Kylie Jenner and Travis Scott, the on-again, off-again celebrity couple, have decided to pull their luxurious Beverly Hills mansion off the real estate market after more than two years of unsuccessful attempts to sell it. Despite repeated price cuts and enticing offers, the mansion remains unsold.
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A Lavish Estate with an Ambitious Initial Asking Price
The 1971-built mansion spans 9,680 square feet and features seven bedrooms and 8.5 bathrooms on a one-acre lot. The property boasts an open floor plan with a chef’s kitchen, home theater, library, wine room, and ample entertaining spaces. The grounds include a pool, spa, and private areas, making it ideal for those seeking refuge from prying eyes.
In 2018, Kylie Jenner and Travis Scott purchased the home for $13.4 million, one year into their relationship. However, when they listed the mansion for sale in 2022, they set an initial asking price of $21.9 million—a figure many real estate experts deemed overly ambitious.
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A Journey of Price Cuts Without Success
Over two years, Kylie and Travis repeatedly reduced the asking price in hopes of finding a buyer. In March 2023, they lowered the price to under $20 million. By February 2024, it had dropped to $17,995,000, and later in the year, to $15,995,000. Despite these significant reductions, the property failed to attract serious interest.
Arvin Haddad, a real estate expert, told Realtor.com that the couple’s initial price was unrealistic. “They paid $13.4 million for the house, but even that was a high price for the property. Kylie tends to overpay for everything, but in this case, she didn’t get a good deal.”
Impact of the Los Angeles Mansion Tax
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Selling the mansion became even more challenging with the introduction of Los Angeles’s new mansion tax in April 2023. The tax imposes a 4% levy on transactions over $5 million and a 5.5% levy on transactions above $10 million, in addition to the existing 0.45% tax. Designed to fund affordable housing initiatives, the tax has significantly impacted L.A.’s luxury real estate market.
In the first year after the tax took effect, sales of properties over $5 million in Los Angeles dropped by 68%. Kylie and Travis missed the opportunity to sell the mansion before the tax implementation, making their search for a buyer even more difficult.
What’s Next?
Kylie Jenner and Travis Scott have now taken the property off the market. It remains unclear whether they will pursue an off-market deal or keep the mansion for personal use. This case highlights the difficulties of navigating the luxury real estate market, even for high-profile celebrities.
Kylie, currently living in her $36.5 million Holmby Hills estate, recently shared glimpses of her extravagant home on Instagram. Travis, meanwhile, owns a $23.5 million property in Brentwood.
Lessons from the Real Estate Battle
Kylie Jenner and Travis Scott’s case serves as a cautionary tale about the risks of the luxury real estate market. Overpricing and external factors, such as new taxes, can make even the most opulent properties challenging to sell.
