Tuesday, June 2, 2009

UPDATE: Britney Spears

Looks like on the mental mend pop tart Britney Spears is finally getting serious about unloading her real estate white elephant up in the guard gated Summit community in the Hills Above Beverly.

At the risk of beating a real estate dead horse let's go over Miss Spears' history with the house. Records provided to Your Mama by Babbling Babette show that back in January of 2007, when poor Miss Spears was still wearing pink wigs, driving around aimlessly with questionable characters and acting all kinds of erratic, she impulsively dumped $7,150,000 (some reports, including some of Your Mama's say $6,750,000) on an "Italian Renaissance inspired Villa" with 6 bedrooms and 6.5 bathrooms. Less than 1 month later, the ferociously fickle Brit flipped the Summit Circle property back on the market with an asking price of $7,495,000.

After nearly six months languishing with no serious takers, the property was removed from the open market until September of 2008 when it reappeared with a surprisingly higher and gutsy asking price of $7,900,000. After six months, the price had been whittled down to $7,195,000 and with no serious buyers the house was again taken off the open market.

Next came the news that Miss Spears, whose father Jamie holds Miss Spears' purse strings through to a court ordered conservatorship granted due to her bizarre behaviors, packed up her short shorts and tube tops and headed west where she reportedly leased a newly built 10,300+ square foot faux French Provincial/Tuscan Farmhouse/Spanish Hacienda style manse in a double gated community in the scorching suburbs of Calabasas. Soon after moving in, Missy Spears went on tour.

As far as we know, Miss Spears is still on tour but her former digs, the scene of much of her crazy days, has come back on the market with a new real estate agent and a new and significantly lower asking price of $6,499,000. A few flicks of the beads on our bejeweled abacus reveals that Missy Spears (and her Big Daddy) are now looking at losing at least $650,000 on this residential folly...and that's if some white knight comes along and pays full price for the Spears spread. But let's be honest chickens, what's the likelihood of that happening?

Your Mama has also heard, but can not confirm which means it's just rumor and gossip, that Miss Spears' people are out looking for suitable digs for her ex-huzband Kevin Federline who is the primary caretaker of their two children and has been leasing a house in a gated community in Tarzana, CA. Why Daddy Spears doesn't just move the ex-Mister Spears into the house on Summit Circle until the real estate market stabilizes is a question we can not answer.

24 comments:

Dwight said...

Ms. Spears and her hundreds of Millions might have to take a bath in the Summit House Closing whenever it happens. The house is one of the best in The Summit and Gated within the Gated Community... But who is buying these days in that price range.

The Oaks of Calabases and her extra gated Estates section is lovely... but my ass gets a sweating in my luxoride as soon as I hit the Valley and Calabases.... I would suggest she ride our the lease and move back to BHPO and have the house redone not to remind her of crazier days!

Anonymous said...

I will buy it if i get to have her in bed for a week straight. lol

Anonymous said...

This house and entire Summit neighborhood I find depressing. The houses are all 90's piles that are dated and tacky.

There are only 2 houses in the neighborhood I've seen that I thought were beautiful... one was the gorgeous house JLo sold to Gwen Stephani.

Second was the house Sutton Design did a good job redesigning that the Van Halens owned at 12024 Summit Cir.

www.fullscreentours.com/summit/

angeleyes said...

Britney bought that house at a time which nearly coincided with the dramatic turn in the housing market. Perhaps the answer to the question regarding why Daddy Spears isn't moving Kevin into it until the market stablizes is because of concern over what price point the stabilization occurs. I've been mulling that over as a theory to explain why so many expensive estates are being hoisted onto the market at such a bad time to sell them. Thanks much for the update Mama.

Anonymous said...

Who says the market is bad ???

Cielo de Bonaire is a lavish mega-mansion on the island of Mallorca, Spain. The home is perched on a hillside between the bays of Alcúdia and Pollensa for sweeping ocean views. The London Times first checked out the home in 2007 noting the helipad, the neo-Palladian-meets-modern design scheme and the pool with views to the sea beyond. The listing pics reveal a bit of a chilly decor with expensive pieces of modern furniture adrift in large marble-floored spaces. When the Times writer questioned this back in 2007 she was told by the agent that the home is designed for someone who wants "a holiday home, but not a palace".

