STAR STUDDED SATURDAY: Greed is Good? But it can Prolong Things!

Michael Douglas

Michael Douglas (a.k.a. “Gordon Geckko” or son of Spartacus) is trying to sell his palace in Mallorca Spain for a mere $32M. He bought it in 1990 for $3.5M and listed it for sale in 2014 for $60M. No buyers stepped up at that price, so it was time for a small 47% price reduction. All and in all, still not a bad investment if it sells anywhere near the new list price.

Excerpt from Architectural Digest

The estate spans an impressive 250 acres and includes a whole assortment of buildings and structures, including two cottages and five apartments with a total of 10 bedrooms and 11 bathrooms, a home theater, an outdoor heated pool, a library, a game room, an outdoor kitchen, a wine cellar, and even a vineyard. Douglas previously called the residence his “spiritual home,” but it seems the home is no longer serving that same purpose. “My life has taken a new course,” Douglas says in the video, “and now it’s time for me to let someone else enjoy he privilege and adventure of owning S’Estaca.” Under Douglas’s ownership, the property has hosted a litany of A-list guests, including Tom Cruise, Nicole Kidman, Michelle Pfeiffer, and Jack Nicholson, and Mark Martinho (alright I might have added my own name here! It would have been nice to get an invitation is all I’m saying!)

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This post is not intended to solicit property currently listed for sale.

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