Is bad property karma a real thing?
It’s a pretty widely accepted fact that people like to buy things from people they like. This extends to almost anything, even houses. Which is why its unsurprising, if not a little unsettling to know that Harvey Weinstein recently unloaded his Hamptons house at a loss of a few million bucks.
The 9,000 square foot, seven bedroom home, located in Amagansett, NY sits on 1.83 waterfront acres, and features vaulted ceilings, a heated pool, and a 3-D theatre screening room. Weinstein bought the home in 2014 for 11.4 million, but last year, he put in on the market for 13.5 million. A month later he cut the price to $12.8M, then $12.4M, and eventually accepted an offer of $10 million. Some suspect he is motivated to sell due to mounting legal bills from his divorce and sexual misconduct allegations, but there also seems to be a general apprehension to be associated with the Weinsteins at all. His brother Bob is trying to sell an apartment on the Upper West Side and is having some trouble unloading that property as well.
So is bad property karma a real thing?
READ MORE: The Most Expensive Hamptons Listing Ever
In this day and age, where everything is so transparent, it’s hard not to pay attention when public figures get dragged into the dust, and their scandals are likely to affect whether or not someone wants anything to do with them. That being said, it might create some small discounts, but when it comes to real estate, the property often speaks for itself. Some of the bigger scandalized names might have to give up a few million at a loss, but at the end of the day there is no reason to penalize a beautiful house for the sins of its owner.
The Hamptons market has been down 20% in the past two years, so maybe the overall market is to blame. Regardless of why it happened though, it seems like Harvey Weinstein is feeling the heat coming from all sides.[ via ]