Officials said the wide-ranging inquiry will explore financial, real estate and legal matters related to its former president.
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Pop star Justin Bieber and his wife, model Hailey Baldwin, just bought a posh property in the Beverly Park neighborhood of Beverly Hills, CA, for $25.8 million, according to Variety. The high price is actually a serious discount from when the property debuted on the market two years ago. At a list price of $42 million, it was our most expensive new listing of the week. Built in 1988, the estate was completely renovated before its April 2018 debut. At the time, listing agent Christopher Dyson called it âreimagined to an exacting standard. âTo have a practically brand-new, move-in ready opportunity, in what many consider to be the most exclusive community in the city, is very special,â he said. Special, yes, but buyers werenât enticed. The price was slashed to $38.5 million in late 2018, dropped to $34.8 million at the beginning of 2019 and then $29.5 million late last year. Last month, it was relisted for $27.25 million. Bieberâs $25.8 million sale price represents a 39% discount from the 2018 price. Picture-perfect propertyAnd since its initial renovation, the home has undergone another makeover. Itâs now âcompletely updated to 2019 standards with state-of-the-art amenities throughout,â according to the listing. New staging with contemporary furnishings in a neutral palette also made the home much more appealing. Set behind gates on 2.5 acres, the 11,000-square-foot home has seven bedrooms and 10 bathrooms. The layout includes a gallery foyer, large living room, den, library, and formal dining room. The eat-in kitchen comes with top-of-the-line appliances and is adjacent to a family room. Walls of glass open to the patios and lawn. Upstairs, youâll find six bedrooms and the master suite. The latter comes with a sitting area, dual closets and bathrooms, and heated floors. The floor plan also includes a home theater, wine cellar, and gym. The grounds feature a grassy lawn, koi pond, infinity pool, tennis court, lounging and dining space with a barbecue and pizza oven. The home is âperfect for large scale entertainingâ and is âcompletely private and secludedââa big plus for the paparazzi targetsâaccording to the listing. The perks of Beverly ParkThe upscale community of Beverly Park is considered one of the âmost exclusive, expensive places in Los Angeles,â according to the Wall Street Journal. Itâs primarily known for its celebrity inhabitants and big houses, with each property boasting âa minimum of 2 aces with the most beautiful grounds,â says listing agent Sally Forster Jones with Compass. âIt provides a private, quiet community away from the city hustle, but is also just minutes from the best of Beverly Hills.â Itâs the neighborhood where a massive mansion and vineyard owned by Vanna White were recently sold for $19.3 million. Itâs also the location of the most expensive home in the country, currently listed for a jaw-dropping $160 million. âNorth Beverly Park is one of the most prestigious enclaves in Los Angeles,â says Tomer Fridman of Compass. âBeing behind gates, surrounded by discreet and high-end neighbors, and having the luxury of secluded, large-lot estates comes at a premier value.â Bieber is just the latest celebrity to put down roots in the exclusive enclave, which has reportedly been home to folks such as Denzel Washington, Sylvester Stallone, and Sofia Vergara. Located in the southern section of Beverly Park, Bieberâs home is close enough for the couple to borrow a cup of sugar from the likes of Samuel L. Jackson, Magic Johnson, and Prince Alex von Furstenberg, according to Variety. âIt draws celebrities and high-profile individuals because of the maximum privacy. The community is guard-gated, with most personal residences providing additional gates, and any guests must be invited and screened to enter,â says Jones. Fridman also touts the location: âBeing in close proximity to either studios and meetings in the San Fernando Valley or to a night out of city entertainment in Hollywood or Beverly Hills makes Beverly Park a highly sought-after location.â Real estate reduxBieber and Baldwin reportedly purchased a place in Beverly Hills last year for $8.5 million. After years of renting, Bieber became the proud owner of a 6,132-square-foot property with five bedrooms and seven bathrooms. The home has a number of perks, including a wine cellar, library, and home theater. The grounds feature an infinity pool and fire pit.
