John Legend and Chrissy Teigen Sell Beverly Hills Home

Musician John Legend and his wife, model and social-media celebrity Chrissy Teigen, have sold their Beverly Hills home for about $22.7 million, according to their listing agent Marshall Peck of Douglas Elliman.

The property was listed for $32 million last August, but the price had more recently been cut to $23.9 million. Mr. Peck said a previous deal for the property, signed roughly a week after it was first listed, had fallen apart and slowed down the marketing momentum. “Everyone thought we had sold it,” he said.

Mr. Peck declined to identify the buyer beyond saying he is a private-equity executive. The buyer was represented by Joyce Rey of Coldwell Banker Realty.

The roughly 8,500-square-foot, seven-bedroom house has a design inspired by Ms. Teigen’s Southeast Asian heritage, with a hand-carved wood ceiling in the great living room imported from Thailand and teak wood detailing, The Wall Street Journal reported. The primary bedroom has a brass-and-concrete fireplace, a balcony, a “glam room” and designer closets that the listing agent described as “evocative of a Chanel showroom.”

The property also includes a heated saltwater pool and Jacuzzi, a wood-burning oven and a pergola.

The couple bought the house for $14.1 million in January 2016, records show. It had been formerly owned by singer Rihanna. They completely redesigned it and redid the kitchen with professional-level equipment for Ms. Teigen, who is a cookbook author.

Mr. Legend is known for his hits such as “Ordinary People” and “All of Me.” Ms. Teigen recently apologized for her previous behaviour on social media after being accused of cyber bullying. “There is simply no excuse for my past horrible tweets,” she wrote in a statement on the website Medium. “I was a troll, full stop. And I am so sorry.”

Mr. Legend and Ms. Teigen couldn’t immediately be reached for comment on the sale. The couple purchased another house, a 10,700-square-foot spread in the Benedict Canyon area of Beverly Hills, for $17.5 million last September, The Wall Street Journal reported.

Climate change is already affecting home values due to the impact of more severe weather events and rising home insurance premiums, and the cost of building is likely to rise as regulatory changes designed to enhance climate resilience alter building codes and zoning laws, according to a new report.

The National Housing Supply and Affordability Council describes climate change as an emerging trend that is raising the cost and complexity of supplying more housing. In its newly released State of the Housing System report, the council discusses how climate change is reducing the value of some homes when major weather events cause flooding or other natural disasters.

“The price differential between flood-affected and non-flood affected homes has been estimated to be up to 35 percent a year after a flooding event,” the report says. “Furthermore, the RBA estimates around 7.5 percent of properties are in areas that could experience price falls of at least 5 percent due to climate change by 2050.”

More than one million households are struggling to afford home insurance, and rates of non-insurance are increasing due to the cost. For example, the Australian Competition and Consumer Commission estimated that 40 percent of homes in Northern Western Australia were uninsured in 2020.

“Climate change is causing home insurance premiums to rise across Australia, adding to already elevated housing costs. Homeowners in areas considered at–risk of natural disasters are expected to see insurance premiums rise further or have difficulty obtaining insurance due to heightened risks.”

More frequent and severe weather events such as cyclones and bushfires, as well as coastal erosion and flooding from rising sea levels, present risks to housing safety. More than 3,000 homes were lost in the 2019-20 bushfire season, causing $2.3 billion in insurance losses. The report says the predicted direct cost of natural disasters to the economy and housing will be $35.2 billion per year by 2050.

Climate change and net-zero targets could raise the cost of building new homes, the report says. “Regulatory changes to enhance climate resilience will alter building codes and zoning regulations.

Developers facing higher compliance costs may have difficulties meeting updated standards, potentially delaying or reducing housing availability.”

However, the report says the increased cost of building a home with climate-resistant materials and eco-friendly features is more than offset by lower energy costs over a property’s lifetime. The current minimum energy efficiency requirements within the National Construction Code are estimated to deliver a household–level benefit-to-cost ratio of 1.37, according to the report.

John Legend and Chrissy Teigen Sell Beverly Hills Home

The celebrity pair closed the deal at a cut price.

The insurance premium gap between flood affected and non-flood affected homes is significant