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Celebrity Homes

It’s not just subprime. The price of A-list vacation homes has dropped 20 percent. From Redford’s old Malibu palace to Sinatra’s mountain retreat to Madoff’s Palm Beach estate, VIEW OUR GALLERY.

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Current List Price: Upon request, reportedly $10.5 million
Original Listing Price: $12 million
Purchase Price: n/a

The 447-acre property belonging to seven-time Tour de France winner Lance Armstrong was celebrated in his memoir Every Second Counts. The property entitles the owner to a stake in Dead Man's Hole, a natural swimming pool bearing a 45-foot waterfall that Armstrong would jump off of as a way to test his "vital signs." It wasn't all peace and quiet for Armstrong, though. After building a dam in a creek that feeds the swimming hole, neighbors complained of cloudy water and Armstrong was forced to pay $850,000 for cleanup. The estate has seven miles of bike trails, a pool, spa, and one-bedroom guesthouse, while the primary house, which was built for Armstrong in 2003, features five bedrooms, five baths, and floor-to-ceiling views of the expansive Texas terrain.

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Current List Price: €19 million (approx. $26 million)
Original List Price: n/a
Purchase Price: $25 million in 2009

Completed in 1835 by King Umberto I's architect, with parts of the building dating back to the original castle built in the 11th century, the castle of Castegno Po was later transferred to the Bruni Tedeschi family and is more recently known as the childhood home of French first lady Carla Bruni-Sarkozy. Saudi Prince Al-Waleed bought the castle in early 2009 for $25 million only to put it back on the market last November. The 21,500-square-foot castle sits on approximately 170 acres embedded in the hills of Turin. It has more than 40 rooms.

Simon Palfrader
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Current List Price: $4.995 million
Original List Price: n/a
Purchase Price: $1.9 million in 1967

Ol' Blue Eyes commissioned a shady retreat in 1967. He paid $1.9 million for Villa Maggio in the mountains above Palm Springs with two guesthouses, a pool house, two saunas, a basketball and tennis court, nine fireplaces, and a helipad. Named in honor of Private Angelo Maggio, his role in From Here to Eternity that is credited with reversing a career slump, the estate was donated to Loyola Marymount University but they sold it to private owners in 1992.

NC1
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Current List Price:: $7.25 million
Original List Price: $8.49 million
Purchase Price: $3.8 million in 1994

Madoff's real estate has been attracting bidders for the past year. His Upper East Side penthouse went to 4Kids Entertainment CEO Al Kahn in February and his Long Island beach home sold for $8.75 million to an undisclosed buyer last September. His Caribbean-style waterfront spread is the last of the lot, encompassing five bedrooms and seven bathrooms over 8,700 square feet, as well as a pool, private dock, and sweeping balcony that overlooks the Intracoastal Waterway. More provenance: Herbert and Roxanne Pulitzer were previous owners.

Joe Raedle
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Current List Price: $24.7 million
Original List Price: n/a
Purchase Price: unknown

The Sotheby's listing ad deems this home "important." No joke. The 18th-century villa has 11 bedrooms, five stories, 27 acres, a 200-seat amphitheater, a private park with olive groves, grottoes, and an Etruscan tomb. For most people that describes a modern palace—for Giancarlo Giammetti and his partner, fashion designer Valentino Garavani, it's been an occasional residence and vacation home. That is, a vacation home with armed guards at the gates and an interior designed in part by famed decorator Renzo Mongiardino.

Isidoro Genovese
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Current List Price: $27.5 million
Original List Price: n/a
Purchase Price: n/a

The real world never seemed so far away for Michael Jackson as the time in 2004 he vacationed at a Snowmass, Colorado, ranch that rented for $125,000 a month. That is, until he decided to stop by a nearby Wal-Mart: Jackson donned a ski mask while running his errands and instead of remaining incognito attracted the attention of police, according to reports. The property owners at least think Jackson's visit was worthwhile—before he stayed here, the 12,000-square-foot ranch on 58 acres was listed at only $16.5 million.

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Current List Price: $4.495 million
Original List Price: $8 million
Purchase Price: n/a

Here's one beachfront home that's priced to sell. In 2005 it went on the market for $8 million, after Turner and her real-estate mogul husband divorced. There were no buyers, despite the housing boom. In 2007 it was back for $6.995 million. Now it's listed for nearly half the original asking price. Amagansett is the quiet cousin compared to the rest of the Hamptons—there are no ostentatious parties and traffic is manageable. Besides the six bedrooms and 5.5 bathrooms, the former getaway for Jessica Rabbit is most notable for the 25-acre preserve, which the back windows overlook.

Neilson Barnard / Getty Images
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Current List Price: $2.699 million
Original List Price: $2.799 million
Purchase Price: $3.1 million in 2007

Located in the Murano Grande skyscraper on Biscayne Bay, Lil Wayne's four-bedroom, 3.5-bathroom condo has a private elevator, tennis court, and three terraces overlooking the ocean. The building boasts a gym, sauna, and ‘round-the-clock concierge. Lil Wayne put the property up for sale in February, a month before he was handed a one-year jail sentence for attempted criminal possession of a weapon. Another apartment belonging to the rapper was recently having a hard time on the market, listed at $520,000, due to a pervasive stench of marijuana, according to reports.

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Current List Price: $17.9 million
Original List Price: n/a
Purchase Price: $22.5 million in 2008

Flipping a house means making a quick profit for most people. For fashion designer Tory Burch, it means taking a massive loss. Burch bought this 6,000-square-foot beachfront house for $22.5 million in October 2008 from her ex-husband. But Burch doesn't seem to be hurting that much. In January she coughed up $16 million for the Georgian estate of a fellow UPenn alum, the late Howard Gittis, just down the road from this property. No worries if the eventual buyer doesn't like the existing house. Southampton has approved a plan for a 7,100-square-foot replacement designed by Daniel Romualdez.

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Current List Price: $13.8 million
Original List Price: n/a
Purchase Price: n/a (Redford sold for $6 million in 2001)

Although it hasn't officially been taken off the market, this Broad Beach home once owned by Robert Redford has been confirmed to be in escrow by Realtor Engel & Voelkers. The founder of the Sundance Film Festival used this five-bedroom, glass-walled home for vacations until 2001 when he sold it for $6 million. Three years later, it sold for $8.5 million, and the home appears to have bucked the national real-estate downturn. The new owner will get to bathe in the pristine Malibu waters just steps from the back door with myriad Hollywood illuminati and entertainment types. Or on brisk nights, hop in the spa that adjoins the master bedroom.

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