clock menu more-arrow no yes

Filed under:

Does a Celebrity Owner Make a House More Valuable?

New, 1 comment

People have speculated about whether the Kardashians filming their reality show at their rented house in Noyac will make the property more or less valuable. Certainly the house has been on the market for a long time: it was originally listed in summer 2011 for $15M, then down to $13.95M in October 2012, then down to $12.5M on May 1 of this year. On May 23 (when the Kardashians signed the lease for the summer?) the price was back up to $13.95M.

The folks at the Movoto blog have come up with some numbers quantifying the effect of a celebrity owner. It makes for interesting reading, with one caveat: Leonardo DiCaprio's oceanfront Malibu property sale last December for $17.35M, which they claim was 91% above average for the region. We Hamptonites know very well that oceanfront property can't be compared to non-oceanfront, and it seems like that is what the graphic is doing. A quick look at Zillow turns up another oceanfront property on Malibu Colony Road that sold for the same price as DiCaprio's two months later, on a slightly smaller lot.
· Celebrities Slept Here [Movoto]