Why are all these celebrity homes going ‘cheap’? From Britney Spears’ New York City penthouse for US$7 million to the mansion in Taylor Swift’s Blank Space video, sold at half the asking price

As the world mourned the sudden passing of cricket legend Shane Warne, Australian media revealed that his plans to build an uber-luxury family estate were now in limbo. On a prime beachside site in his hometown of Melbourne, the latest new build by the Australian spin king and serial property investor was reportedly to include a gym, theatre, games room, library, bowling alley, jet ski garage, wine cellar, music room, an alfresco bar and a four-bedroom guest wing. The location – Portsea on the Mornington Peninsula – is one of Australia’s most desirable coastal suburbs. CoreLogic reports that Portsea home prices increased by 33.6 per cent in the 12 months to February 2022, to a median of A$3.4 million (HK$19.7 million), against a national average of A$728,000 (HK$4.2 million). Is Blackpink’s dorm worth more than Buckingham Palace? 7 celeb home prices ranked According to property agent Liz Jensen, director of Portsea and Sorrento at Kay & Burton Real Estate, the locale “attracts a variety of well-heeled prospective purchasers ranging from the very successful unknown through to high-profile corporate figures and super star status individuals”. But does a celebrity connection to a home always increase its selling price? Says Jensen: “Humans naturally want to walk in the steps of successful individuals and therefore do become interested in properties that have been owned and enjoyed by such people. The volume of interested parties at any one time directly affects the selling price, so it may have an influence.” More than this, though, Jensen believes that locals will miss the colourful character and larger than life status of much-loved Warne, who regularly holidayed with his family in Portsea. “You can’t recreate another ‘Hollywood’ [also Warne’s moniker] easily,” she says. “Nor be in touch by queuing at the fruit and veg shop next to him.” Read more of our Property Matters column here Making Hollywood home What about walking in the footsteps of actual Hollywood stars? Jonathan Spencer, a property agent at Compass in Carmel, California, is handling the sale of The Lodge at Spindrift, a spectacular oceanfront estate which served as the set for 1992’s box office smash Basic Instinct (starring Sharon Stone and Michael Douglas), and more recently, for the acclaimed 2017-2019 HBO series Big Little Lies, with Reese Witherspoon and Nicole Kidman. “For many years, Hollywood elites have recognised this property as the quintessential coastal estate,” he explained. “It’s a rare opportunity to own 2.1 acres of ocean splendour with a 12,100 sq ft all-inclusive compound with every amenity one could ask for.” Celebrities want exclusive and private estates, Spencer continued. Since this property speaks to both those desired elements, it “commands a premium as a result”. “Over the past five years, numerous high-net-worth buyers have invested in this stretch of oceanfront real estate along the Carmel Highlands and Big Sur area – in some cases, pouring US$20-30 million dollars into new construction after purchasing the land for US$10-20 million-plus,” he said. Overlooking the Pacific Ocean, the 12,000 sq ft residence has five bedrooms, nine bathrooms, two kitchens, a two-storey library, gym, sauna, pool and spa. Why hip millennial Londoners are moving into co-living creative hubs In a neighbourhood where properties can command prices of US$30-50 million, 157 Spindrift Road “represents a tremendous value at US$2,450 per square foot”, Spencer says. With many improvements made in recent years, he added, this expansive home is “like new” and “cannot be replicated in today’s building environment”. You would need to have true stellar status to afford a new build now on the market in ritzy Bel Air, Los Angeles – a home that includes a nightclub, a sub-zero vodka tasting room and a Las Vegas-style bar with a rotating car display, just listed for sale at US$139 million. In a neighbourhood that has drawn the likes of Jennifer Aniston, Beyoncé and Jay-Z – along with Ronald and Nancy Reagan and Elizabeth Taylor – the new property, La Fin, was built by Joseph Englanoff, an LA doctor and property investor who reportedly was also involved in the creation of The One, a 105,000 sq ft mega-mansion said to be the biggest modern home in the US. (The One was recently listed for sale for US$295 million, but at auction in March achieved only US$141 million). According to the listing by The Agency, Beverly Hills, La Fin comprises 12 bedrooms and 16-plus bathrooms, with a separate detached guest penthouse, caretaker residences and security command centre overlooking views from downtown to Century City. The primary bathroom features 24 slabs of Calacatta gold marble, a 100 sq ft shower and showroom-style walk-in wardrobes, all centred around a luxurious soaking tub cut from a single marble stone. Other extravagant extras include a seven-metre outdoor LED screen, home theatre, wine room with custom Murano glass art installation, cigar room, fitness centre with climbing wall and full catering facilities. Star power has its limits However, sometimes not even a celebrity connection can help a property achieve an owner’s desired outcome. Winfield Hall, the historic mansion where Taylor Swift’s Blank Space music video was filmed back in 2014, recently sold for US$8.25 million – less than half the previous asking price. Fancy a luxury chalet home? Why ski property prices are on the rise Built in 1917 for pioneering retail entrepreneur Frank Winfield Woolworth, the 6.5-hectare property on Long Island Sound (between New York and Connecticut), included a 32,098 sq ft main mansion and a 17,000 sq ft carriage house. When completed, it was the largest private home in America. Property agent Margaret Trautmann of Compass, Long Island, described Winfield Hall as one of the last well-preserved Gilded Age (circa 1870-1900) mansions, bearing testament to the exorbitant wealth of that period of American history. “From intricate gold leaf ceilings with massive chandeliers to decorated or panelled walls, equally intricate fireplace surrounds to stunning inlaid floors, not a single surface of the interior was untouched,” she said. Between 2002 and 2004, Trautmann had Winfield Hall on the market for US$20 million. Cash offers up to US$19 million were received, but the owners refused. “In the current economy, demand for opulent homes has dropped significantly,” she said. “I did have a few offers over the asking price that did not pan out. But we finally found the perfect buyer who is renovating the mansion and will be bringing it back to its original glory.” Vaccines and visas: how Dubai property prices surged 44 per cent just like that Buying guide What you can buy for US$7 million A New York City penthouse that has been owned by a bevy of celebrity A-listers, including Cher and Britney Spears. Built in the Italian Renaissance style in 1908 and converted to apartments in the 1980s, the 12-storey Silk Building occupies an entire block in Manhattan’s NoHo neighbourhood. The 3,785 sq ft penthouse has four bedrooms, wood fireplaces, a wet bar and outdoor terrace. What you can buy for US$16 million A sprawling estate in Sun Valley, Idaho, US, one of the main locations used in Marilyn Monroe’s 1956 movie Bus Stop. The five-hectare property includes a main house, a guest house (Grace’s Diner in the film), a party barn complete with kitchen and dormitory, plus several heated garages. Want more stories like this? Follow STYLE on Facebook, Instagram, YouTube and Twitter.