54.6m ($A85.636m) at the start of this year to $US49.9m ($A78.25m) in March, to Joel eventually accepting its $US42.6m ($A66.803m) sale price.

Upon entry to the waterfront property, which sits between Lake Worth Lagoon and the Atlantic Ocean, is a large foyer featuring a grand piano.

The main living has an enormous open fire place, while the kitchen has a butler’s pantry.

There’s also a home bar, a theatre room, a 12-car garage, wine cellar and a two-bedroom guesthouse.

Tania Buckley

Marco Kelly and Tania Buckley. Picture: Canty Creative

Tania Buckley has shed more than a $1m off her Toorak mansion for sale nearly 100 days after she pulled it from the property market.

The ex-wife of Collingwood great and Brownlow medallist Nathan Buckley first listed her Tudor-style home for sale in March with $16.8m-$18m price hopes.

Her large Toorak home with plenty of outdoor entertaining space.

And after more than 100 days on sale, it was pulled from the market.

The five-bedroom house at 7 Stonehaven Court was then relisted with a $15m-$16.5m price guide in October and remains for sale.

Anthony Albanese

Prime Minister Anthony Albanese sold his investment property in November.

The Prime Minister managed to sell his Dulwich Hill investment property but suffered a $150,000 price cut.

The three-bedroom townhouse at 29B Lewisham St was purchased for $1.75m at the end of November despite Albo wanting $1.9m when it was first put on the market.

Albo’s former three-bedroom investment property in Dulwich Hill.

It was pulled from its scheduled auction in October and then relisted with a lower asking price of $1.85m.

Property records show he bought the townhouse for $1.175m in November 2015, which he then rented out.

The residence is in walking distance to the Dulwich Hill Village, Arlington Oval and the light rail that connects to Gleb and Sydney’s CBD.

Natalie Bassingthwaighte

Natalie Bassingthwaighte and her ex-husband sold their Ewingsdale property after months on the market.

Singer Natalie Bassingthwaighte and her ex-husband Cameron McGlinchey sold their Ewingsdale home in October after they lowered their price expectations.

The five-bedroom house at 15 Plantation Dr in the Byron Bay hinterland first put their home up for lease in May seeking $2850 a week and then $2500 before it was taken off the market.

The five-bedroom compound in the Byron Bay hinterland region was listed for $2.7m-$2.9m at the time it was sold.

Then in August, it was listed for sale with $3m-$3.25 price hopes before it was reduced to $2.7m-$2.9m and later sold for an undisclosed amount.

The pair snapped up the property for $2.15m in October 2020, property records show.

On the title, there are two single-level buildings, a four-bedroom main residence and a studio.

Bassingthwaighte and McGlinchey were bandmates in the Rogue Traders before marrying in 2011, announcing their split 2023.

Rebel Wilson

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Rebel Wilson sold her Los Angeles pad in October.

Aussie actress Rebel Wilson sold her Los Angeles pad just weeks after her wedding to Ramona Agruma in October.

However, the sale price was not exactly what the Pitch Perfect star wanted, selling for US$3.85m ($A5.7m) — $US576,555 ($A900,000) less than what it was initially listed for.