Russell Peters bought Malibu estate for $4.725m, now asks $8.5m
Comedian Russell Peters has relisted his 1.3-acre Malibu estate for $8.5 million. The property, which he purchased for $4.725 million in 2014, has undergone significant renovations but has struggled to find a buyer since its initial listing in 2016.
Why it matters
The listing highlights the volatility and long-term holding challenges within the high-end luxury real estate market, even for celebrity-owned properties.
Comedian Russell Peters is once again putting his Malibu estate on the market, this time asking $8.5 million for the gated property. He bought the roughly 1.3-acre estate in 2014 for $4.725 million and later remodelled its approximately 10,000-square-foot home, transforming it into a sprawling retreat with ocean views, a pool, a theatre and space for entertaining. The property has had a long and uneven journey on the market: it was listed for $11.95 million in 2016, appeared for sale again at lower prices and was rented to tenants for several years. Now, TMZ reports that Peters is seeking a fresh buyer. The latest listing highlights the estate’s scale and amenities, while its history shows how long it can take for even a celebrity home to find the right match.A substantial Malibu retreatPeters’ property sits behind gates on about 1.3 acres in Malibu.
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