October 6, 2017 Supermodel Cindy Crawford and her hospitality entrepreneur husband Rande Gerber look likely to take a loss on the luxe Malibu […]
October 6, 2017
Supermodel Cindy Crawford and her hospitality entrepreneur husband Rande Gerber look likely to take a loss on the luxe Malibu investment property they’re trying to sell after chopping $10 million off the price tag.
The genetically blessed serial property investors were originally asking $60 million for the secluded 5,254-square-foot beachfront house when it first went on the market in November, but this week cut the price of the abode, which dates back to 1944, to $50 million.
This means they are likely to take a loss as they paid $50.5 million for it in 2015 through a private trust, according to property records, before undertaking no doubt costly renovations.
The four-bedroom house is set on three acres of land and boasts a great room with floor-to-ceiling sliding glass doors with panoramic views of the Pacific Ocean, a large wraparound deck with a fire pit and a tennis court, according to the listing.
The price cut comes not long after it emerged that the Nineties supermodel and tequila entrepreneur Gerber spent $11.6 million on a midcentury modern-style Los Angeles home owned by OneRepublic frontman Ryan Tedder.
The couple and George Clooney and his wife, Amal, also sold a pair of vacation homes they developed together in Mexico’s Los Cabos on the southern tip of Mexico’s Baja peninsula for $100 million in 2016.
This summer Gerber and his longtime friend, Clooney, sold the tequila brand Casamigos Tequila they founded together to drinks company Diageo for a figure thought to be in the region of $1 billion.
A rep for Crawford and colisting agents Chris Cortazzo of Coldwell Banker Residential Brokerage and Kurt Rappaport of Westside Estate Agency Homes did not respond to requests for comment.