Ex-Mrs. Joel Savvy Real Estate Investor

It would be unfair to consider Katie Lee as simply the latest ex-Mrs. Joel. She is, after all, also a chef and cookbook author. Starting today, thought, it might also be appropriate to consider her a savvy real estate investor. She stands to double her money on her West Village townhouse she once shared with Billy Joel in New York City.

Here's what happened: Katie Lee and Billy bought the townhouse back in 2006 for $5.9 million. Three years later he spent $3 million to sell his share of their home to her in the divorce. But clever KL just placed the home on the market this week for a lofty $12.9 million.

Why the large increase in value given the overall market squeeze for both celebrities and normal folks? One word: Design.