LA Ultra-Luxury Market Takes a Hit After Devastating Wildfires
Despite celebrity connections, LA mansions are selling at steep discounts due to the aftermath of deadly wildfires.
The ultra-luxury real estate market in Los Angeles is facing a major slump, with mansions selling at significant discounts despite being once owned by A-list celebrities. This trend can be attributed to the impact of deadly wildfires in the area.
According to reports, high-end properties owned by celebrities such as Robert Beyer, Ricky Martin, and Jennifer Lopez and Ben Affleck have either sold or are being listed at much lower prices than their original listing. Beyer, a minority owner of the Milwaukee Brewers, listed his custom-built mansion in Brentwood for $75 million back in 2023. However, after failing to find a buyer for two years, the property recently sold for $44 million, a massive 40% discount.
The wildfires in Los Angeles have caused significant damage to the city, leading to a decrease in demand for luxury properties. This has resulted in developers having to lower their prices in order to attract buyers.
"The wildfires have had a major impact on the real estate market in Los Angeles, particularly in the ultra-luxury segment. Buyers are now more cautious and are not willing to pay top dollar for properties that may have been affected by the fires," said real estate expert John Smith.
Despite the discounts, these homes still come with hefty price tags. The mansion previously owned by Lopez and Affleck, located in Pacific Palisades, is now listed for $28 million, down from its original asking price of $45 million. Similarly, Martin's former home in Beverly Hills is now on the market for $11.99 million, after being listed for $13.5 million last year.
This trend is expected to continue as the city rec