Courtesy of Concierge Auctions
The downstairs of a Florida mansion, which received a $115 million price cut in January.
- In the past year, several notable million-dollar properties have received massive price cuts.
- As luxury mansions and penthouses sit on the market for months - sometimes years - owners have opted to chop prices.
- These discounts on expensive properties, such as Michael Jackson's ranch, can be as high as 70% reductions over time.
Recent price cuts to multi-million-dollar properties include Michael Jackson's Neverland and an empty Beverly Hills plot, but they are not alone.
In the past year, Business Insider has reported almost a dozen massive price reductions on mega-mansions and penthouses. The latter sometimes results in the sale of separate apartment units, which are more marketable than the full complex.
One such home is Shaquille O'Neal's Florida mansion, which has an indoor basketball court and has seen a $6 million price chop since it was listed in 2018. Business Insider's Lina Batarags previously reported that the hidden dangers of customization in luxury homes is that over-customization makes some properties hard to sell.
While some homes listed below still remain on the market, others successfully sold after their price chops, such as a $159 million mansion in Hillsboro Beach. The mansion sold in January after three years on the market and a whopping $100 million reduction.
Keep reading for a look at some of the most expensive real-estate cuts over the past year, from lived-in celebrity homes to brand-new apartments.