It was the first place Bieber had owned in the U.S. since 2014, when he sold his Calabasas mansion to reality TV star Khloe Kardashian after an infamous egg-throwing incident made him persona non grata in the neighborhood. As a renter in Beverly Hills, he was dubbed âWorst Neighbor Everâ and banned, at least for a time. But he returned to the 90210, first as a short-term renter in the so-called âSalad Spinnerâ house. He then rented again, paying a reported $55,000 a month for a Beverly Hills contemporary. For five years the pop star bounced from one rental to another, including a place he and Baldwin rented for a whopping $100,000 a month in San Fernando Valley. The couple made a hasty retreat after serious plumbing problems surfaced at the home. Kurt Rappaport represented the seller. Joshua Altman with Douglas Elliman represented the buyer. The post Why Did Justin Bieber Buy in Beverly Park? A Huge Discount Didnât Hurt! appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/why-did-justin-bieber-buy-in-beverly-park-huge-discount-didnt-hurt/ Reebok founder Paul Fireman has sold his lavish estate in Brookline, MA, for $23 million—after four years and multiple price cuts. The 27,000-square-foot mansion comes with 7 acres. An additional 7 acres adjacent to the property is still available. While one of the priciest homes on the market for the area, the sale price represents a steep discount from the initial ask in 2016. That year, the custom-built home was listed for $90 million, which eventually landed it on our list of the 10 most expensive homes on the market in 2017. In early 2019 the home was relisted for $69 million, then reduced to $38 million late last year. The home was most recently listed for $33 million. Built for Fireman in the late 1990s, the home was completed in time for the 1999 Ryder Cup golf tournament, which took place at the adjacent country club. Fireman and his wife, Phyllis, enjoyed the elegant estate for almost two decades. Designed by the architecture firm Shope Reno Wharton, the mansion features Indiana limestone and melds traditional architecture with modern luxury. The mansion comes with eight bedrooms, seven bathrooms, and five half-baths, and it boasts a glorious natural setting just five miles from downtown Boston. The grand entrance hall features a domed ceiling and curved staircase. The space flows to the formal living and dining rooms. The library, billiard room, and study are all wood-paneled. The master suite takes up the second floor, with two closets, a bathroom, exercise room, and study. Other notable features include classical columns, wrought-iron balconies, ornate fireplaces, and a wine cellar. Outside, a 5,000-square-foot terrace allows for entertaining. The mansion is just down the road from Tom Brady and Gisele Bündchen’s vacant mansion. The couple listed their custom-built mansion before the quarterback’s move to the Tampa Bay Buccaneers, but it has since come off the market. George Sarkis and Manny Sarkis, founders of the Sarkis Team at Douglas Elliman, held the listing. According to George, a detailed explanation of the property was part of the winning strategy. “We also brought the builder, ThoughtForms, through the house with the buyer to intelligently explain the home, its materials, and finishes at a high level,” he says. “According to ThoughtForms, ‘It’s what you don’t see that cost the most and makes this home truly special.’” The buyer appreciated that “the home truly was a timeless masterpiece,” adds George. The locale was also a draw. “The buyers wanted to be close to downtown and close to some of the best private and public schools for their children,” says George. The Sarkis Team with Douglas Elliman represented the seller. Terrence Maitland with LandVest represented the buyer. The post Reebok Founder Paul Fireman Sells Massachusetts Mansion for $23M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/reebok-founder-paul-fireman-massachusetts-mansion-sells/ As residents of Louisiana begin to assess the damage wrought by Hurricane Laura, some homeowners may be disappointed to learn that their insurance won’t cover all of their losses. An early estimate from property data firm CoreLogic suggests that Hurricane Laura caused between $8 billion and $12 billion in insured losses for residential and commercial properties in Louisiana and Texas. Hurricane Laura made landfall in Louisiana on Thursday as a Category 4 storm—the 10th strongest tropical storm to ever hit the United States. While the magnitude of the damage is stunning, it’s far less than other storms that have battered those states, including Hurricanes Katrina and Harvey. And luckily for many residents, forecasters’ fears of an “unsurvivable” storm surge didn’t fully come to fruition. Only $500 million of the estimated insured losses was due to storm surge, according to CoreLogic. But as homeowners will soon discover, how much money they get back from their insurance company to rebuild will depend on what coverage they had and the specifics of their policy. During a tornado, for instance, if high winds cause roof damage that leads to significant water accumulation within the house, most insurance policies will cover it. But if a nearby river crests because of the storm’s heavy rainfall and then causes flooding, the damage to homes will only be covered if the owners have flood insurance. Damage caused by flooding isn’t covered by standard home insurance policies. Only homeowners who bought separate flood insurance for their homes were covered if storm surge destroyed their homes in