Mr. Tiger Blood himself is back in the news. This time it isn’t for making a rap video with Lil Pump, ranting about his drug usage. It’s not about the many women he’s slept with, though he’s announced he is living with HIV. Instead, the ‘Two and A Half Men’ star should be looking toward dealing with a home insurance adjuster to lower his living costs. Recently, anticipating a faster sale, Charlie Sheen dropped the price of his $10-million-dollar mansion for the 5th time since buying.
The Latin actor whose real name is Carlos Irwin Estévez, has been trying to unload his luxury Sherman Oaks estate for some years now. He purchased the California crib in 2006 for $7.2-million dollars. As the economy was down, Sheen as many Hollywood stars, expected a hefty profit when the economy bounced back. An idea that runs true for your average houses, it’s proven a nightmare for many luxury mega-mansion deals. Even rap star 50 Cent’s insanely ideal Connecticut purchase was reduced by $13-million before selling (see here).
5th Time A Charm …
Though Sheen’s cut his Encino estate’s price 5 times since putting it on the market for $10-million-dollars, he’s still far from Mr. Jackson’s ‘deal bracket.’ His latest price reduction brings the home price to $7,990,000 USD. This is still a profit of nearly $700,000. However, one would think this gain is likely to cut into drastically from the cost of home insurance and real estate agency closing costs. In fact, it may take him into a loss, depending on terms of services he is utilizing to get rid of the property.
“There just aren’t many people than are willing to spend that on a house that they didn’t design and build themselves,” said real estate investor and consultant Curt Sutherland, on why homes of such elite value do not sell easily.
Beyond these commonplace metrics, Sheen’s public lifestyle may also damage the home’s value. Many wealthy people will stay away from a home that’s been publicly associated with disease, murder (read the story), hookers, and drugs. To put this into perspective, not even Colombian cocaine legend Pablo Escobar committed all 4 of those cardinal sins. Charlie’s truly pushed things to the limits where most just will not step towards.
Sutherland, who’s family name is recognized nationally for their real estate brand, recommends anyone with a home of $10-million-dollars has a solid income of at least $2-million-dollars annually. Banks will likely require these types of earnings to even consider a loan for such a house. Also, a $1-million-dollar deposit may be requested on top of salary minimum.
Net worth & Income decline since Two And A Half Men
Charlie Sheen once made $1.25MM per episode of a hit television sitcom, Two and a Half Men. However, he’s been living the BMF lifestyle since this success, blowing money fast. WealthyGorilla.com estimates he’s only worth $10-million-dollars today and with the news of HIV being made public, his work has slowed. Therefore, his keeping of this home would be very tough, as it’s almost equal to his entire net worth. Upkeep of the Sherman Oaks estate in Encino, California could cost upward of $400k, yearly.
Regardless, the home will sell in time most professionals speculate. However, how far the price will have to drop is unclear. Hopefully, the ‘Tiger Blood’ sensation will find success at this latest reduction, selling with some chance of profit.