News Summary
Musician Drake has reduced the asking price of his sprawling Beverly Hills estate by $9 million, listing it at $79 million. This price cut reflects the challenges within the luxury housing market, which has seen a decline in buyer interest. The Tuscan-style mansion, originally acquired for $75 million, features extensive amenities across 20 acres and has been on the market for over 240 days. Despite the reduction, market analysts suggest the estate’s value may be closer to $69 million.
Beverly Hills
Musician Drake has lowered the asking price of his sprawling Beverly Hills estate by $9 million, bringing the listing to $79 million. This significant price cut comes amid a notable decline in interest within the luxury housing market, which has seen higher-end properties struggling to attract buyers.
The Tuscan-style mansion, which Drake acquired in March 2022 for $75 million from British pop star Robbie Williams, was initially listed for sale in May 2023 with an asking price of $88 million. After unsuccessful attempts to rent the estate for $250,000 per month, the property was relisted on June 24, 2024, at its current reduced price.
Situated on nearly 20 acres in one of Los Angeles’ most exclusive neighborhoods, the estate boasts an impressive 25,000 square feet of living space, featuring 10 bedrooms and 13.5 bathrooms. Enhancements to the property include nine fireplaces, multiple outdoor amenities, an elevator, and a garage capable of accommodating 15 vehicles.
Extensive Amenities
The property is marketed as having extensive amenities that cater to a luxurious lifestyle. It offers immaculate lawns, meticulously kept gardens, tranquil orchards, and decorative fountains. An inviting mosaic-tiled swimming pool is complemented by an outdoor pavilion, a pool house complete with a kitchen and pizza oven, and a tennis court, making it an enticing residence for potential buyers.
Market Conditions
Despite the recent price reduction, market analysts have projected that the estate’s value could realistically be closer to $69 million, indicating possible further adjustments as the luxury market continues to face challenges. This prediction comes as the property has remained on the market for over 240 days, significantly longer than the Beverly Hills median selling time of 64 days.
The complexity surrounding the sale is reflective of the broader conditions affecting luxury real estate, where high-profile sales are increasingly troubled amid rising interest rates and shifting buyer demographics. As demand continues to wane, properties like Drake’s estate may linger longer than anticipated.
Drake’s Real Estate Portfolio
In addition to the Beverly Hills estate, Drake has a diverse real estate portfolio. Previous sales include his “YOLO Estate” compound in Hidden Hills, which netted him a total of $26 million across three transactions. He retains ownership of a $15 million ranch near Houston, Texas, as well as “The Embassy” in Toronto, Canada, which serves as his primary residence.
The sale of Drake’s Beverly Hills estate is currently being managed by Kurt Rappaport of Westside Estate Agency and Marc Bretter of Maywood Property Group, who are tasked with navigating the challenging luxury real estate landscape.
As the luxury housing market continues to evolve, the outcome of Drake’s estate sale may serve as a barometer for the resilience and future dynamics within this high-end market segment.
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HERE Resources
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Beverly Hills Real Estate Agent Charged with Price Gouging
Beverly Hills Council Continues Hearing on Controversial Development
California Attorney General Files Charges Against Agent for Price Gouging
Jeff Runyan Joins LPL Financial in Beverly Hills
California’s Insurance Commissioner Launches Investigation into State Farm
Additional Resources
- MarketWatch: Drake’s Beverly Hills Estate
- Realtor.com: Drake’s Mansion Sale
- MSN: Drake Drops Asking Price
- Wikipedia: Real Estate in the United States
- Black Enterprise: Drake’s Beverly Hills Mansion
- Google Search: Drake Beverly Hills Mansion
- Newsweek: Drake Struggles Selling Home
- Google Scholar: Drake Real Estate
- Robb Report: Drake’s House for Rent
- Encyclopedia Britannica: Drake
