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.
Click here for home listings in Miami Beach, Fla.
These AOL Real Estateguides can help, no matter whether you choose to buy or sell: