Whether in between shooting or in the follow-up to a long career, celebrities often turn to home-flipping to maximize the money they earned from a career in films, TV or music — one of the biggest examples is former talk show host Ellen DeGeneres who, among many other resales, recently earned $15 million in profit after flipping a 12,000-square-foot mansion in California’s Montecito six months after purchase.
Other prominent flippers include actress Reese Witherspoon, Maroon5’s Adam Levine and actor-comedian Adam Sandler, who recently paid $4.1 million for a 1947 house on a 0.23-acre lot that the listing description described as being ripe to “reimagine and develop.”
Sylvester Stallone and the $22.5 Million Mountain House
Last spring, “Rocky” legend Sylvester Stallone shelled out $18.5 million for a 2.2-acre estate in Los Angeles’ San Fernando Valley. The actor and director had just sold his Beverly Hills estate to Adele for a record-breaking $58 million and traded it in for something smaller after he and his wife Jennifer Flavin moved to Florida.
The time Stallone and Flavin still spend in California is evidently not enough to justify maintaining this type of mansion — as first reported by celebrity news site TMZ, Stallone relisted the 10,460 square-foot, four-bedroom mansion for $22.5 million.
The estate sits at the end of a cul-de-sac and is protected from prying eyes by a garden, trees and hedges. The interior was styled by celebrity real estate designer Martyn Lawrence Bullard and includes multiple balconies, walk-in closets, a chef’s kitchen, a gym and a home theater.
Along with the main house, the lot also includes a separate guest house, a pool house, a pool, a riding area and stables and a garden with a koi fish pond — the latter is particularly sought-after among celebrities living in Hidden Hills.
Stallone enlisted Jordan Cohen of Re/Max One, a Los Angeles real estate agent known to work with many famous faces, to represent the listing.
The Weird And Fabulous World Of Celebrity Real Estate
Stallone shot to major fame after writing and starring in the series of “Rocky” films in the 1970s and 1980s. While he has since had a long career full of films like the “The Expendable” series, to many he is still inextricably linked with the iconic club boxer character from working class Philadelphia.
Stallone and Flavin’s primary residence is now in Palm Beach — a 10,500-square-foot estate overlooking the water that was built in 2014 and they purchased in 2020 for $35 million.
While the $22 million price tag would earn them around $3 million in profit, there is no guarantee that the LA home will sell for that much. Celebrity real estate is often a separate world in which some properties sell fast while others stay on the market for years with owners whose final situations in no way push them to sell fast by lowering the price.
An Illinois estate belonging to basketball star Michael Jordan came on the market for $29 million in 2012 and still hasn’t sold even though the price tag was lowered many times to what is now $14.8 million.
Meanwhile, a Los Angeles home once belonging to former president Ronald Reagan sold for $70 million just a day after it was listed for $80 million. The longtime owner was an LLC connected to the chairman of the NHL’s Vancouver Canucks Francesco Aquilini.