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.
Thank Nate Burkus for that when Katie renovated the place. The tastefully designed, gorgeous townhouse featured in Domino magazine. You can join Oprah on a video tour of the townhouse here.

That's not all. The home also has spectacular features such as a chef's kitchen, an elevator, four bedrooms, four baths, a landscaped terrace, and yes, even a pool. Review the full listing here. Strangely, the pool is said to be covered up and used for storage.

Coming in at 4,000 square feet in prime Manhattan market it is easy to see why it has appreciated. Meanwhile, Billy still has his Hamptons beach house.
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