The villa has a two-bedroom master suite among its eight bedrooms. There is a sybaritic Turkish bath, plenty of room for outdoor lounging and dining in both covered and open areas, and a Jacuzzi tub by a window framing the perfect view. This home is listed at 50 million euros (over $70 million).

Anonymous said...

So just what does it mean that any house is listed at any huge price? I think that only sales are relevant when discussing whether......"the market is bad"

Anonymous said...

Housing market indicators are measures of actual sales, how long it takes to sell them, and how much they sell for, not the number of listings, although a large inventory of unsold properties would be another indicator.

Anonymous said...

At the risk of sounding offensive, Cielo de Bonaire looks like it was built for a Russian billionaire looking to impress the world with his over the top and hyper expensive real estate acquisitions.

Besides, this house being LISTED at $50M means nothing about whether the market is good or bad and it has even less to do with whether the market is good or bad in Los Angeles.

Anonymous said...

I thought she was now living/renting in Alpine New Jersey?

What happened with this?

Anonymous said...

What is the point with the Cielo de Bonaire post? In Europe, different currency, different market, and NO Crazy Britney!!!

YOU ARE WAY OFF TOPIC. DON'T SPAM YOUR REGIONAL PROPERTY ADS ON THIS POST. KEEP WITH THE SUBJECT!

Anonymous said...

Brit was just leasing in Alpine while she was on tour on the east coast. I don't think she's there anymore, but not sure.

And she ain't buying a house in Alpine. She doesn't control her money and dollars to donuts Jamie isn't going to approve a major and impulsive buy like that in Alpine.

Nothing wrong with Alpine, but Brit lives in LA and Louisiana and I suspect that as long as dad holds her atm card, that's where she'll stay.

DilbertFederline said...

MAybe poor K-Fed doesn't want to bunk with the Spears family. 'ja ever thinka that?

Anonymous said...

the Britney stench would take many years to fade, not to mention the baby throwup odors, etc. I just couldn't bring myself to like a house that she once thought attractive. No thanks. I have my pride.

Anonymous said...

With this post in mind, I think I'll go throw some money into a fan and watch it spin and flip around until it disintegrates.

Anonymous said...

Not sure why Britney would want to sell her mansion in this market? It's going to take her awhile to find serious buyers and i would think markdowns will be in order if the property sits without any genuine bids (http://budurl.com/BritneySpears)

Anonymous said...

Just looked at it on MLS - oh, my eyes hurt! The decor is horrible. The crystal chandelliers, the painted borders, the draperies... ouch! The outside of the house is actually not that bad.

Anonymous said...

Mama, CNN ran a story on Tim Geithner. I thought it was interesting.
http://money.cnn.com/2009/06/03/real_estate/Geithner_housing_market/index.htm?postversion=2009060314

Anonymous said...

Anonymous 8:33 -
should we be forced to love EVERY home just because we could never afford to own it?

or is it ok if people have their own opinions about homes shown here? Youre not shy about sharing yours. Step and buy it if youve got the money.

Anonymous said...

"It amuses me that you people are so quick to insult when you could never even dream to own a house like this EVER."

Puh-leez. Houses "like this" are dime a dosen in every place outside of LA/SF/SD - and actually getting ever so cheaper in these metro areas, too. In fact, all three of my latest bosses had houses of comparable quality/size, just better decorated (with all fairness, they have larger families). When I have kids, I may decide to get one, but only as a second home in a place with a warmer climate. So far, I enjoy my smaller city living; it may not be SPOTLESS, but at least, you are not going to get STDs ;-)

Anonymous said...

The repeat Brit-Brit and GenuFleck posts are sooo Bo-ring.

Anonymous said...

Then don't read them.

Anonymous said...

When Anon 833 says "I think I'm probably the only one that actually likes this house," what can one do but agree and pity such dreadful taste?

dawn9476 said...

She's definitely still on tour. She's in London right now. And it looks she will be away from both her pads even longer because more tour dates have been added. She will be doing an Australian leg in addition to a 2nd leg through Europe. I think a second leg through North America was set up a while back, too. Who knows when she will be back in California.

dawn9476 said...

I think the reason why Kevin couldn't just moved into her the house she is selling is because the reason why she moved to Calabasas in the first place was to be closer to Kevin in Tarzana because of the kids. If Britney's people find him a new house, I wouldn't be surprised if it ends up being Calabasas, too.