Sofia Richie & Ellen DeGeneres are the ‘smartest Hollywood home flippers’ – Miley Cyrus’ remodel only made her a million
HOLLYWOOD celebrities are known to enjoy healthy bank balances, which means they can often afford to live across two or more luxury homes.
A Los Angeles real estate expert has claimed savvy stars have been using renovation tactics and flipping their houses fast to rake in more.
Actress Sofia Vergara, 51, finally sold one of her mansions in Beverly Hills in April after dropping the price.
Lowered from $19.6 million to under $14 million, the Modern Family star took a cut.
Real estate expert Stacey Franklin claims stars profit most when they “remodel entirely” and include “high tech” in their new specs.
Sofia appeared to have taken time on her renovation before listing her Mediterranean-style villa.
The AGT judge looks to have added spa baths and a wet bar. She also developed a wine cellar.
“Successful flippers remodel the entire property. Some teardown homes and rebuild,” Franklin told The U.S. Sun.
“Others take on small projects, such as remodeling surfaces only or changing tiles in the kitchen.
“Celebrities have realized they can make even more money than their day jobs by flipping and creating extra wealth.
“The best celebrity flippers often remodel their whole home.”
Franklin claimed flipping success hinges on high technology.
“Hollywood’s wealthiest like having the latest smart features at home,” she said
“These include voice-activated features for sound, temperature and lighting, home theaters, pool features, heating, and air conditioning.
“These smart homes include welcome home announcement systems.
“Music settings are on speakers throughout, and they want state-of-the-art workout equipment in their gyms.
“Celebrities have multiple-level garages and car lifting systems.
“Celebrity smart houses also have automatic opening doors throughout.”
SAVVY SOFIA
When they got engaged, model Sofia Richie, 25, and music exec Elliot Grainge bought their first Beverly Hills pad for $17 million.
Before moving in, the couple completely renovated the Music Row mansion.
They added cool outdoor twists, such as a cabana and a wet bar.
Sofia sold the 8,023-square-foot pile 10 months later for $21.8 million in 2021.
With $5 million in profits, when the couple married, they spent $26.9 million on a new pad in Brentwood Park.
Franklin claimed Sofia profited because she sold quickly and did a full rehab.
“As far as Sofia Richie, I see the old listing for $5,605,000, and it was an investor rehab,” she said.
“It was sold for $21,000,000, and she would have had only the best smart features installed.
“Of the celebrity circle, Sofia appears to be the best celebrity flipper alongside Ellen.”
EASY ELLEN
Since finishing up on her talk show in 2022, Ellen DeGeneres, 66, has shifted home after home.
According to The Riv magazine, she has flipped over 50 houses in the last twenty years.
In 2022, Ellen closed eight property deals. Her recent purchase included a 3-bedroom pad for $12 million.
Six months later, she shifted it for $13.5 million.
“I don’t really travel a lot. So, house flipping is my version of travel,” she says. “With house flipping, the scenery changes though I stay in the same general area,” she said.
“Only in a new place and from a new perspective,” she added.
“Ellen has just done another flip,” added Franklin.
“She sold her Montecito home for $32 million — about $10 million more than she paid a year ago.
“Ellen had initially listed it for sale at $46.5 million after fully restoring the property, which was a historic mansion.
“This was a less profitable sale than she probably would have liked.
“Ellen is the biggest celebrity home flipper, but it does not always work out for her.”
MILEY’S MILLION
Singing sensation Miley Cyrus, 31, flipped her six-bedroom Hidden Hills pad a year after buying it for around $5 million.
She renovated the 6,800-square-foot space with the help of her mom, interior designer Tish.
Miley and Tish decorated and added leopard print and Gucci wallpaper, a black living area, and they created a multi-colored music studio.
She sold the pile for a cool $7.2 million.
“Miley Cyrus Hidden Hills house was a flip,” said Franklyn.
“A less intensive remodel like this would cost around $600,000 or more, so she only would have made around a million.
“The purchase price for Miley was $4,953,500 in 2020, and the sales price to the buyer was $7,220,000 in 2021.
“Miley’s was the lowest proceed outcome but not bad considering she still made over a million profit.”
GONE WEST
Kanye West’s Malibu place was relisted at $43.3 million, a drop from the $57.3 million. The rapper had bought the place in 2022.
Kanye, 45, was said to have gutted the house and started the basics but never completed the job.
“It will take several million dollars for the house to be finished,” real estate broker Jason Oppenheim told The Wall Street Journal.
“Much of the architectural integrity and the architectural value of the house exists.”
“Kanye would be making a considerable loss,” Franklin suggested.
“He bought the Malibu beachfront place at a high market value in 2021.
“This was to try to, at the bare minimum, make back the money he invested in the property – if or when he remodeled.
“No previous listing photos show whether he has done any proper construction.
If celebrities are clever, in areas like Montecito and Santa Barbara, the sky is the limit with value, and there is space to make millions.
Stacey Franklin
“If the property sells for the listing price today, he will lose millions.
“This does not include any money he has potentially spent on upgrades or work so far.
“If Kanye had intended this to be a flip, it was a risky venture that did not succeed, and he will probably have lost the most money.”
“Flipping takes a lot of work,” Franklin added.
“It is a risky venture that you must be financially prepared for.
“Some properties have significant issues that can be costly and go beyond replacing cosmetic items.
“This could have happened to Kanye.
“It is also a business venture one has to take seriously.
Celebrities just have to know where to look and then do a full remodel to make it worthwhile.
Stacey Franklin
“The financial losses one can suffer if not properly investigated before purchasing the property can be devastating.
“If celebrities are clever, the sky is the limit with value in areas like Montecito and Santa Barbara.
“There is space and opportunity to make millions.
“Celebrities just have to know where to look and then do a full remodel at pace to make it worthwhile.”
