Former Cher Estate Gets a 40% Haircut
The owner of Cher's former La Gorce Island estate has slashed his asking price by another 11 percent in an attempt to take advantage of a perceived burst in activity in the Miami Beach luxury market, even though it means he'll probably lose money on the deal.
The 11,460-square-foot mansion, which Cher rebuilt and sold in the 1990s, is now up for grabs for $10.2 million. It last changed hands for $9.7 million in 2006, when former Calvin Klein CEO Barry Schwartz sold it to developer Todd Glaser and investor Armin Mattli, who gave the property around $1 million worth of upgrades before relisting it for $16.9 million in 2008.
It's been on and off the market since then, with celebrities like Janet Jackson and Julio Iglesias each taking a turn as tenants, but was most recently listed for $11.5 million in July.
Read more at The Real Deal.
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