Award-winning actress Julia Roberts is rumoured to be willing to take a $10 million hit on her Hawaiian property. The property has been on the market since last year with an initial price tag of $30 million. It appears that Miss Roberts is now willing to take $19.5 million which is a significant reduction although still a profit on her initial $13.375 million investment just five years ago. So, what do you get for $19.5 million?
Where is the property?
The property itself is situated in Hanalei Bay, Hawaii and is one of the larger lots in an area which has neighbours such as Chuck Norris and Mark Zuckerberg. When you bear in mind that Julia Roberts property comes with 200 feet of beachfront we can only imagine the peace and tranquillity of the area. The estate was initially owned by a sugar plantation manager who bought the property back in 1915 more than four decades before Hawaii became a state. His forward thinking has certainly paid dividends for his family and the property is still known as “The Faye Estate” in memory of the plantation manager.
As we touched on above, the plot owned by Julia Roberts is one of the largest in the area with many of the other plots having been subdivided and sold on. This is one of the last of the larger estates and therefore it is a little surprising there has been minimal interest so far.
A beautiful property
This 2 acre property has views towards the mountains and the sea with a home covering 3792 ft.² although there is planning permission for up to 9000 ft.² of development including a swimming pool and additional buildings. The property itself was built back in 1946 and has an astonishing seven bedrooms and four bathrooms – perfect for the celebrity market. The views are amazing, the landscape is immaculate and the property is to die for. A property with its own beach, does it really get any better?
Why is Julia Roberts willing to take a $10 million hit?
As we mentioned above, it is rather surprising there has been little interest in this property so far, forcing a price reduction of just over $10 million. The new $19.5 million sale price would still represent a significant profit on Miss Roberts initial purchase but far less than the expected $30 million asking price of last year. This is an area of the world which already attracts more than its fair share of celebrity property investors and offers a beautiful backdrop for some peace and quiet.
There are rumours that Julia Roberts is beginning to take a step back from her hectic career and perhaps enjoy the fruits of her labour. When you bear in mind she has been at the top of the movie actress tree for many years now who could blame her. We will continue to monitor this particular sale although it would be astounding if there was no interest at the reduced price. Could you bear to take a $10 million hit on your initial asking price? Then again, many people would give their right arm to take a $6 million profit on a purchase from just five years ago.