So, you have had your luxury home on the market for a year or so and have reduced the home by millions. No buyers have graced you with an offer, even though you think the house is a steal. What do you do? Most would take it off the market and wait for a sunnier day. But there night be another option….Tear the house down!
I never would have thought it possible, but those with money can do what they want. Case in point, look at Julio Iglesias, who has had his Miami luxury estate on the market for the last three years. Originally listed at $32 Million and reduced to $25 Million, Mr. Iglesias decided to take the 10,000 square foot home off the market and level it to the ground.
Having a larger family that has outgrown the current home, he has found it more beneficial to tear his mansion down and build a brand new one, which I am sure will cost millions. I can’t blame him. With 400 feet of waterfront in Florida, parting with four acres would be hard to do, not to mention the fact the finding the land in itself would be near impossible.