Hulk’s mansion drops price as celebrity houses fail to sell

Retired professional wrestler Hulk Hogan
has lowered the price of his house after it failed to sell on the market.

The mansion, located in Florida’s celebrity
zone of Clearwater, was listed for $25m in 2006, but has been reduced in price
four times over the past five years, now reaching the significantly lower cost
of $8.85m.

Hulk’s property joins other celebrity houses that
have failed to sell recently, with Alec Baldwin relisting
his New York apartment last month after it couldn’t find a buyer two years ago.
Avril Lavigne, as well, has had to cut the price tag for her Bel-Air home,
which was originally listed in May for $10 million but can now be purchased for
just under $9m.

The trend
continues with Dennis Quaid, whose Brentwood house dropped almost $4m in
price after its $14m price tag failed to attract any interest in March 2011 – a
drop of over 28 per cent.

Hulk’s home, known to many from his reality
TV series, was built
in 1996 and boasts a gym, spa, five-car garage and even a two-tier waterfall.
But with prices cascading on luxury celebrity houses
across the market, buyers seem to be in short supply as economic doubts
continue.

But price cuts are also occurring on
average domestic American real estate, as foreclosures and repossessed
properties see some agents and developers cutting prices by 50 per cent.
Whether buyers are looking for bargain second homes or expensive mansions,
investing in overseas property is a decision they won’t have to wrestle with.