Posted on 03/28/2023 4:26:32 PM PDT by Libloather
A number of Hollywood’s elite are reportedly in a hurry to sell their luxury homes ahead of 1 April, when Los Angeles’ new “mansion tax” comes into place.
The tax, called Measure ULA, will require sellers of properties of more than US$5 million (approximately £4 million) to pay a four per cent transfer tax.
It will also require sales of more than US$10 million to pay a 5.5 per cent tax, with all funds raised going towards public housing. The city aims to raise up to US$1 billion from these sales in an effort to tackle the growing homelessness crisis.
Measure ULA was passed with 57 per cent of the vote in November 2022, after housing advocates and labour unions campaigned to get it on the ballot. But it faced backlash from real estate agents, who warned it would cause a “frenzy” of sell-offs among the wealthiest homeowners.
Celebrities including Jim Carrey, Britney Spears and Kylie Jenner have all put their sprawling properties on the market in recent months.
Carrey’s home, which spans across 12,700 square feet, went on the market in February for US$29 million, while Spears reportedly put her 11,650 square foot home in Calabasas on the market for US$12 million just six months after she and husband Sam Asghari purchased it.
It was first reported in October that Jenner put her Beverly Hills home, which she owns with partner Travis Scott, up for sale for more than US$33 million. The couple bought the seven-bedroom, 10-bathroom property in 2018 for US$20.4 million.
Mark Wahlberg put his 30,500 square-foot mansion in Beverly Hills on the market last April, well before the measure was introduced. However, he dropped the asking price from US$87.5 million to US$79.5 million in November, and finally found a buyer in February this year.
(Excerpt) Read more at msn.com ...
No tax breaks for the rich!
Next thing you know, there will be exposé on the ‘new, L.A., rich, but, homeless.’
This reminds me of AOC and her tax the rich dress.
Man, that is some high-priced real estate.
Celebrity blinds say that Carrey is selling out to move to Mexico.
Mark if sold under new rule would have to pay 2.1 million. Poor guy still gets 77 million from the deal. These are some first world problems.
Isn’t this just hilarious? The buyer’s pool is going to be less and less as the economy becomes worse and taxes increase on everything. It’s like musical chairs. Someone is going to be left without a seat.
$80 million dollar for mansion?
Is it the size of the Mall of America and rides included?
I’m now at the point where I say, “Tax the s__t out of the Rich!”
Honestly I agree since they are so liberal and beyond help. I certainly don’t pity them. Even mark who I do think is a good person and even goes to mass everyday is still paid by the scoundrels.
Feel good story of the day!
Until they move to your State.
No rides, but it does have a skate park and more..
Money is like a drug to the left, once addicted to other people’s money there is never enough.
Like the income tax it starts out only for the “rich” but soon enough in the name of fairness every real estate sale will be taxed.
Socialism fails for two reasons, one human nature and two there is never going to be a point they have enough money to do the things they want to do.
These people are too ignorant to understand it is the socialist policies that have created the housing shortage. Get government out of the way and the market place would solve the problem.
I hope they all get a massive haircut!😃
And the rich have the best tax accountants money can buy to avoid said taxes. So, as always the middle class gets soaked. Eff the Rich! (There, I said it!)
That looks unpleasant to live in, because you’re paying for a lot of oxygen.
I love functional houses and every room in my house would have a function, even if it meant building a larger than average house to have all that I would want to do in it.
But I could not live in a mansion that exists to have a large space, for the sake of space.
Must raise money for those Reparations
Almost every one of them voted for exactly this to happen to themselves.
You just can’t fix stupid.
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