John Legend and Chrissy Teigen Sell Beverly Hills Home
The celebrity pair closed the deal at a cut price.
2 min
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.
Reprinted by permission of Mansion Global. Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: July 26, 2021
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Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Philip Lowe’s comments come amid property industry concerns about pressures on mortgage holders and rising rents
2 min
Leaders in Australia’s property industry are calling on the RBA to hit the pause button on further interest rate rises following yesterday’s announcement to raise the cash rate to 4.1 percent.
CEO of the REINSW, Tim McKibbin, said it was time to let the 12 interest rate rises since May last year take effect.
“The REINSW would like to see the RBA hit pause and allow the 12 rate rises to date work their way through the economy. Property prices have rebounded because of supply and demand. I think that will continue with the rate rise,” said Mr McKibbin.
The Real Estate Institute of Australia today released its Housing Affordability Report for the March 2023 quarter which showed that in NSW, the proportion of family income required to meet the average loan repayments has risen to 55 percent, up from 44.5 percent a year ago.
Chief economist at Ray White, Nerida Conisbee, said while this latest increase would probably not push Australia into a recession, it had major implications for the housing market and the needs of ordinary Australians.
“As more countries head into recession, at this point, it does look like the RBA’s “narrow path” will get us through while taming inflation,” she said.
“In the meantime however, it is creating a headache for renters, buyers and new housing supply that is going to take many years to resolve.
“And every interest rate rise is extending that pain.”
In a speech to guests at Morgan Stanley’s Australia Summit released today, Governor Philip Lowe addressed the RBA board’s ‘narrow path’ approach, navigating continued economic growth while pushing inflation from its current level of 6.8 percent down to a more acceptable level of 2 to 3 percent.
“It is still possible to navigate this path and our ambition is to do so,” Mr Lowe said. “But it is a narrow path and likely to be a bumpy one, with risks on both sides.”
However, he said the alternative is persistent high inflation, which would do the national economy more damage in the longer term.
“If inflation stays high for too long, it will become ingrained in people’s expectations and high inflation will then be self-perpetuating,” he said. “As the historical experiences shows, the inevitable result of this would be even higher interest rates and, at some point, a larger increase in unemployment to get rid of the ingrained inflation.
“The Board’s priority is to do what it can to avoid this.”
While acknowledging that another rate rise would adversely affect many households, Mr Lowe said it was unavoidable if inflation was to be tamed.
“It is certainly true that if the Board had not lifted interest rates as it has done, some households would have avoided, for a short period, the financial pressures that come with higher mortgage rates,” he said.
“But this short-term gain would have been at a much higher medium-term cost. If we had not tightened monetary policy, the cost of living would be higher for longer. This would hurt all Australians and the functioning of our economy and would ultimately require even higher interest rates to bring inflation back down.
“So, as difficult as it is, the rise in interest rates is necessary to bring inflation back to target in a reasonable timeframe.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
