Celebrities Forced To Slash Millions From the Prices of Their Homes in Today’s Cooling Market

Not even the rich and famous are exempt from the chill of the ongoing housing market cooldown.

Many homebuyers across the U.S. are tied to their properties by “golden handcuffs” after locking in low mortgage rates during the COVID-19 pandemic. And now, they’re waiting for prices to thaw and interest rates to fall before selling.

These conditions have also forced some big-name homeowners to significantly lower the prices of their elegant spreads. Celebrities—they’re just like us! (kind of)

‘Celebrities are not immune’

“In a notable shift, the housing market is showing signs of cooling, making high-profile celebrities like Kanye West and Jim Carrey reduce the asking prices of their luxurious properties,” says Raleigh Realty owner and agent Ryan Fitzgerald, who cites the housing prediction forecast from Realtor.com in his analysis of celebrity homes prices reductions.

“Celebrities are not immune to these market dynamics,” he says. “Their substantial price cuts reflect broader market trends and provide insights into how the luxury segment is adapting.”

California sellers have struggled the most with estate price cuts, Fitzgerald adds.

“Even 12 celebrity properties in the state have seen major reductions, totaling an incredible $133,275,000 loss from their initial listing prices,” he says.

Of course, the costlier the house the more incentive there is to reduce the price. Taxes, high mortgage payments and soaring maintenance costs give mansion owners more reason to do whatever is necessary to sell quickly.

Regular home sellers face the same challenges; they’re just scaled down (quite) a bit.

Fitzgerald decided to take a look at which celebrities have made the biggest reductions on the chic properties they’re trying to sell in 2024. We’re talking multimillion-dollar discounts.

In one example, casino mogul Steve Wynn has slashed the original listing price of one of his properties by $60 million, and it still hasn’t sold.

Have a look at some of the biggest celebrities making even bigger price cuts to their superluxe homes.

Original list price in 2021: $125 million
Current list price: $65 million 
Price cut: $60 million

Although the casino magnate has proven himself to be a savvy real estate investor, selling several other luxury properties in various parts of the country over the past few years, Steve Wynn’s Beverly Hills estate still hasn’t found a buyer despite the more-than-half-price discount.

Wynn has been trying to sell the 11-bedroom trophy estate, which he dubbed “Villa Lulu,” since 2021. It sits on 3 beautifully manicured acres and has posh amenities like a wine cellar, screening room, “resort-sized” gym, massage room, luxury hotel-worthy pool, tennis court and pavilion, and a three-bedroom guesthouse.

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Rick and Kathy Hilton

Original list price in 2021: $55 million
Sale price in 2024: $25 million
Price cut: $30 million

In 2021, Hilton and Hyland Real Estate founder Rick Hilton and his former “Beverly Hills Housewife” spouse Kathy Hilton (the parents of Paris Hilton) finished building this shiny new spec mansion in Bel-Air. They spared no expense and put it on the market for $55 million. It languished there for four years before it sold in an all-cash deal for $25 million in 2024—a 55% discount, according to the Robb Report.

Among its finer features are stone and hardwood floors, a spacious kitchen designed in denim blue, and an entire primary wing with dual closets and bathrooms.

Meanwhile, the fun happens in the basement-level entertainment space outfitted with a wet bar, wine room, and full catering kitchen. Even more good times await in the pool and spa and in the poolside pavilion that features a lounge, kitchen, and guest accommodations.

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Original list price in 2023: $53 million
Current list price: $39 million
Price cut: $14 million

You’ve probably heard about this one, as it’s still making headlines. West, who now goes by the moniker Ye, paid $57.25 million for his minimalist beach house in 2021. It was designed in 2013 by the Pritzker Prize–winning Japanese architect Tadao Ando and built by celebrated L.A.-based architecture firm Marmol Radziner.

Ye then gutted the beachfront home, removing the fixtures, doors, windows, wiring, and plumbing and left it open to the oceanside elements. It’s now just a 4,000-square-foot steel and concrete mass on a relatively compact 5,674-square-foot lot. A buyer would have to spend millions to make it livable.

Agents claim it’s difficult to show, and potential buyers have expressed little interest. Good luck to Ye when it comes to snagging even the $39 million he’s asking for the place!

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Original list price in 2019: $51,995,000
Current list price: $39,995,000
Price cut: $12 million

It’s been five years since Sugar Ray Leonard and his wife, Bernadette Robi, listed their Pacific Palisades home for $52 million. Since then, it’s been on and off the market at increasingly reduced prices, settling near the $40,000,000 mark. A buyer has yet to emerge, though.