coastal Louisiana. Meanwhile, if a home was damaged by the strong winds that came with Hurricane Laura, standard insurance policies will cover the damage, but homeowners will first need to pay out a deductible—a set amount of money a policyholder must pay before coverage kicks in. Louisiana is one of the 19 states, plus the District of Columbia, where insurers can impose a hurricane deductible. Windstorm and hurricane deductibles vary from policy to policy, but are usually assessed as a percentage of the home’s overall value. In many cases, the deductible for a named storm will be more than the standard deductible. Buying additional insurance policies for disasters like floods and earthquakes might seem like a no-brainer, but it’s an expensive proposition. “They have to do a cost benefit analysis,” said Michael Crowe, co-founder and CEO of Clearsurance, a site where consumers can review and compare insurance companies. The average annual premium for a policy through the National Flood Insurance Program was $699. But flood insurance premiums can easily cost thousands of dollars in regions that are determined to be at the highest risk of flooding. Coverage for other disasters operates similarly to hurricanes. In volcanic eruptions, damage caused by lava flows or resulting fires is covered by a standard homeowner’s policy, but if the eruption causes seismic activity, homeowners will not be reimbursed unless they have purchased a separate earthquake policy. What is covered under a standard homeowner’s insurance policySome natural disasters are almost always covered by homeowner’s insurance, including wildfires and hail storms. But other natural disasters are never or rarely covered under a standard homeowner’s insurance policy. They generally fall into two categories: floods and “earth movements.” The first category comprises disasters caused by rising water, which includes everything from floods caused by extensive rainfall and hurricane-induced storm surges to dam failures and tsunamis. “Earth movements” include disasters such as earthquakes, landslides and sinkholes. Unfortunately, many Americans are unaware that these disasters are not covered by a standard homeowner’s policy, according to the Insurance Information Institute. Certain natural disaster typically aren’t covered because of the level of the destruction they create, said Lynne McChristian, a spokeswoman for the Insurance Information Institute and executive director of the Center for Risk Management Education and Research at Florida State University. With these disasters, “the damage is usually so widespread, and it’s typically a total loss,” McChristian said. “Insurance companies can’t price it appropriately to make it a viable line of business for them.” How to get to the front of the line when you need helpRegardless of whether or not a homeowner has insurance coverage for a specific natural disaster, getting their property assessed is critical in beginning the rebuilding process. Following a natural disaster, a consumer’s first step should be to contact their insurance agent or company immediately. That is critical because insurance claims are handled on a triage basis, McChristian said. “Those with the most damage get to the front of the line because those people have the most need for recovery assistance,” McChristian said. By clarifying how to file a claim and conveying the state of their property, homeowners can improve the chances of having their case handled more quickly by their insurer. Homeowners should also learn the ins and outs of how to file their claim, including what information is needed and how long they have to file. Now is also the time to determine what their policy’s deductible is. Make a head-start on assessing damageThe insurance company will send its own adjuster free of charge to inspect the property and assess the total cost of the damage. Homeowners can take steps to prepare for this by documenting what was damaged or destroyed by the natural disaster, getting bids from contractors and keeping track of receipts for any expenses they incur following the storm. Homeowners shouldn’t hesitate to make temporary repairs to protect their property from further damage. A pricier option: Hire a third-party insurance adjuster to assess their property. Given the backlog insurers will experience following widespread disasters, it can take a while to receive a payout. To expedite this process, a homeowner can choose to hire an independent or public adjuster to assess their property. Studies have shown that hiring public adjusters leads to higher insurance settlements. But these professionals don’t come cheap—they generally charge a fee that’s anywhere from 10% to 20% of the insurance settlement. And it’s critical to hire a reputable professional. (Check the websites of the National Association of Independent Insurance Adjusters and the National Association of Public Insurance Adjusters.) Always have someone look at damaged propertyAnd even if homeowners aren’t covered for flood insurance, they should still have their insurance company assess their property and whatever damage occurred. Crowe has experienced this firsthand. In 2006, an extended period of rainfall in Newburyport, Mass., where Crowe and his family lived, caused their newly remodeled basement to flood. However, their insurance policy did not include flood coverage. He thought he would have to pay for all the damage. But when insurance adjusters inspected the property, they noted that the basement’s sump pump—designed to prevent water accumulation—had