In 2016, ‘Porcelain’ musician Moby bought a 1920s Los Angeles home for $3.4 million, renovated it, and sold it two years later for $4.91 million, a $1.51 million price increase

In 2016, electronic music pioneer Moby, best known for his hits “Porcelain” and “Play,” bought $3.4 million for a 1920s English Traditional-style home tucked into the Oaks neighborhood of Los Feliz, Los Angeles. Two years later, after a top-to-bottom renovation, he sold it for $4.91 million, a gain of roughly $1.5 million over his purchase price, reports the Los Angeles Times.

The buyer? None other than Leonardo DiCaprio. A neat little celebrity home-buying story, perhaps. But scratch the surface, and you’ll find a more interesting tale of the US housing market, where house-flipping for profit has become increasingly common even as affordability has tightened for everyday buyers.