Via The Daily Beast – It’s not just subprime. The price of A-list vacation homes has dropped 20 percent. From Redford’s old Malibu palace to Sinatra’s mountain retreat to Madoff’s Palm Beach estate, VIEW THE GALLERY of houses HERE.
Maybe stars really are like the rest of us, at least when it comes to real estate. Perhaps the frothiest market anywhere—second homes of celebrities—has declined by 20 percent, as gauged by the asking price of 10 vacation palaces with A-list provenance. Possibly most surprising is Tory Burch’s Hamptons estate that has fallen in price nearly $5 million, but that hasn’t stopped her from picking up a $16 million estate just down the road.
Tory Burch’s Hampton house Current List Price: $17.9 million Purchase Price: $22.5 million in 2008 (More houses HERE)