7 multimillion-dollar homes that have been sitting on the market for years
- Many multimillion-dollar homes sit on the marketplace for years.
- These luxury listings often include celebrity megamansions or historic homes, as "over-customized" properties struggle to sell.
- The luxury homes are also often relisted for significantly lower prices, as years pass without finding a new owner.
Some multimillion-dollar homes sell in just days, while others sit on the marketplace for years.
Many of the unsellable properties have received hefty price cuts, belonged to celebrities, or both. Others are abandoned historic mansions now listed for mere fractions of their original worth, though some - like Lynnewood Hall, the largest home for sale in America - are still worth millions even in disrepair.
Homes on this list range from Michael Jackson's vacated Neverland Ranch to a decaying mansion on New York's Carleton Island that will cost the new owner millions in renovations. Michael Jordan has not lived in his Chicago mansion in years but the empty property still struggles to find a new owner after six years on the market. Though his home, like others, is now devoid of its famous resident, the property is not completely abandoned as staff members continue to maintain the grounds for potential buyers.
Business Insider's Lina Batarags previously reported that "over-customized" homes - like Michael Jordan's and Michael Jackson's - are hard to sell. Both estates feature personalized entry gates amongst other features, making homes undesirable to potential buyers with their own visions for a luxury home.
Other homes on the list include a Versailles-inspired Manhattan townhome that has been on and off the market for 16 years, along with a massive Bel Air mansion called "Billionaire" selling at a $100 million discount. The latter is just one example of how Los Angeles has too many megamansions for sale.
Keep reading for a look at luxury homes currently struggling to sell on the market.