We all love the occasional dose of celebrity gossip, and it’s been fascinating to watch some of Hollywood’s biggest stars trying to sell properties and avoid a new “mansion tax” implemented in the City of Los Angeles.
Among the superstars who’ve called their real estate agents are Britney Spears, Jim Carrey, Kylie Jenner and Mark Wahlberg, according to US and UK media reports.
The tax, which took effect last month, is officially called the “Measure ULA”.
Owners who sell a home valued at more than $5 million must pay a 4% transfer tax.
If the value rises to $10 million or more, the transfer tax rises to 5.5%
The City promises all the money raised will be spent exclusively on public housing and the burgeoning homeless crisis.
California has America’s worst poverty and an estimated 42,000 are homeless in the city.
The tax was passed last November with 57% of councilors in favor after lobbying efforts by unions and housing advocates. The aim is to raise more than $600 million.
Despite the crisis and the tax designed to solve it, actors and singers decided it was time to slim down their real estate assets.
Actor and comedian Jim Carrey asked $29 million for his 12,700 sq ft home.
Singer Brittany Spears wanted $12 million for her 11,650 sq ft mansion.
Kylie Jenner made her move last November, asking $33 million for her seven-bedroom, 10-bathroom property that she bought in 2018 for $20.4 million.
One of the biggest Hollywood deals was sought by actor Mark Wahlberg, who put a price tag of $87.5 million on his 30,500 sq ft Beverly Hills mansion. While he put the property on the market last April, he dropped the price to $79.5 million last November around the time the tax was passed. It sold in February.