It is no news that the Ellen Show host Ellen DeGeneres and her wife Portia de Rossi are prolific home flippers. The couple once made $15 million in six months when they sold the Brody House on July 2014. They also have bought and sold over eight homes in California alone! DeGeneres loves home flipping so much that she even started her own HGTV show, Ellen’s Design Challenge. But that does not mean that DeGeneres always gets what she wants. She, like every other real estate investor, has to drop the price sometimes to attract buyers, and 568 Toro Canyon Road is a great example.
The couple first acquired the estate located in Montecito, California, in an off-market deal for $6.7 million in 2018. On May 9th, 2019, less than a year after, the property went back on the market for $8.95 million. If sold, the couple could make approximately $2 million in profit, after excluding the broker’s commission and other closing costs. Sadly, even though the farmhouse is a true beauty, no one has taken the deal. On July 17th, two months after it first went on the market, the price dropped to $7.95 million, $1 million lower than the original asking price. Did the real estate power couple overprice this farmhouse? Or is the luxury real estate market too competitive? We don’t know for sure.
Spanning over 10 acres, the property consists of two parcels with breathtaking mountain and ocean views. The main farmhouse was originally built in 1917, featuring 3 bedrooms, 3.5 bathrooms, open living and dining area, and a painted stone fireplace. The kitchen is outfitted with state-of-the-art appliances, black granite countertops, grey cabinetry, and stone slabs. The master suite highlights vaulted ceilings, French doors, a gorgeous bathroom, and a covered veranda. Every piece of the furniture is carefully designed and arranged to accentuate the old farmhouse lifestyle and modern chic interior design. Outside of the farmhouse, the meticulously maintained garden and surrounding mountains are equally stunning. Oh, did we mention there’s also a century-old barn and a swimming pool?
Who else is selling?
When it comes to lowering expectations, DeGeneres is not alone. Just this morning, as we were preparing for the celebrity real estate coverage this month, we learned that Zayn Malik, the One Direction singer, lowered the asking price of his beloved Bel Air house from $3.5 million to just under $3.2 million, less than $100,000 below the initial purchased price. This means that even if Zayn successfully sells this property at the current listed price, he would generate no profit from this transaction after covering the broker’s fee and other expenses. Why isn’t it selling? We believe it could be related to the interior design of the house.
Originally bought in 2015, 963 Roscomare Road features 3 bedrooms, 2 bathrooms, a fireplace, converted garage, sound/recording studio, spa, and a hot tub. Like most celebrity homes in L.A., this property also offers stunning mountain views and vast outdoor space. But unlike many of the luxury homes we have covered, 963 Roscomare Road seems to need some design love. Some rooms have very popping paint colors, contrasting with the overall white and simplistic tone. The house also doesn’t give out a welcoming vibe, making it less appealing than other luxury or celebrity homes for sale currently on the market.
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