While celebrity homeowners usually see some appreciation in the value of a property because of their star power, Hollywood's elite can't always escape a down real estate market.
The most recent S&P/Case-Shiller national housing report revealed that average home prices dropped to their lowest level in nearly a decade. A separate report from the Commerce Department showed new home sales fell in March by the most in more than a year to a seasonally adjusted annual rate of 328,000 units. The median sales price of new houses sold in March 2012 fell to $234,500; the average sales price was $291,200.
Here are eight celebrities who took a loss on the sale of their homes or mansions. Fortunately for them, most have second or multiple homes to give them shelter from adoring fans and paparazzi and all but one of the homes sold in the multi-million dollar range.
Pop princess Britney Spears reportedly took a hit on her Beverly Hills home that she bought in January 2007 for $6.8 million and first listed in September 2008 for $7.9 million.
Zillow reports the listing sold for $4.5 million in April 2012 after six price cuts. Spears bought the five-bed, six-bath home for $6.75 million after her divorce to Kevin Federline in 2006.
"Built in 2001, the Mediterranean-style villa is located in the high-security, prestigious Summit neighborhood," Zillow reports. The 5-bedroom, 6-bath home has a master suite with his-and-her bathrooms and a fireplace.
Actress Jennifer Aniston bought two New York City apartments in 2011 for $7 million with the intent to combine them.
A year before that, Aniston told ABC's "Good Morning America" she was looking to return to New York City.
"I grew up here. I miss it," Aniston said in February 2010. "There's nothing like being in the city…[it's] the city of every man. It's all walks and I love that."
Fast forward to April 2012. Aniston has said she felt overwhelmed by paparazzi in New York City. She sold the units with a loss of $500,000, the New York Daily News reported.
Singer Rihanna sold her Beverly Hills eight-bedroom home in December 2011 for $5.03 million. She listed it in November 2010 for $4.5 million after paying $6.9 million in September 2009. The home reportedly has water damage from the roof and windows and was described as a "major fixer," which previously led to legal wrangling against her landlord.
The gated, three-story home spans 8,520-square feet and has eight bedrooms, 10 bathrooms and three fireplaces.
Actress Penelope Cruz sold her 3,334-square foot home in Los Angeles for $2.88 million in December 2011, after buying it for $3.14 million in May 2005.
On the market for over a year, the final sale price was $807,000 less than Cruz originally sought and $250,000 less than what she paid.
"The 3-bedroom, 2-bathroom Balinese-modern style home was built in 1956, and as since been completely updated by the star and husband Javier Bardem," Zillow reported. "The unique piece of Hollywood Hills real estate is tucked in a cul-de-sac near Sunset Strip and features high ceilings, carved-wood doors, private courtyard, bamboo floors, and an in-ground heated pool with a luxurious tented cabana."
"The Office's" John Krasinski bought a two-bedroom, two bath home in West Hollywood in March 2006 for $1.05 million, just one year into his role as "Jim" in the popular mockumentary. Krasinski's career took off while the economy took a turn for the worse.
He listed it in March 2011 for $945,000 and it sold for $880,000 in June 2011.
|Tori Spelling and Dean McDermott|
Despite being featured on television, the home in which Tori Spelling and Dean McDermott's reality television show, "Tori & Dean: Home Sweet Hollywood," was filmed for the Oxygen network sold at a loss.
The couple bought the home in Encino, Calif. for $2.95 million in October 2008 and listed it in April 2011 $3.20 million. They sold it for $2.5 million in December 2011, according to public records.
Emmy-nominated actress Kaley Cuoco of "The Big Bang Theory" bought a home in Sherman Oaks, Calif. for $1.36 million in 2005 after ending her role on ABC's comedy-drama, "8 Simple Rules" which aired from 2002 to 2005.
She listed it for sale at $995,000 in February 2011 before slicing the price twice. For her third price cut, Cuoco listed the home for $849,000 in July 2011. The three bedroom, two bathroom Spanish home sold below that for $822,500 in August 2011.
"The private home, below, features "park-like" grounds, hardwood floors and period details from its 1937 construction date," Zillow reported.
The director and producer of CW's television show, "The Vampire Diaries," from 2009 to 2011 sold his home in Encino, Calif. for $1.65 million in January 2012. Marcos Siega bought the five-bedroom, five bathroom home for $1.75 million in February 2010, after a previous owner once listed it for $2.25 million in July 2009, according the property's history on Zillow.
The home spans 3,628 square feet, has two fireplaces, a swimming pool and a spa.