This post was originally featured on heroinvesting.com
Despite the allure and prestige associated with owning a celebrity mega mansion, many of these luxurious properties have become abandoned and worthless over time. Whether due to financial mismanagement, changing market conditions, or other factors, these once-valuable estates have been left to decay, their grandeur a distant memory. From sprawling mansions in the hills of Beverly Hills to grand palaces in Europe, the fall from grace for these properties has been a stunning one. We'll explore some of the most extravagant and expensive abandoned mansions worldwide and the reasons behind their current worthless state.
John Travolta's Maine Island Estate
John Travolta struggles to sell his Isleboro island mansion, which he listed for $5 million in 2020. While the asking price is significantly lower than previous estimates, there are no reports suggesting that the property remained on the market for an extended period or underwent multiple price reductions.
It is possible that Travolta's decision to sell was driven by personal circumstances, or the lower price was a strategic move to attract buyers in a competitive real estate market.
Michael Jordan's Unrealistic Illinois Mansion
Michael Jordan's lakefront compound in Highland Park, Illinois, was initially listed in 2012 for $29 million but failed to sell. The price was later reduced to $21 million in 2014, and then to $16 million in 2015.
Despite its undeniable luxury and impressive features, such as a regulation-size indoor basketball court, a putting green, a tennis court, and a wine cellar, the mansion failed to find a buyer, and the price was reduced yet again to $14.9 million in 2016. Eventually, the property sold in late 2018 for $7.15 million, which is less than half of its original asking price, resulting in a significant loss for Michael Jordan.