2012 is off to a strong start on the real estate front, but two big names have sold properties at big losses.
Rihanna has been busy with recording and nonstop touring, but managed to sell a Beverly Hills Post Office residence above its $4.5 million listing price. The singer is taking legal action against the seller and the design firm that built the mansion, which she bought in 2009. The property, a clean-lined ultra-modern, turned out to be the architectural equivalent of a lemon – reportedly plagued by multiple construction defects leading to major water damage throughout the property. Despite this, the listing received multiple offers, according to the Los Angeles Times.
Megan Ellison, daughter of Oracle CEO and cofounder Larry Ellison, has sold a Malibu-area estate for $2.7 million, $1.6 million less than -- or 38 percent off -- listing price. The 25-year-old heiress still has real estate aplenty, owning a trio of contiguous compounds in the Bird Streets, where she also operates her film production company, Annapurna Pictures. She is the primary financial backer and executive producer of the film, Cogan’s Trade, starring Brad Pitt.
In other deals, Juno director, Jason Reitman sold in Beverly Hills for $1.475 million and Toy Story writer Alec Sokolow listed in Santa Monica with an ask price of $3.1 million. NBA couple Khloe Kardashian and Lamar Odom have relocated to Dallas, in preparation for Odom’s new stint with the Dallas Mavericks, renting a posh condo in the W Dallas Hotel.
Jodie Foster unloaded a stately Cape Cod-style residence for $8.3 million, after a price-reduction of $1.675 million from its original listing in April. And finally, Elin Nordegren, Tiger Woods’ ex-wife, leveled the $12 million mansion she bought in North Palm Beach last year. TMZ reported Nordegren had plans to renovate the existing structure, a 17,000-square-foot traditional built in 1932, but had a change of heart and bulldozed it instead, with plans to rebuild. The lot sits on an exclusive oceanfront expanse in the subdivision of Seminole Landing.