Celebrity homes depreciate in value just like civilian homes

According to Forbes.com,

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.

Mark David, who runs the (super-awesome) celebrity real estate site The Real Estalker says homes generally don’t demand a premium just because a celebrity was living there. At the same time, famous buyers are unlikely to get any kind of a bargain, since sellers often push famous folks to pay full price..

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The 23-year-old rocker, Avril Lavigne, may have finally sold her five-bedroom house in Beverly Hills. She listed the property almost a year ago for $6.9 million. After reducing the price by $1.1 million, the 6,900-square-foot home is now in escrow.

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Brad Garrett’s massive 10,000-square-foot home comes complete with a pool, screening room and Zen garden. In September 2006, he listed it for $9.75 million. The Everybody Loves Raymond star has since reduced the price to $8.8 million. So far, no takers.

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The 36-year-old mother of two, Denise Richards, sold her home in Hidden Hills, Calif., just north of Los Angeles, for $3.8 million in November 2007, after listing it the previous March for $4.5 million. The sale amounts to a loss for Richards, who bought the five-bedroom home in June 2006 for $4 million.

More Celeb home values after the jump

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Johnny Carson’s former sidekick, Ed McMahin, has struggled to sell his Mulholland Drive Mediterranean estate. He put it on the market in July 2006 for $7 million, but there were no takers. He re-listed it in February 2007 for $6.7 million, and even after another $1 million reduction, the six-bedroom home is still sitting on the market.

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The That 70s Show star, Wilmer Lalerrama, sold his suburban five-bedroom home last month for $200,000 less than his $1.95 million asking price. He still owns three other homes in the Los Angeles area.

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Vidal Sassoon owns a piece of Los Angeles history on Mulholland Drive. The house, designed by Richard Neutra, is an important piece of modernist architecture. The home was originally being sold privately for $25 million but is now listed at a $5 million discount. Houses at this level are less affected by the economy, since there are already few buyers who can afford the price tag.

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