Rising house prices like they did in the last few years nice property in a popular place a lot Wealthier — Many celebrities in particular have seen their nine-figure net worths increase even more simply by selling properties they purchased just a few years ago.
At 29, country pop singer Miley Cyrus has amassed a sizeable real estate collection.After Soaring to Disney (DIS) Known for “Hannah Montana” purchased In 2011, at the age of 18, he purchased a 5,000-square-foot home in Studio City, California for $3.9 million.
In 2015, Cyrus purchased the equestrian ranch Hidden Hills and traded it for a larger ranch a few years later in 2020. The new Hidden Valley Ranch he bought in 2020 for about $5 million, sold for $7.2 million less in less than a year.
Cyrus used to malibu compound Bought in 2018 for $2.52 million, sold in 2021 for just $1.7 million.
Nashville Ranch sells quickly
Cyrus’ latest sale is from just outside her native city of Nashville. She’s lived in LA for her 10 years, but in 2017 she bought 33 acres of land for $5.8 million to fit her 7,000-square-meter farmhouse, which her pop singer projects an image of ‘glam country’.
Five years later, Cyrus sold the property for a whopping $14.7 million, or a profit of more than 150%.By contrast, the average price of single-family homes is Tennessee It has climbed from just under $250,000 in 2017 to $381,500 today.
Adding to the celebrity factor, the ranch includes a main farmhouse (six bedrooms, decked out with a hot tub and master suite with vaulted ceilings), screened-in porch, pool, and putting on the rest of the property. There is a green
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While the $14.7 million deal took place off-market in a very quiet manner, celebrity gossip site Dirt.com first time catch the news.
As first reported According to Realtor.com, Cyrus kept the ranch very private during his time owning it. Little information has been made public about the kind of upgrades she has made.
Celebrity Real Estate Follows Its Own Market Rules
rear release Starring as a judge on several chart-topping hits like “Wrecking Ball” and “The Voice,” Cyrus has kept his celebrity profile low and picked up home flips.
Despite owning homes in several celebrity-filled California locations, the Nashville sale is the most lucrative for Cyrus considering he has made more than 150% profit in five years. It’s a transaction.
but, protracted seller’s market Overall, celebrity homes follow a different trajectory than other homes. Many of the owners already own several properties and are in no hurry to sell, so the homes are put on the market at a higher price.
Basketball star Michael Jordan listed seven acres of land in Highland Park, Illinois for $29 million in 2012, and a decade later, he’s still not for sale Despite having repeatedly lowered the price to $14.8 million.
Socialite Khloe Kardashian Sale of Calabasas property The one that appeared in “Keeping Up With The Kardashians” hit the market a year later in 2021 for $15.5 million.
But in other parts of the world, the average American home was sold at Median 43 days It will hit the market in June.