1 week ago
22
Drake is having a hard time selling his Beverly Hills, California, mansion.
The Canadian rapper, who made headlines this summer in a historic feud with rapper Kendrick Lamar, bought the home for $75 million in March 2022. He listed it for sale a year later in May 2023.
After a year on the market, the 10-bedroom, 22-bath estate was taken off and re-listed in May 2024. Drake is trying to sell the Beverly Hills home for $88 million.
Why It Matters
The median sale price in Beverly Hills is up 19.4 percent year-over-year, according to Redfin, with a 50 percent increase in the number of homes sold. In California as a whole, prices are up 4.5 percent from last year, and the number of homes sold has increased 12.4 percent.
Los Angeles has some of the highest median home prices in the country and it's possible they'll continue to go up in 2025.
What To Know
Redfin estimates that Drake's house is worth approximately $69 million—about $6 million less than what the rapper paid for the property in 2022 and $19 million less than the current asking price.
The 24,757-square-foot home was initially owned by British singer Robbie Williams, who purchased the property in 2015 for just over $32 million. While Williams made over $42 million in the sale, Drake may have to take a $6 million loss if the home sells at its current $69 million valuation.
"I think it's a hard sell," Scott Gorelick, realtor at The Agency RE in Beverly Hills, told Newsweek.
According to Gorelick, Drake's mansion is outside the realms of a "true" Beverly Hills location, and those willing to pay that high of a price tag are typically home shopping on Billionaires Row in Malibu, Beverly Hills Proper or Bel Air, California.
Drake's Los Angeles house has been on the market for 248 days as of his most recent listing. Homes in the Beverly Hills area typically stay on the market for a median of 64 days, or just over two months, according to Redfin.
Pila Jessie, realtor and owner of Khorr Realty, told Newsweek this isn't uncommon for high-end celebrity real estate.
"It's important to note that the days on market for homes in this ultra-luxury tier are significantly longer than average, reflecting the unique dynamics of this niche market," said Jessie.
What People Are Saying
Scott Gorelick, realtor at The Agency RE in Beverly Hills, told Newsweek: "...I think the price is closer to $60M in that location. Most of the 20 acres is unusable hillside and the views are not the A+ views that many other locations in Beverly Hills Proper or Bel Air will have. The home is also dated and needs a renovation."
Pila Jessie, realtor and owner of Khorr Realty, told Newsweek: "At this price point, you're catering to an extremely discerning buyer in a highly exclusive pool. These individuals often have specific preferences and may be considering properties not just in Beverly Hills, but across the state, country, or even globally."
What Happens Next
"I think overall the market will increase here in Los Angeles," said Gorelick. "...For being one of the best luxury global real estate markets with most of the exceptional properties here priced between $1000 - $2500 a foot, there is still a lot of room to increase pricing."
As for California's housing market as a whole, experts anticipate an average price increase in 2025. Gorelick predicts an increase between 4 and 6 percent, which aligns with the California Association of Realtors' (CAR) forecasted increase of 4.6 percent.
