Even as the rest of LA's high-end real estate market shows multiple signs of cooling, the celebrity world follows its own path and regularly bucks trends with multi-million-dollar purchases.
The latest such sale took place when Oscar-winner and "Oceans 11" and "Once Upon a Time in Hollywood" star Brad Pitt sold his two-acre home in the Loz Feliz neighborhood home for $33 million.
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The off-market real estate deal closed before L.A.’s new "mansion tax" adding 4% to any home sale worth more than $5 million went into effect on April 1 but came to light after a Mansion Global report tied the purchase of Pitt's home to Getty oil fortune heiress Aileen Getty.
Brad Pitt And Getty Heiress Pull A Real Estate Switcheroo
Now 59, Pitt originally purchased the 6,700-square-foot home named Briarcliff Manor in 1994 for $1.7 million and added four real-estate parcels to the property during the three decades he spent living there, thereby increasing the residence's value on top of the general property value growth that took place across Southern California over that time period.
Pitt and Getty pulled a switcheroo because, after selling the Los Feliz home, Pitt paid her $5.5 million for a 1960s-era home in the same neighborhood.
The property is nicknamed the Steel Home due to its sleek steel-and-glass facade designed by architect Neil M. Johnson in 1960.
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As first reported by The Real Deal, Getty had purchased the home from Maroon 5 musician James Valentine in 2019. It is also, at three bedrooms and 2,092 square feet, significantly smaller than Pitt's longtime home
Worth a reported $400 million, Pitt has an impressive real estate portfolio that includes a Carmel Highlands, California home that he bought for $40 million in 2019 and a winery in France.
But despite several high-profile sales, LA's luxury real estate market is down 38% from the same time in 2023 as years of price growth start to fall closer in line with actual demand amid an already narrow pool of spenders with the means to make such expensive purchases.