failed. In other words, he got lucky. The insurance company categorized the damage as the result of a mechanical failure rather than a flood, so the company covered the damage. “I thought to myself, ‘I’m really fortunate to have insider knowledge,’” Crowe said. The government provides flood insuranceIn the case of insurance for flooding, the federal government has stepped in. The National Flood Insurance Program was created in 1968 after insurance companies struggled to pay off claims following a slew of floods in the 1950s. Homeowners have the option to buy flood insurance through this program or to get a private insurance policy. In certain cases, homeowners may be required to purchase flood insurance by their mortgage lender if their home is located within a flood zone. Private flood insurance now accounts for roughly 15% of all flood premiums nationwide, according to the Insurance Journal. And for many homeowners, a policy from a private insurer rather than through the federal insurance program could be cheaper. One briefing from Milliman found that private flood policies would have lower premiums for 77% of all single-family homes in Florida, 69% in Louisiana and 92% in Texas. EarthquakesSimilarly, homeowners will need to purchase a separate policy or a rider to their standard home insurance policy from a private insurer to be covered for an earthquake. California residents also have the option to purchase coverage through the California Earthquake Authority. That said, if an earthquake causes a house fire, some damage might be covered by the standard policy alone. SinkholesAs for sinkholes, coverage options vary from state to state. A standard home insurance policy may cover minor damage caused by a sinkhole—but catastrophic damage (generally defined as damage to more than half of the structure) is excluded. People can either get sinkhole insurance in the form of a stand-alone policy or an endorsement (also called a rider) to the standard insurance policy, depending on where they live. Tennessee and Florida require insurers to offer optional sinkhole coverage. Insurers in Florida are also required to provide insurance for “catastrophic ground cover collapse” through their standard policies. Did the homeowner take care of the property?The property’s upkeep can also play a role in whether or not damage caused by a storm or other natural disaster is covered. For instance, if winter storms cause an ice dam to form on the roof of the home and the owner is not proactive about removing it, the insurer may choose to deny coverage for water damage. You have some options if you skip insuranceIf homeowners don’t buy specialized insurance coverage and then get hit by some sort of disaster, they do have some options to offset their losses. They can get a grant from the Federal Emergency Management Agency or a loan from the Small Business Administration. “Those are not designed to bring you back to a pre-disaster condition—they’re designed just to get you back on your feet,” McChristian said. “Insurance is designed to get you back to where you were before the disaster occurred.” How to decide whether you need coverageFor starters, homeowners need to consider whether or not they are at risk. They should check government flood zone maps. They are generally available from county governments, or you can search by address on the FEMA website. But they aren’t foolproof because they are only periodically updated. Other factors to consider include the property’s elevation (if it’s at or just a few feet above sea level it’s more prone to flooding) and whether there has been a lot of construction in the area. This could displace vegetation that would soak up rainfall and prevent flooding. As for earthquakes, homeowners shouldn’t assume they’re not at risk just because they don’t live on the West Coast. Earthquakes have caused damaged in all 50 states at some point since 1900, according to the Insurance Information Institute (a trade group that of course has a vested interest in people getting insurance). And fracking for oil and natural gas has led to seismic activity in parts of the country that had never before experienced it. The post As Louisiana Recovers From Hurricane Laura, Here’s What Homeowners Should Know About the Fine Print in Their Insurance Policies appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/what-homeowners-should-know-about-the-fine-print-in-their-insurance-policies/ Want to be a friend to Matthew Perry? Purchase his âkick-ass Malibu home,â as he called it on social media. The âFriendsâ star is selling his beachfront abode for $14.95 million, according to Variety. The performer purchased the Malibu home in 2011 for $12 million from Southern California developer Scott Gillen, according to Architectural Digest. The home builder transformed the â60s-era dwelling into a loftlike space with walls of glass that open to decks overlooking the Pacific Ocean. The 5,500-square-foot, two-level home has four bedrooms and 3.5 bathrooms. The main floor features an open living and dining area, fireplace, beamed ceilings, and what looks to be a custom pingpong table. Walls of glass open to spacious decks. The kitchen features stainless-steel appliances, wood cabinetry, and open shelving. A floating wood-and-steel staircase leads to the lower-level master suite, which includes a sitting area, walk-in closet, and luxurious bath. The home also features an outdoor spa and state-of-the-art home theater. The deck comes with plenty of seating and a fire pit. And, of course, the home is just steps to the beach.
