Even the richest Americans compete with today’s housing market. Take James Jannard, the billionaire founder of luxury glasses and clothing brand Oakley, as an example.
Jannard, who Estimated value of $1.3 billion according to Forbes,,,,, Just relist His Beverly Hills Megamansion has a telescope of up to $65 million. Still, this is the $68 million drop he originally listed in June 2024.
Getty Images – Lee celano/Oakley
In the luxury housing market, he has become a victim of challenging trends, where many of the most luxurious and expensive homes are too expensive when they are put on the market. And now, the expected gains Jannard would lose when he first listed the house.
Jannard paid $19.9 million for value property In December 2009, even if he managed to find a buyer for $65 million asking price, he would make a penny for a huge five-bed, nine-bath. Specific large-scale measures In one of Los Angeles’ most popular neighborhoods, this stretches over 18,000 square feet, nearly two acres. Altman Brothers, a luxury real estate company in Orange County Represented last year’s listing.
The current listing agent for the property is Aaron Kirman, Christie’s International Real Estate Several lists The Los Angeles area is more than $100 million. Kirman and Jannard did not respond immediately wealthRequest for comments about the property.
Other super-wealthy home sellers have been forced to lower their listing prices recently. In May, Jennifer Lopez and Ben Affleck Reduced price $8 million in their $60 million Beverly Hills mansion, last year, billionaire media tycoon Rupert Murdoch Cut the price Nearly 40% of his Manhattan penthouse, to $38.5 million.
Housing market factors affect sellers
While we haven’t completely left the seller’s market yet, as lists stay in the market for longer, price cuts are becoming more common, and the tide has begun to turn to buyers. realtor.com.
So the price drop is not surprising, especially in the Los Angeles luxury market with more leverage in the Los Angeles luxury market, Anthony Luna, a Los Angeles-based real estate consulting coastline stock, told Anthony Luna wealth.
“Square-foot and celebrity status no longer prove the price overstatement,” he said. “Buyers need smart design, upgraded systems and long-term value.”
The luxury home tax in Los Angeles imposes a 4% tax on at least $5 million in real estate sales and a 5.5% real estate tax north of $10 million, making real estate sales and pricing even more complicated. Tax fees are usually paid by the seller, separated from the sale price of the house, and may be “a lot of money”, Sell the sunset Star and Oppenheim Group Agent Emma Hernan Previously Tell wealth. She also describes it as a “nightmare” for sellers and agents.
Hernan said she warned clients about luxury home taxes before preparing for sale. For example, go home for $5 million. Hernan said the sellers would have to pay an additional $200,000, “because they are not playing a role because they are not really considering them when buying the home.”
Luna said the downward trend in luxury home prices is bigger to the housing market like Jenner De, Murdoch and Lopez: bigger corrections.
“The luxury market is no longer about vanity. It has to do with value and safety,” he said. “Buyers are doing math, they are calling bluff.”
