Snapchat CEO sells LA mansion for nearly $4 million less

In the United States, billionaire Evan Spiegel and his wife Miranda Kerr sold their Brentwood mansion for $16.1 million on September 18, 2023, after initially listing it for $19.95 million in March and reducing the price to $17.75 million in July. The 7,000-square-foot home, built in 1951, was previously owned by actor Harrison Ford. The couple, who lived there for about eight years, recently moved to a new $120 million estate in Holmby Hills. The sale reflects broader challenges in the luxury real estate market, particularly in Los Angeles, where a mansion tax has made it difficult for sellers to find buyers willing to pay high prices. This tax, which adds a significant cost to properties over $5 million, has deterred both buyers and developers, leading to price reductions across the market. Spiegel and Kerr are also attempting to sell another property in Brentwood, highlighting the ongoing difficulties faced by high-end sellers in the current housing climate.