February 10, 2008

Celebrities losing $$$$ on California real estate now. Awwww! Pity party!!!


Slash lost $500,000 in a matter of months and is now suing his realtor. Guess he had to slash the price to move his debt-trap.

Ed McMahon has dropped his price $2,000,000, and a year and a half into it still can't find a sucker to take it off his hands. Where's Johnny?

Avril Lavigne took a $900,000 hit to move her money pit. No happy ending there.

Gotta love it.


LOS ANGELES - Even Hollywood's rich and famous can't avoid the housing downturn that's sweeping the nation. In Los Angeles, only 4,430 homes were sold in December, down 48% from the previous year. And prices fell 11% to an average $470,000.

Former Guns N' Roses guitarist Slash (also known as Saul Hudson) feels he overpaid for his Spanish-style Hollywood Hills home, which has a pool, a separate gym and stunning views. He bought the house in January 2006 for $6.2 million. He sold it last December for $5.7 million. Slash is suing his former real estate agent, claiming the house was neither as big nor as private as the agent claimed. The case is ongoing in California Superior Court.

31 comments:

Anonymous said...

Why don't I feel the least bit sorry?

Am I a bad person?

Buzz Saw said...

Slash is suing his former real estate agent, claiming the house was neither as big nor as private as the agent claimed...

Did he even look at the house before he bought it?

Marky Mark said...

But Entertainers they still think they are the smartest people in the world when it comes to government policy and spending...

Marky Mark

happy homeowner in the stix said...

Memo to Hollyweird: Sober up a little before you sign for the mansion.

Illegals Everywhere said...

A few years back Ed McMahon had a very public battle with his home insurance co. over a mold abatement claim. I'm sure this don't help his desire to sell.

Anonymous said...

Yeah, let's all cry a river of tears...

LauraVella said...

I dont feel sorry for celebrities.

They're not your average wage earners losing their homes left and right.

bitterrenter said...

So much schadenfreunde! Are you republicans just jealous of the successful? I thought that was a liberal pathology?

Anonymous said...

y'all are surprised about a $20 trillion housing bubble when an idiot that calls himself Slash gets millions of dollars?

Anonymous said...

They forgot the biggest celebrity real estate loser of them all: Donald Trump.

Anonymous said...

Slash wakes up from a drug and alcohol induced hangover and realizes that he has just trashed his own house. Awwww man, this wasn't a hotel room?

Anonymous said...

Here's how Slash can recoup his money:

A Reality show or maybe a sit com:
Setting: His Hollywood Hills home

Britney Spears comes over and Slash slashes her.

Slash goes to jail and interviews Charles Manson on how the two of them are similar. Then Slash gets sent to another prison and takes it in the derrier from OJ.


How many people would pay to see that?

Anonymous said...

Beverly Hills Realtor(tm) Connie DeGroot specifically argued with Peter Schiff on FBN about 3 months ago about how it was a terrific time to buy a house, and that she's not seeing any slowdown.

I hope she is one of the ones that gets sued.

wc said...

Chatter around social events seems to have turned entirely from "I can't believe you're still renting" to "I can't sell my house even though I've slashed the price 3 times" - but you can't really blame the realtors. Slash should have to pay a penalty for filing a frivolous lawsuit and wasting taxpayer money on court time

Anonymous said...

Nobody mentions the thousands of celebrities making real-estate coin. Google up Ricky Martin for example.

Anonymous said...

Buzz Saw said...
Slash is suing his former real estate agent, claiming the house was neither as big nor as private as the agent claimed...

Did he even look at the house before he bought it?
------------------------

Of course not. How can he with his hair covering up his eyes?

mayor mcmansion said...

Imagine that...Slash screwed over by a realtor.

Welcome to the jungle baby!

k.w. - southern, ca. said...

It's pretty simple really, those places where pricing went up the highest speculatively, will have to fall that much lower.

We'll see in a year ot two, when things really start getting interesting in house price cuts.

Anonymous said...

Slash should have his case thrown out and be sent a bill for all court costs just for filing this case.

Note to this idiot celebrity....LIFE is a risk....are you going to sue God cause you will die one day?

Frank@Scottsdale-Sucks.com said...

Suing the realtor? WTF?

Well hey, we're not complaining, we can't wipe the huge smiles off our faces watching prices drop below $500/sq ft, and continuing to fall.

When we first thought about moving here in 2005, houses were selling overnight for over 1,000/sq ft.

Woohoo!!

Ed said...

"Slash is suing his former real estate agent, claiming the house was neither as big nor as private as the agent claimed. The case is ongoing in California Superior Court."

'Private' is subjective. How in the world will he sue someone for saying it wasn't private enough? It's like suing his grocery store for advertising delicious bananas that he thought were not delicious.

Even for California this is fucked up.

Anonymous said...

this tells me these celebs do not save if they can't buy and hold for the long haul

michael said...

"...sue God cause you will die one day."

nope...not the big guy...just big tobacco, big fast food and big polution.

Anonymous said...

If these mongrels sue anyone its the agent that signed them up and inflated their ego to the level that requires the stupid house and theatrical props called the Hollywood lifestyle for aggrevating their existing meglomaia. Its all just a bunch of sick idiots feeding each other lies, so why would their real estate decion making have any rational support when tested against the market?

Ed said...

"I dont feel sorry for celebrities.

They're not your average wage earners losing their homes left and right."

WTF is that supposed to mean? I have no sympathy for 'average wage earners' either. If some asshole making $50K bought a $500K house, he deserves to lose it as much as Slash deserves to lose money.

Actually if anything I have less symathy for the $50K guy. He was being greedy and thought he'd hit the jackpot. Slash was just a moron.

Anonymous said...

caveat emptor, dude! rock on !

Anonymous said...

.




F em



.

Anonymous said...

wait a minute these people having to reduce the price of hollywood hills homes. does that mean i can finally pick one up or am I gonna have to really reduce when I try to unload mine in five years. (and I hope these bankers figure this mess out by then) these people set the price of cali real estate by overpaying for years. Why can't they move to some other state they drive up real estate prices wherever they go. if a nitwit was dumb enough to buy a house for 3.5 million 2500 sq and now he has to reduce the price to 3mil or 2.9 whoever buys it is still paying too much. Didn't some tennis star who was married to Brooke Shields loose a bundle 2 million I think to unload in the Bay Area (San Francisco thank you very much)about a year ago.
Didn't Bill Gates get out of real estate stocks around the same time.
They are still running commericals on late night TV to buy foreclosures and REHAB them (why are these homes trashed?) and then sell them for a profit. The emporer has no clothes people, really he doesn't. Your house isn't what it was priced at (not cost) 1&1/2 year ago.
People don't believe it until they are in the position where they are just like everyone else and obviously Bill Gates and the Tennis Star got the f@ck out while the getting was good.

Anonymous said...

"So much schadenfreunde! Are you republicans just jealous of the successful? I thought that was a liberal pathology?"

What does Republican and liberal have to do with this? And who said anything about being jealous?

Schutz Staffel said...

Hee hee hee haw haw haw. Hollywood douchebags losing money? Love it!

Anonymous said...

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