25 December 2023
A look at the jaw-dropping profits earned by celebrities in the booming real estate market
The real estate market has been experiencing a surge in recent years, with homeowners reaping the benefits of soaring property values. But it’s not just regular homeowners who are cashing in on this trend. Celebrities, with their lavish and opulent residences, are making staggering profits from the sale of their homes. According to a study by real estate firm Agent Advice, the average profit on the sale of a celebrity home in 2022 was a whopping $2 million. Let’s delve into the details and explore some of the biggest celebrity real estate profits of 2023.
Mark Wahlberg: From Rapper to Real Estate Mogul
Mark Wahlberg, the Boston-born actor turned real estate mogul, tops the list with a jaw-dropping $46.7 million profit. Wahlberg sold his expansive 30,500 square-foot mansion in Beverley Park, California for an impressive $55 million. Despite the hefty profit, it’s worth noting that this amount was based solely on the land’s purchase price of $8.25 million. Wahlberg had initially listed the property for $87.5 million, showcasing the potential for even greater profits in the celebrity real estate market.
Brad Pitt: A Lucrative Los Feliz Compound
Brad Pitt, known for his successful acting career, also made a fortune in the real estate market. Pitt earned a staggering $31.3 million profit on his Los Feliz compound, the former family home where he raised his six children with Angelina Jolie. Having purchased the property three decades ago for $1.7 million, Pitt’s profit represents an impressive 1,840% increase in value.
Celine Dion: A Las Vegas Mansion Worth Millions
Canadian singer Celine Dion proved that her talents extend beyond the stage by making a remarkable $20.8 million profit on the sale of her 31,000-square-foot Las Vegas mansion. Dion sold the property for $30 million, three times the amount she initially paid in 2017. This substantial profit highlights the allure of luxury properties in sought-after locations.
Diane Sawyer: Vineyard Dreams Turned Profitable
Renowned broadcast journalist Diane Sawyer also joined the ranks of celebrities making substantial profits from real estate. Sawyer sold her Massachusetts vineyard for an impressive $23.9 million, securing a profit of $18.6 million. Having purchased the property for $5.3 million in the mid-1990s, Sawyer’s investment proved to be a lucrative one.
David Ortiz: A Home Run in the Real Estate Market
Retired Boston Red Sox designated hitter David Ortiz set a record by selling his Florida mansion for a profit of $10.55 million. Ortiz had purchased the land for $1.5 million in 2016, showcasing the potential for massive returns in a short period.
Conclusion: The soaring real estate market has provided celebrities with an opportunity to cash in on their extravagant properties. From Mark Wahlberg’s multimillion-dollar profit to Brad Pitt’s lucrative compound, these celebrity real estate transactions demonstrate the allure and resilience of the luxury property market. As property values continue to rise, it’s clear that the profits earned by celebrities in the real estate market will only continue to soar.