Real Estate Woes of the Rich and Famous

Even the stars are not immune from today's hard hitting real estate market. Kelsie Grammar recently sold his Los Angeles home for $3.3 million. This was almost 20% less than he paid for it in 2007. The 7,600 square foot home was constructed in 1999 and sat on 1.5 acres in Bel-Air, with gorgeous canyon and city views.

Adding insult to injury, Grammar was forced to lease another home after it failed to sell for $18.9 million. This recently renovated, English-style manor in Holmby Hills has a cobblestone driveway, pool and media room. He paid $13.7 million for the home in 2007. Mauricio Umansky, of Hilton & Hyland/Christie's Great Estates was the listing agent for Mr. Grammar.

Tom DeLonge of band Blink-182, just lowered the selling price of his San Diego home to $5.1 million - over 20% less than his original purchase price and subsequent $1 million spent on renovations.

The 6,500 square foot home sits on 1.1 acres in The Bridges, an upscale 540 acre golf community in Rancho Santa Fe, and features five bedrooms and six bathrooms. In 2005, DeLonge paid $5.5 million for the home and first listed it at $6.25 million in 2007. Laura Barry, of Barry Estates is DeLonge's listing agent.

Producer John Peters will accept $19.95 million for three partially developed Beverly Hills lots. This is about half the price he was looking for in 2008. Jeffrey Hyland and Brooke Kaufman, of Hilton & Hyland/Christie's Great Estates, are holding the listing.

Beverly Hills investor Stanley Chais, who was tied to the Bernard Madoff scandal, has reduced the price of his Sierra Towers condominium to $4 million. This is 15% less than the $4.4 million he paid for it in 2007. He is also accepting leasing offers of $20,000 a month (reduced from $28,000). See Coldwell Banker's Guy Levy and Linda May for information regarding the listing.

A New York Harlem mansion owned by famed circus owner James Bailey, has its selling price reduced by $10 million. This represents a 35% cut in under 6 months. The home is owned by Marguerite Blake, a former funeral-home director. Listing agents are Lori Huler Glick and Cindy Kurtin.

This 12,000 square foot, circus-like structure features stained glass windows, multiple turrets, extensive mahogany interior trim and paneling and ornate chandeliers. It needs a fair amount of work, but would make a great bed & breakfast or school. Sorry, no moat.

Back in April, Greenwich, Conn. estate of the late Leona Helmsley was cut to $75 million. At possibly the biggest real estate price cut in history, this was a $50 million reduction from the original price of $125 million it was listed for last year.

The 20,000 square foot Jacobean-style brick mansion sits on a 40-acre country property, and features 13 bedrooms (six for servants), a walk-in silver closet, marble reflecting pool and fountain, back terrace that leads to a koi pond, elaborate flower beds, large rectangular indoor pool, wine cellar and two dining rooms.

Mrs. Helmsley and her husband paid $11 million for the home in the early 1980s and later extended it by purchasing neighboring property.

Everything you need to know about Santa Cruz real estate is right here at MySantaCruzRealEstate.com. Lauren Spencer, Coldwell Banker Realtor will be glad to answer your questions about homes in West Santa Cruz CA.