It’s not that the Mediterranean-style villa isn’t lovely or large enough—there are 16,800 square feet of living space in the compound the legendary boxer has owned for over two decades. Designed by architect to the stars Richard Landry, it sits on 1.7 acres—one of the largest lots in the exclusive Palisades Riviera neighborhood.

Seven bedrooms, 12 bathrooms, a wine room, solarium, pool, putting green, two-story guesthouse, and a tennis court comprise the opulent spread.

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Original list price in 2022: $29,000,000
Current list price: $18,995,000
Price cut: $10,000,000

Never one to be camera shy, Alec Baldwin made a video to accompany the latest price cut on his home in Amagansett, NY, home.

The actor, whose involuntary manslaughter case from the “Rust” movie-set shooting was tossed at trial last week, spoke about how much he and his family have enjoyed the Hamptons home of over 30 years. They also spent most of their time there during the pandemic. The 8.2-acre property features a 10,000-square-foot, four-bedroom, two-story, cedar-shingle farmhouse retreat.

It also includes rolling lawns, a custom pavilion with a fieldstone fireplace, a pool and spa, and a fenced vegetable garden. And it comes with approved plans to expand the home by 1,200 square feet with a second-story study, bedroom suite, and covered balcony.

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Original list price: $64,900,00 in 2022
Current list price: $54,900,000
Price cut: $10,000,000

It seems Billy Joel has been trying to unload his 13,349-square-foot, oceanfront Palm Beach, FL-area mansion for the longest time, and even a $10 million price hasn’t moved it so far. It’s surprising, considering the 1.6-acre, modern Mediterranean estate’s dramatic lake-to-ocean locale. Plus, the place is positively teeming with detailed ceilings, crystal chandeliers, marble, elaborate wrought iron, and wood paneling.

The main house offers nine bedrooms and is highlighted by a library with a fireplace, a home theater, and a pub with a custom-built bar. The eat-in kitchen is outfitted with an enormous island, a butler’s pantry, and a closet devoted to china and silverware.

The upstairs primary suite has wood-burning fireplaces in both the bedroom and bathroom, plus a private terrace with views of the Intracoastal Waterway, the property’s vast lawns, and the sprawling pool and adjacent pavilion.

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Original list price: $30,000,000
Current list price: $22,500,000
Price cut: $7,500,000

NASCAR legend Tony Stewart is still trying to cross the finish line on the sale of his 415-acre spread in Columbus, IN. He built the striking estate known as Hidden Hollow Ranch in 2011. So far, even a 25% discount hasn’t attracted a buyer.

The bucolic property includes a 19,000-square-foot mansion with six bedrooms and 11 bathrooms and is unlike anything else in the state. It’s constructed from lodgepole pine sourced from the Northern Rockies. High ceilings, stone walls, hardwood floors, and a two-story waterfall cascading into an indoor trout stream are among its highlights. And the elk-antler chandeliers here are, of course, a given.

The acreage is a licensed hunting preserve with elk, deer, and turkey, and it includes a 9-acre stocked lake. A bowling alley, game room, golf simulator, and a lighted onyx bar are among the home’s indoor recreational areas.

Original list price in 2023: $28,900,000
Current list price: $21,900,000
Price cut: $7,00,000

Jim Carrey bought his Brentwood, CA, oasis almost 30 years ago and is finding it’s not so easy to leave. The five-bedroom, nine-bath estate first hit the market in February 2023 for $28.9 million. The price dropped in April 2023 to $26.5 million, then lowered again in October 2023 to $23,950,000. Now it’s now down to $21.9 million.

The luxurious, single-story ranch sits behind over 280 feet of hedged frontage on a 2-acre lot. Among its highlights are six fireplaces, a large gym, and an art deco theater with a popcorn concession room, mohair fabric walls, and burl wood columns.

The backyard features lush gardens, a lighted tennis court, gazebo, a waterfall pool and spa, a guesthouse, and an outdoor yoga and meditation platform.

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Original price in 2022: $19,600,000
Price cut: $5,650,000
Final sale price: $13,700,000

Who would have thought Sofia Vergara would have to slice the price of her seven-bedroom, 11-bath, Tuscan-style villa in Beverly Hills, CA? While she spent quite a bit on the lavish decor, Vergara picked the property up for $10.6 million in 2014 and likely still made a profit on the recent sale.

The glamorous, gated estate has fancy features like high coffered ceilings, a black-and-white wet bar in the great room, huge windows, and a 3,000-bottle wine room.

Other amenities include a sauna, personal gym, and a plush primary suite with dual closets and a spa-inspired bath that overlooks the pool, spa, and covered patio.