The gorgeous beachfront property is a perfect pandemic setup. Perry spent some quality time in the Malibu home over the past few months. Heâs posted photos of himself baking cookies in the kitchen, relaxing on his deck, and complaining about mask-less beachgoers. This isnât the first time the actor has dipped his toe into the real estate waters. Last year, he listed his posh penthouse condo in L.A.âs Century City for a whopping $35 million. Now reduced to $27 million, the 9,300-square-foot condo features a home theater, terraces, and a massive master suite. The space, redone by the star after he bought it in 2017 for $20 million, has some personal touches, including a display of âBatmanâ memorabilia and a game room. The 51-year-old apparently had another beach home in Malibu that he had opened up as a sober living facility. He sold that property five years ago for $10.65 million. Best known for his role as Chandler Bing on the long-running sitcom âFriends,â the actor has also appeared in plays, movies, and other TV shows, including âThe Odd Couple.â He was the voice of Benny in the video game âFallout: New Vegas.â The âFriendsâ reunion on HBO Max, set to reunite the original cast, has been postponed due to the pandemic. Josh Flagg of Rodeo Realty holds the listing. The post âFriendsâ Star Matthew Perry Lists His Malibu Beach House for $15M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/friends-star-matthew-perry-lists-his-malibu-beach-house/ The dog days of late summer are when sweaty urbanites most yearn for a waterfront escape—and this year, anyone who lives in a crowded city wants out, stat. Possibly forever. Along the coasts, folks just head to their nearest beach for some splashy fun and relaxation. But farther inland, that’s not an option. Instead, people flock to the many lakes dotting this great land, many of them unknown beyond the borders of their state. There’s no saltwater or waves to surf on, but there might be paddleboarding, kayaking, or fishing, and, in some cases, a sandy beach. And these days, a fresh-air escape is more appealing than ever. While lake home sales were growing before the pandemic sent everyone home from the office, demand surged with COVID-19 shutdowns, says Glenn S. Phillips, CEO and lead economic analyst of LakeHomes.com, which focuses on this niche in real estate. “People saw their friends and family go to the lake and realized that if you are social distancing and home-schooling, the lake is a far better place than most primary residences,” he says. “In addition, we have also seen some people realize that life is short, so don’t wait [to buy] that dream home.” (The same impulse, he notes, is also pushing the sale of boats, recreational vehicles, and sports cars.) Overall, Phillips’ lake home specialists have seen sales increase over 40% from last year—and it probably would be even higher if inventory weren’t so low in so many of these waterside retreats. But as usual, the most popular getaways tend to be expensive. With the country in a recession, even those ready to drop a bundle of cash on a second home that might end up replacing the first probably don’t want that bundle to be too big. So where does one go without forking over the brood’s college fund? To figure out the top affordable lake towns in the United States, the realtor.com team of data geeks scoured the site’s listings database from this spring for homes whose descriptions mention “lake” or “lake house.” Each place had to have at least 50 of these listings to make the cut, which was winnowed even further by factoring in the percentage of second/vacation homes (the higher, the better) as well as number of hotels and lodging establishments, water-based businesses, and attractions. Each category was ranked and then weighted, giving priority to price, lodgings, and seasonal-recreational homes. In order to sample the offerings from across the country, the list was limited to one place per state. We also identified the median price for homes in these lake-affiliated towns, and while they’re all above the national median home price, we think they offer relatively good value—and we have advice on where to look for even better bargains. Ready to dive in? Let’s take the plunge. 1. Chestertown, NY
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