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Pop star Justin Bieber and his wife, model Hailey Baldwin, just bought a posh property in the Beverly Park neighborhood of Beverly Hills, CA, for $25.8 million, according to Variety.
The high price is actually a serious discount from when the property debuted on the market two years ago. At a list price of $42 million, it was our most expensive new listing of the week.
Built in 1988, the estate was completely renovated before its April 2018 debut. At the time, listing agent Christopher Dyson called it “reimagined to an exacting standard.
“To have a practically brand-new, move-in ready opportunity, in what many consider to be the most exclusive community in the city, is very special,” he said.
Special, yes, but buyers weren’t enticed. The price was slashed to $38.5 million in late 2018, dropped to $34.8 million at the beginning of 2019 and then $29.5 million late last year. Last month, it was relisted for $27.25 million.
Bieber’s $25.8 million sale price represents a 39% discount from the 2018 price.
Picture-perfect property
And since its initial renovation, the home has undergone another makeover. It’s now “completely updated to 2019 standards with state-of-the-art amenities throughout,” according to the listing.
New staging with contemporary furnishings in a neutral palette also made the home much more appealing.
Set behind gates on 2.5 acres, the 11,000-square-foot home has seven bedrooms and 10 bathrooms.
The layout includes a gallery foyer, large living room, den, library, and formal dining room. The eat-in kitchen comes with top-of-the-line appliances and is adjacent to a family room. Walls of glass open to the patios and lawn.
Upstairs, you’ll find six bedrooms and the master suite. The latter comes with a sitting area, dual closets and bathrooms, and heated floors.
The floor plan also includes a home theater, wine cellar, and gym.
The grounds feature a grassy lawn, koi pond, infinity pool, tennis court, lounging and dining space with a barbecue and pizza oven.
The home is “perfect for large scale entertaining” and is “completely private and secluded”—a big plus for the paparazzi targets—according to the listing.
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The perks of Beverly Park
The upscale community of Beverly Park is considered one of the “most exclusive, expensive places in Los Angeles,” according to the Wall Street Journal.
It’s primarily known for its celebrity inhabitants and big houses, with each property boasting “a minimum of 2 aces with the most beautiful grounds,” says listing agent Sally Forster Jones with Compass. “It provides a private, quiet community away from the city hustle, but is also just minutes from the best of Beverly Hills.”
It’s the neighborhood where a massive mansion and vineyard owned by Vanna White were recently sold for $19.3 million.
It’s also the location of the most expensive home in the country, currently listed for a jaw-dropping $160 million.
“North Beverly Park is one of the most prestigious enclaves in Los Angeles,” says Tomer Fridman of Compass. “Being behind gates, surrounded by discreet and high-end neighbors, and having the luxury of secluded, large-lot estates comes at a premier value.”
Bieber is just the latest celebrity to put down roots in the exclusive enclave, which has reportedly been home to folks such as Denzel Washington, Sylvester Stallone, and Sofia Vergara.
Located in the southern section of Beverly Park, Bieber’s home is close enough for the couple to borrow a cup of sugar from the likes of Samuel L. Jackson, Magic Johnson, and Prince Alex von Furstenberg, according to Variety.
“It draws celebrities and high-profile individuals because of the maximum privacy. The community is guard-gated, with most personal residences providing additional gates, and any guests must be invited and screened to enter,” says Jones.
Fridman also touts the location: “Being in close proximity to either studios and meetings in the San Fernando Valley or to a night out of city entertainment in Hollywood or Beverly Hills makes Beverly Park a highly sought-after location.”
Real estate redux
Bieber and Baldwin reportedly purchased a place in Beverly Hills last year for $8.5 million.
After years of renting, Bieber became the proud owner of a 6,132-square-foot property with five bedrooms and seven bathrooms. The home has a number of perks, including a wine cellar, library, and home theater. The grounds feature an infinity pool and fire pit.
It was the first place Bieber had owned in the U.S. since 2014, when he sold his Calabasas mansion to reality TV star Khloe Kardashian after an infamous egg-throwing incident made him persona non grata in the neighborhood.
As a renter in Beverly Hills, he was dubbed “Worst Neighbor Ever” and banned, at least for a time. But he returned to the 90210, first as a short-term renter in the so-called “Salad Spinner” house. He then rented again, paying a reported $55,000 a month for a Beverly Hills contemporary.
For five years the pop star bounced from one rental to another, including a place he and Baldwin rented for a whopping $100,000 a month in San Fernando Valley. The couple made a hasty retreat after serious plumbing problems surfaced at the home.
Kurt Rappaport represented the seller. Joshua Altman with Douglas Elliman represented the buyer.
The post Why Did Justin Bieber Buy in Beverly Park? A Huge Discount Didn’t Hurt! appeared first on Real Estate News & Insights | realtor.com®.
source https://www.realtor.com/news/celebrity-real-estate/why-did-justin-bieber-buy-in-beverly-park-huge-discount-didnt-hurt/
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