While it took a $90 million contract to prise NBA All-Star Paul Millsap away from the Atlanta Hawks, into the arms of the Denver Nuggets, it looks as though the celebrity sportsmen has settled well in his new Colorado home. When you consider the amount of money available in the NBA today, perhaps a $3.75 million home in Englewood might disappoint some people. However, this is not a small property and he seems to have bagged a bargain!
Massive square footage
This $3.75 million mansion has eight bedrooms, 10 bathrooms and 14,440 ft.² of living space all on a 2.2 acre corner lot. As a celebrity sportsperson there is no doubt that Paul Millsap will be entertaining friends and family from day one. Well, this mansion is designed for entertainment!
If we quickly run through some of the features you might begin to appreciate the value for money. There are multiple covered patios, family room, library, eat in kitchen as well as a home theatre. There are also seven gas fireplaces, a games room, wet bar and while the stone clad columns and vaulted themed ceilings catch your eye, it is the floor-to-ceiling windows which give you the best views. As you might expect, the four-time NBA All-Star also has his own outdoor basketball court and an indoor gym to keep fit.
Wheeling and dealing in real estate
Paul Millsap is no novice when it comes to real estate investment having listed his previous Utah home back in 2013 when he moved to Atlanta. It is believed that is Utah property was sold for around $2.5 million boasting six bedrooms, eight bathrooms and an array of entertainment facilities. He then moved on to his Atlanta property which boasts 14,000 ft.² and came in at around $2.7 million. Slowly but surely the NBA superstar of the future was increasing his real estate assets.
Despite the fact that worldwide economies have struggled over the last decade, it seems that the income of superstars in the higher echelons of sport have continued to rise. There are more and more sports superstars appearing in the celebrity real estate papers and many people will be surprised at how savvy they are when it comes to investing in property.
So money is no problem, really?
As we have touched on in some of our recent articles, a number of celebrities have been forced to chop the price of their properties to attract buyers. The trend seems to be impacting those properties valued in the tens of millions of dollars even though there has been a relatively big pool of potential investors in years gone by. We have seen tens of millions of dollars slashed off asking prices, properties listed and delisted on a regular basis and “undisclosed sale prices”.
While sports superstars such as Paul Millsap have been gradually increasing the value of their real estate assets, some of those towards the top end of the market have not been so lucky. It is not just the lack of interest in some of these highly priced celebrity properties which is hurting bank balances but the fact these vast homes often have enormous running costs.