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Real Estate

4 Years and 6 Price Cuts Later, Britney Spears’ Home Sells

comp:00004f9cf509:0000000e60:192d 0 <p>Finally, the home connected to singer <a href="http://bumpshack.com/2007/12/31/top-35-britney-spears-moments-of-2007/">Britney Spears&#8217; worst moments in 2007</a> could be behind her.</p> <p>Reeling after <a href="http://articles.cnn.com/2006-11-07/entertainment/britney.divorce_1_spears-and-federline-jayden-james-sean-preston?_s=PM:SHOWBIZ">her divorce in 2006</a>, <a href="http://www.zillow.com/homedetails/12094-Summit-Cir-Beverly-Hills-CA-90210/20032129_zpid/">Spears bought herself a Studio City home</a> in January 2007 for $6.750 million. It was supposed to be a place of solace, but it became ground zero for the paparazzi and Spears&#8217; soon-to-come <a href="http://bumpshack.com/2007/12/31/top-35-britney-spears-moments-of-2007/">tumultuous, headline-grabbing year.</a></p> <p>In September 2008, Spears decided a new chapter was in order and she listed <a href="http://www.zillow.com/homedetails/12094-Summit-Cir-Beverly-Hills-CA-90210/20032129_zpid">her Summit Circle home for sale</a> for $7.9 million.</p> <p>Four years, six price cuts and a few different brokerages later, Spears&#8217; property finally found a buyer and is listed on Zillow as a pending sale. The current listing price? $4,466,150.</p> <p>Why did Spears&#8217; home linger on the market so long?</p> <p>&#8220;Unfortunately,&#8221; explained <a href="http://www.zillow.com/profile/mumansky/">Mauricio Umansky</a>, Zillow real estate expert and co-founder of <a href="http://theagencyre.com">The Agency</a>, &#8220;she bought it at the top of the market and listed it for so high right after the market crash in 2008 [it was] a bad marketing strategy.&#8221;</p> <p>According to Umansky, the home should have been listed below the price Spears purchased it for, and if potential buyers balked, the listing agent should be able to back up the high price.</p> <p>&#8220;Her [Spears'] celebrity status should be worth some money, &#8221; said Umansky. &#8220;Playing that up and marketing the home right may have been able to get the home to sell in the low sixes.&#8221;</p> <p>Built in 2001, the Mediterranean-style villa is located in the high-security, prestigious Summit neighborhood. The 5-bedroom, 6-bath home has an enormous master suite with his-and-her bathrooms and a fireplace.</p> <p>Although Spears bought the property, the home is being sold under a conservatorship. In 2008, James Spears took over to handle all of his daughter&#8217;s legal and financial decisions. <a href="http://www.forbes.com/sites/morganbrennan/2012/04/25/britney-spears-sells-beverly-hills-home-for-4-25-million/">According to Forbes</a>, because the home wasn&#8217;t selling, there was a scheduled hearing to coordinate a probate sale on the home. However, with the pending offer, it looks like the probate sale won&#8217;t be needed.</p> <p>Currently Spears is living in Thousand Oaks, where she and new fiance Jason Trawick are <a href="http://www.zillow.com/blog/2011-12-19/britney-spears-real-estate-circus/">renting a 10,000-square-foot property</a>.</p> comp:00004f9cf509:0000000e6c:192d 0
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