Five of the worst recent real estate sales

Famous people and celebrities who missed out on making a profit in the sale of their properties.

By James Sawyer

It has been quite an eventful time for the real estate and housing markets across the world. Some regions experienced swift sales and others had to face slow and downward trends. While a few records were broken, others encountered a ridiculosity in listed sales that have not been seen in a long time.

There were lots of oddities, and it is pertinent to examine the highs and lows of the housing market for the year. Some will go down as the worst of the housing sales. Absurd shifts drove listing price southwards of more than one of the world’s most luxurious accommodations.

1. Top spot on our list takes this Dallas mansion, formerly owned by sports investor Tim Hicks and banking investor Andy Beal. The property was previously listed for $135 million but was sold for $36.2 million on auction. The 10-bedroom, 27,000-square-foot home sits on about 25 acres of land and was purchased by Mehrdad Moayedi of Centurion American Development Group.

2. The next is this 3-bedroom California home of Barbara Sinatra, the late wife of the great music star Frank Sinatra. The property, located in the golf town of Rancho Mirage, was purchased in 2000 for $1.25 million and only listed for sale in October after her passing for $1.05 million. Although the final sale amount is yet to be released, it is sure that it is below the listed amount.

3. The Gilded Age Chicago home of chewing gum tycoon William Wrigley Jr. is the next on our list. This century home used to be a haven of the rich but has only been able to attract about half its listed price of $9.5 million. The property was sold for $4.9 million.

4. A worthy mention is Mel Gibson’s Aguora Hills one-bedroom cottage. This cottage makes the list on the overwhelming loss he had to take in the sale. This is not the only home the Oscar award winning actor had to offload this year. It is more striking because he had to take a loss in excess of $1.5 million. The property was purchased for $2.15 million in 2007 and was only sold last October for $699,000.

5. The sales drought was also felt in the upscale property market of New York. The property under review is a condo on the 14th floor in Manhattan’s 15 Central Park West. The property, owned by financier and philanthropist Jeffrey C. Walker and his wife Suzanne, was first listed for $38 million but was only able to attract a final sale price of $29.5 million, taking a discount of $8 million in the sale. The 4-bedroom condo first hit the market in March but unable to close, was relisted in May before being bought off for the sale amount.

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