Celebrity Homes, How Much Are they Worth?

Jan. 27, 2011 - PRLog -- Everyone from Dr. Phil McGraw to Ricky Martin to Uma Thurman is selling right now.  Even Michael Jackson’s North Carolwood Drive mansion — yes, the one he was renting when he met his tragic prescription drug-induced death– is on the Los Angeles market for $23.5 million with Coldwell Banker Previews International.

Ever wonder how much these celebrities paid for these homes to begin with?

It’s not surprising celebrities want to be as private as possible, given the incessant deluge of paparazzi they must experience on a daily basis.  While researching the Most Expensive Celebrity Real Estate list the common amenity popping up was high-tech security systems and every property had some semblance of seclusion or privacy to its location.  But taking the extra time and wallet-consuming step of establishing LLCs to keep the ownership trail buried from public knowledge?

First the celebrity buyer finds a non-traditional source of capital other than a mortgage.  Copious amounts of cash work but some ultra wealthy buyers choose to borrow their own money from their bank in a bank loan.  Then they create an LLC or similar entity that can control the property (“an Illinois Trust as they call it,” says Weinhaus), appointing a trustee to publicly oversee the transaction.

If you want to find out how much a celebrity home is worth, go to http://www.propertycrunch.com  and check out this page

http://www.propertycrunch.com/celebrity

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