Luxury Real Estate Mistakes of the Rich and Famous
YORK (MainStreet) — Real estate transactions are high pressure situations where both the buyer and seller have a lot to lose. Celebrity real estate acquisitions are no different.
“Some high end buyers prefer to keep a lower profile and may shy away from a listing that’s too public,” said Crystal Green, a licensed real estate salesperson with Rutenberg Realty.
Being rich, famous and talented typically fuels special needs. Michael Jordan’s 56,000-square-foot house has nine bedrooms, 15 bathrooms and a regulation-size NBA basketball court.
“Comfort and privacy are significant factors when you have a restricted life in the public domain,” said Mark Stapp, executive director of the Master of Real Estate Development (MRED) program at the W. P. Carey School of at Arizona State University. “You want and need more service from your home like a movie theater and bowling alley to increase privacy.”