In the world of Hollywood celebrities, the rich are getting richer. For many years, the most recognizable celebrities would make a fortune by doing commercials overseas, primarily in Japan and Southeast Asia. Actors such as Leonardo DiCaprio were paid over $1 million to appear in commercials for things ranging from cigarettes to casinos. Nowadays, A-list celebrities have devised a new way to make a boatload of cash without needing to make the long flight overseas. Those people who have a lot of cash on hand and a some knowledge of the housing market to go along with it have discovered that flipping prime real estate can be extremely lucrative. Celebrity moves would usually happen as these stars move into their new homes. However, these Hollywood celebs are flipping properties on a regular basis. Here is some information about who is doing it and how it is being done.
Real estate as a second career
The biggest names in Tinseltown are famous for their big movies and even bigger paychecks. However, as many of the Hollywood elite have recently discovered, they can make literally millions of dollars without even getting out of bed. The trend of wealthy Hollywood celebs using their vast resources to buy expensive real estate and flip it for extraordinary profits is something that is becoming more common every day.
In fact, some of these celebrities are taking it so seriously that they are making real estate their second career. This is because they realize the money to be made is incredible. In some cases, they can make more money flipping high-end real estate than they can doing their actual day job.
Who is cashing in?
Ellen DeGeneres has become the poster child for the Hollywood celebrity real estate flipping trend that has exploded recently. Ellen is constantly buying up homes in the Hollywood area and cashing in on the demand for homes in the region. She made a profit of $15 million by flipping a single house. The property eventually sold to Sean Parker, the founder of Napster and one of the guys who helped get Facebook off the ground. Parker paid $56 million for the property. Ellen only needed to hold onto the property for six months to reap that massive reward. Tobey Maguire purchased a home that was previously owned by talk show host Ricki Lake for slightly more than $8 million. Not even one year later, he flipped the house and collected an extra $2 million for his troubles.
Article Submitted By Community Writer.