The actor owns over $40 million of real estate in the LA area.
It is not unusual for some high-profile actors and singers to become low-key home flippers — after enough real estate purchases, many start to understand the ins and outs of the market and how it can be used to grow the wealth they gained.
One of the most prominent examples is Ellen DeGeneres. The TV host bought a 12,000-square-foot mansion in California’s Montecito for $21 million and sold it for $36 million in September, earning $15 million in profit.
Maroon 5 frontman Adam Levine and wife Behati Prinssloo recently renovated a $35.5 million Beverly Hills purchase with the goal of flipping it, while storied actress Diane Keaton has recently taken up renovating historic properties.
Home Flipping in Pacific Palisades
Known for everything from “Billy Madison” to “Grown Ups,” actor and comedian Adam Sandler recently spent $4.1 million on a ranch-style house in LA’s Pacific Palisades.
As first reported by celebrity real estate website Dirt.com, the 7,600-square-foot was built in 1947 and sits on a 0.23-acre lot that is prime for redevelopment.
“Prime Pacific Palisades Village location two blocks to local schools, shops and restaurants,” reads the listing that was held by Compass (COMP) – Get Compass Inc. Class A Report agent Katy Landrum. “[…] Move right in or reimagine and develop your dream home.”
Michael Kovac/Getty Images for AARP
Sandler, who is worth over $420 million and already owns over $40 million in real estate around LA alone, is unlikely to live in the three-bedroom space. The area itself, however, offers endless potential as the median home listing price in Pacific Palisades is now $4.4 million.
Adam Sandler Has an Extensive Real Estate Portfolio
Now 56 and married to wife Jackie Sandler since 2003, the couple has amassed numerous properties both around LA and other parts of the country.
The Sandlers own a condo in Sierra Towers, a West Hollywood building favored by celebrities like Elton John and Emma Watson, as well as a main 12,860-square-foot residence in Pacific Palisades.
They also own an oceanfront Malibu vacation home that Sandler bought in 2001 for $3.1 million. Properties outside California include condos in Florida’s Boca Raton as well as family property in New Hampshire.
Rising to fame in the early 1990s as a cast member on “Saturday Night Live,” Sandler went on to star in and direct dozens of films in a similar comedic style — “Billy Madison,” “Happy Gilmore,” “50 First Dates,” and “Home Team.”
While many of Sandler’s films receive terrible ratings and have been “raspberried” (a satiric award given out to the industry’s worst movies), they also bring in significant viewership — over the years, his films have brought in a combined $4 billion both through theatres and streaming platforms.
While flipping is becoming more common, the rules of celebrity real estate are often different from the rest of the market. With many of their owners wealthy and in no rush to sell, some listings remain for months or even years with elevated price tags until someone comes around and buys them.
Conversely, the owner can finally get sick of waiting and starts lowering the price to be more in tune with what the property is actually worth.
Basketball star Michael Jordan listed a seven-acre estate in Illinois’ Highland Park for $29 million in 2012 and still hasn’t sold it despite lowering the price numerous times to $14.8 million.