Despite the rich and famous spending lavishly on grand mansions for comfortable living or as collectibles, the real estate market proves unforgiving. Many such properties now languish on the market, their once immense value drastically diminished.
#1: Mel Gibson’s Malibu Mansion
The asking price: $14.5 million, down to $11.8 million
What it was bought for: still on the market
Mel Gibson’s stunning Malibu estate, originally listed for $14.5 million in 2010, has unexpectedly lingered on the market for over a decade. Despite its dazzling appeal and prime location, the property struggled to captivate buyers.
Efforts to spark interest included price cuts to $12.8 million and then to $11.8 million, yet no sale was finalized. With its charm and luxury mix, the mansion has defied all expectations, standing as a puzzling case in Malibu’s high-demand real estate scene.