Investing in real estate is something that a lot of celebrities do: buy a home, renovate it, or live in it, and then sell it for a higher price. What could go wrong, right? Well, a few things apparently, as ‘Desperate Housewives’ actress Eva Longoria found out for herself.
According to the Dirt, it took the 45-year-old star three years before finally finding a buyer for her Hollywood Hills compound. But the long wait wasn’t the only snag in the recent sale.
Longoria ended up losing over $3 million as she sold the property for much less than the $11.4 million she originally paid.
Looking at the stunning estate, you can’t help but wonder what might have hindered the actress from getting a good deal for it. The multi-structure residence is also located in a pretty good neighborhood that other celebrities frequently buy properties in.
Regardless, she can still count the sale as a win as she traded that home in for another that’s equally ritzy in Beverly Hills.
The compound’s new resident will get to enjoy the perks of having two houses in close proximity as the three-acre estate comes with a remodeled three-bedroom French Villa and a four-bedroom country house.
With its stone paths, lighted footbridge, and swimming pool, it gives a resort experience without having to leave the home at all. Another great thing about the property, according to its listing, is that it offers ample space for its new owner to make their own additions to the existing structures.
The Estate’s Past & Future
That said, remodel construction work might already be underway as the sale included approved plans for a makeover for the property. The renovations were reportedly drafted by famed architect Mark Rios and have already been approved.
It looks like the only thing preventing the actual work to be completed is the nationwide halt that the coronavirus pandemic caused.
The identity of the estate’s buyer wasn’t revealed but he or she would definitely be in good company as the compound reportedly neighbors houses of other Hollywood stars such as ‘Captain America’ actor Chris Evans, game show host Drew Carey, and singer-turned-actor Justin Timberlake.
Even the home’s past is star-studded. It was previously owned by Tom Cruise during the mid-2000s. However, it wasn’t the primary residence he lived in at the time and only used it as a retreat.