Here's How Much Adele Paid For Sylvester Stallone's Mansion
Multi-award winner Adele is in escrow for American actor Sylvester Stallone's 3 acre Beverly Hills home, according to TMZ. While the mansion is on the market for $80 million on Realtor, Adele reportedly managed to knock down the price to $58 million.
Last February, the "Rocky" actor listed his hidden home for $110 million, but since nobody scrambled to get their hands on the custom-built mansion, Stallone lowered the price. If the inspection process goes well, Adele could be living in her new residence by the end of the month. This will be the fourth home she has purchased in California in the last five years. The singer claimed back in October that she couldn't afford to live in London, so she moved to Los Angeles, as noted by the New York Post.
Adele will be joining the gated community where other celebrities reside such as Denzel Washington, Justin Bieber, and Sofia Vergara.
A look inside the home
Sylvester Stallone bought the land for $2.35 million in 1994 and built every part of his home. The contemporary Mediterranean compound has a staggering six bedrooms, nine bathrooms, a screening room, a cigar room, and a custom bar in the main house, per Realtor. The office has a full size terrace that looks out to the pool and patio. Additionally, although it's located behind the Beverly Hills Park gates, it provides a gorgeous panoramic view of the city and canyon views from every room.
Not far from the main house is a two-story guesthouse designed by Richard Landry that holds two-bedroom suites, a living room, a dining room, and a kitchen. The property also offers a resort-style setting with patios, sprawling lawns, an infinity pool, and a spa. An eight-car garage and art studio tie the house together. As for why Stallone vacated the stunning residence, he moved into a $35 million estate in Palm Beach last year with new neighbors being Jon Bon Jovi and Rod Stewart.
Why the price dropped
Even though Adele got the home for an amazing price, it took some time for the price to drop. When the property was listed for $110 million, most real estate agents believed it was way overpriced and knew it wouldn't sell right away, according to Realtor. The custom-built home holds the identity of Stallone; it was as though he was putting a high price on what he put into the residence instead of focusing solely on the value of the property. As it sat on the market for months, Stallone decided to reduce the asking price.
The homes in Beverly Hills Park are worth more due to the location they're in. However, many luxury estates sit on the market and go through various price reductions until they sell. And even though these homes reflect an eccentric architecture style, they still sit on a desirable and exclusive piece of land. Tomer Fridman with Compass listed the property.