If you’ve ever browsed through the television guide, you might have seen that there are a good number of television shows dedicated to the real estate industry. House Hunters International, Million Dollar Listing, Extreme Makeover: Home Edition, and Real Estate Intervention are just a few of the cable or network television shows designed to allow the real estate industry and home improvement companies advertise and reach a wide audience of consumers.
Just looking in my own town, with recently-built single-family homes typically asking $700,000 and above, it makes me wonder how anyone can afford to live where I do. The entire town can’t consist of upper-level executives and business owners who comfortably earn $350,000 a year, can it? One town over, house prices typically range from $1 million to $2 million, but there’s no upper limit. This is clearly a location for well-off individuals. And considering I may be looking to settle down and buy real estate, I’ve been trying to get an understanding of local real estate forces.
But celebrities — the top echelon of movie stars and athletes — are in their own class.
Michael Jordan is selling his 56,000 square-foot home, asking $29 million for the house in a suburb of Chicago. The house features an indoor basketball court with its own parking lot and access and a wine and cigar room.
Jerry Seinfeld is offering up his Colorado mansion for $18.25 million. His property is much smaller than Michael Jordan’s at only 14,200 square feet. The property sits on 26 acres, while Jordans’ only includes 7 acres of land. Compare this to my apartment, which is around 1,300 square feet. This is only one of the television star’s vacation properties, with 11 bedrooms and a spa.
Rapper 50 Cent has had his Connecticut mansion on the market since 2008, when the recession was in full swing. His original asking price of $19 million has dropped to $10 million, still higher than the amount he paid to buy the property from Mike Tyson’s ex-wife, $4.1 million.
Celebrities live in a different world, where dropping millions of dollars on a property is commonplace.
Published or updated March 4, 2012.