Luxury living isn’t always what it’s cracked up to — as Justin Bieber, Reese Witherspoon and LeBron James discovered when they tried to sell their multimillion dollar properties.
While some celebrities like Bethenny Frankel and Andy Cohen have made hefty profits on their designer dwellings, many others have had to endure economic hardships and volatility in the real estate market.
Even the glitziest of celebrity homes occasionally cannot attract a buyer until prices are slashed significantly.
Keep scrolling for a look back at some celebrities who actually lost money on the sales of their lavish homes:
Justin Bieber
Shortly after his marriage to wife Hailey Bieber, Justin lost $500K on the Colonial-style Beverly Hills home he was trying to offload in 2021. The “Honest” singer paid $8.5 million for the two story, 4,900-square-foot home in 2019 but was ready to move out after just two years. The property was personally renovated by Hollywood production designer Charles Infante prior to landing on the market.
Despite the grounds having five bedrooms, seven baths and a private movie theater, Justin took a loss by selling the Beverly Hills home for only $7.955 million.
Reese Witherspoon
The Legally Blonde actress owned a 7-acre estate in Ojai, California that was originally built by influential architect Wallace Neff for glassware magnate Edward Libbey. The “California style” house boasted arched windows and the original stonework Neff installed nearly a century earlier.
The dream getaway property featured multiple guest cottages, a swimming pool and horse stable as well as nine bedrooms, five full bathrooms and two half-baths. It even had an important place in Hollywood history, as Robert Pattinson briefly lived there after splitting from Kristen Stewart in 2012. Witherspoon married Jim Toth at the Ojai retreat in 2011. (Toth and Witherspoon divorced in 2023)
Surprisingly, Witherspoon was not able to recoup her original $5.8 million price tag, as nearly $1 million had to be slashed before a buyer agreed to pay $4,983,500.
Ryan Phillippe
Unfortunately for the Phillippe-Witherspoon extended family, Reese wasn’t the only one who struggled to offload her California property. Her ex-husband Ryan lost more than $1 million when he sold his Hollywood Hills West mansion in 2013 for $6 million.
Phillippe originally paid $7.175 million for the “zen-modern retreat,” which had a gym, media room, private office, guest house and pool with underwater speakers spaced out over 7,600-square-feet. The gated property came with five bedrooms, 6.5 baths and an outdoor kitchen.
Andie MacDowell
The Way Home star got away with only a minor loss after reaching a $1.75 million deal for her Marina del Rey, California home. She originally paid $1.77 million in February 2013 but flipped the single-family dwelling only nine months later.
The modest 2,614-square-foot, open-plan home came with marble flooring, as well three bedrooms and bathrooms. A pool and outdoor lounge area added value even though MacDowell took a modest loss in the sale.
LeBron James
The Los Angeles Lakers star has owned multiple homes in the L.A. area since he moved out west in 2018. Unfortunately, one property in the Brentwood neighborhood proved difficult to sell.
According to reports, James reached an off-market deal for $19.6 million on his secondary Brentwood residence in 2021, despite paying $20,986,500 for it six years earlier. The property languished for months on the market before James finally cut a private deal.
Related: Anna Kendrick’s Former Hollywood Hills Home Sells for Nearly $2.4 Million
Anna Kendrick’s former Hollywood Hills ‘starter home’ has sold for nearly $2.4 million. The Pitch Perfect actress’s property was on the market for less than a month before it sold for more than double the $1 million Kendrick paid for it in 2012, reports Realtor. Kendrick’s real estate team were able to sell the 2,700-square-foot […]
The original listing for the 9,440-square-foot abode promised “every imaginable amenity” for prospective buyers, including a paneled library, an elevator, four fireplaces and, of course, a basketball hoop. The buyer was able to rest easy in six bedrooms designed meticulously with oakwood flooring and detailed ceilings.
Channing Tatum and Jenna Dewan
The former couple put their $6 million Beverly Hills home on the market shortly after they split in 2019. They bought the Hamptons-style 4,850 square foot residence from Carrie Fisher in 2015.
Boasting six matching bedrooms, bathrooms and fireplaces, the Beverly Hills mansion featured three floors and a cedar-shingled roof. Traditional amenities like a media room, private office, a family room and even a billiards room were all included, too.
Still, Tatum and Dewan could not find a buyer until they slashed $75,000 off the price and finally sold it for $5.925 million.
Katy Perry
The “Firework” singer’s Hollywood Hills West mansion was a problem from the beginning. Perry bought it as a lovers’ retreat with ex-husband Russell Brand for $6.5 million, but once they split in 2012, she sold it without ever having moved in.
It’s easy to see what attracted Perry to the double-gated, Mediterranean-style house that sits across three acres. Originally built in 1925, the property came with a sweeping staircase, a two-story living room, stained-glass windows and a four-room master suite.
The 8,835-square-foot home had seven bedrooms in total, as well as nine bathrooms and even a pub. Unfortunately, Perry never got to enjoy living there before she sold it in 2013 for $5.565 million – meaning she lost nearly $1 million on the deal.
Simon Cowell
Cowell bought the 4,900-square-foot Hidden Hills house — which came with skylights, a stable and a horse-riding area – from singer Leona Lewis in August 2020 for $3.9 million. It was a deal between friends and frequent collaborators, as Cowell discovered Lewis on his British TV series The X Factor.
The music mogul quickly put the property back on the market only 10 days later. While it sold relatively quickly for $3.6 million, Cowell lost $300,000 on the deal.
The lucky buyer saved significantly on the single-story property and its luxurious amenities, such as a pool and guesthouse.
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