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.

Read more: Many NYC penthouses aren’t selling, so real estate companies are chopping them up into multiple smaller apartments to get them off the market

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.


1. Michael Jackson’s infamous Neverland Ranch is back on the market for $31 million.

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Foto: The gated entryway to Jackson’s 2,500-acre California property.sourceAP Images

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Originally listed for $100 million in 2015, the property was reduced to $65 million in 2017. Its most recent cut reflects a 70% drop from its initial asking price.

Foto: The iconic train station in the estate, now rebranded as “Sycamore Valley Ranch.”sourceJim Bartsch

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2. Meanwhile, in Los Angeles, a four-level mega-mansion that was once listed for $250 million …

Foto: sourceBerlyn Photography

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… got a $100 million price cut in January and is now on the market for $150 million. The property includes an in-house bowling alley, along with a movie theater, luxury car gallery, and five bars.

Foto: sourceBerlyn Photography

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3. Nearby in Beverly Hills, an empty hilltop plot nicknamed “The Mountain” was initially listed for a whopping $1 billion …

Foto: sourceMatthew Momberger / Juwan Li

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… but recently sold for just $100,000 at a foreclosure auction. The property was sold back to its lender, who had lowered the property’s asking price by $350 million price chop in February. Despite this massive cut, the property was still the most expensive listing in LA.

Foto: The view is targeted towards billionaires interested in building their own mansion.sourceMatthew Momberger / Juwan Li

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4. Even further south on the California coastline, business mogul Warren Buffett’s Laguna Beach vacation home finally sold for around $7.5 million after two years on the market …

Foto: Warren Buffett is currently the world’s third-richest man.sourceTodd Tankersley Photography, Newlistingphotos.com

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… but not before receiving a $3.5 million price cut from his original $11 million asking price. That’s a 30% discount.

Foto: The California home’s living room.sourceTodd Tankersley Photography, Newlistingphotos.com

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5. In New York City, a SoHo penthouse initially listed for $65 million received a $5.5 million price cut …

Foto: The building, located on Broome Street, was also the former home of late actor Heath Ledger.sourceGetty Images

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… reducing its asking price to $59.5 million. However, like the LA hilltop, this property will still break records if it sells for this asking price. If purchased for $59.5 million, it will be the most expensive apartment ever sold in downtown NYC.

Foto: The penthouse’s spacious kitchen.sourceEvan Joseph

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6. Farther uptown, a Central Park penthouse in New York City’s tallest residential building received a $21 million total price cut before selling in February. The penthouse’s initial asking price was $82 million.

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After sitting on the market for two years, the penthouse was split into two luxury apartments. The separate units sold for $30.7 million and $30.2 million.

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7. Nearby, a luxury townhouse dubbed “Versailles in Manhattan” has been on and off the market for over a decade.

Foto: The 15-room home is located in the Upper East Side.sourceCourtesy of Douglas Elliman

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Now listed for $19.75 million, the home’s highest asking price was for $35 million in 2007. This represents a $15.25 million price drop over the course of 12 years.

Foto: Despite its beautiful architecture, the space is has been deemed “unsellable.”sourceCourtesy of Douglas Elliman

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8. Meanwhile, a mansion modeled after the Palace of Versailles in Florida received a much heftier $115 million price cut …

Foto: The 30,000-square-foot is now called “Playa Vista Isle,” formerly known “Le Palais Royal.”sourceCourtesy of Concierge Auctions

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… bringing its asking price down from $159 million to $42.5 million at an auction in January. The 11-bedroom and 22-bathroom mansion is located on “Millionaire’s Mile” in Hillsboro Beach.

Foto: The interior includes $3 million worth of 22-karat gold leafing.sourceCourtesy of Concierge Auctions

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9. In Windermere, Florida, famed NBA player Shaquille O’Neal is selling his $22 million mansion.

Foto: O’Neal has lived in the Windermere home for over 26 years.sourceThe Agency

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The mansion has gotten a $7 million price chop: When the mansion first appeared on the market in 2018, it asked for $28 million.

Foto: The home includes a personal basketball court.sourceThe Agency

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10. In Michigan, the world’s largest cabin sits on 5,000 acres of wooded property and includes its own private marina.

Foto: The cabin is located on Lake Superior.sourceGranot Loma

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The owner of the “Granot Loma” discounted the property by 50% discount, reducing its $40 million price to $20 million last July.

Foto: The cabin’s dining room features rustic decorations like the rest of the house.sourceNorthern Michigan Land Brokers

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11. Overseas, news broke that billionaire Ken Griffin purchased a luxury London house for £95 million, or $123 million.

Foto: Ken Griffin is a hedge fund manager with an estimated net worth of $9.81 billion.sourceGoogle Maps

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While the sale was still one of the most expensive home purchases recently, the mansion once had an asking price of £125 million, or $165 million.

Foto: The home is located in Carlton Gardens in Westminster, not far from Buckingham Palace.sourceGoogle Maps

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12. A mansion once owned by Cher returned to the Beverly Hills market with a 44% discount.

Foto: Part of the estate, including an outdoor patio.sourceThe Altman Brothers Team at Douglas Elliman Real Estate

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The 11-bedroom, 17-bathroom estate is now on the market for $48 million, following an original listing for $85 million in 2017.

Foto: The estate’s main house, visible beyond the tennis court and cabana.sourceThe Altman Brothers Team at Douglas Elliman Real Estate

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13. Across the country, a Connecticut mansion once owned by President Donald Trump received a 29% price chop in June. Trump lived in the mansion for about a decade with his then-wife, Ivana. Following their divorce, Ivana sold the property financier to Robert Steinberg in 1998.

Foto: The former Trump mansion in Greenwich, Connecticut.sourceZillow

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The Greenwich mansion has been on and off the market since 2009. For the most recent discount, the Steinbergs reduced the asking price from $54 million to $38.5 million.

Foto: The entryway in the Greenwich mansion.sourceZillow

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14. Another mansion once owned by a US President is also back on the market for over $17 million less than its original price. Known as the “Western White House,” the Orange County estate was once owned by former President Richard Nixon.

Foto: An aerial view of the Orange County property.sourceRob Giem of Compass

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The 9-bedroom, 14-bath estate — once used for diplomatic meetings — was first listed for $75 million in 2015; two years later, the list price had dropped over $11 million.

Foto: The entryway to the estate’s main house.sourceRob Giem of Compass

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15. Meanwhile, on the east coast, a New Jersey mansion known as the “White House of Englewood” returned to the market for a whopping 75% off.

Foto: The front of the “White House of Englewood.”sourceThe Michelle Pais Group Signature Realty NJ

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The Roaring ’20s estate is located just five miles from NYC. The mansion was listed for $39 million in 2013; today, it has a sticker price of only $10 million.

Foto: The entryway of the mansion.sourceThe Michelle Pais Group Signature Realty NJ

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16. In Tribeca, Meryl Streep is selling her penthouse for a 26% discount.

Foto: The penthouse’s living room.sourceTravis Mark for Sotheby’s International Realty

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The full-floor, four-bedroom penthouse was originally listed for $24.6 million in August 2018, later discounted to $19.75 million, and most recently reduced to $18.25 million.

Foto: The penthouse kitchen.sourceTravis Mark for Sotheby’s International Realty

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17. Unlike Streep’s home — which is still on the market — actor Bruce Willis’ Turks and Caicos compound recently sold for $27 million.

Foto: An aerial view of the compound’s main house and pool.sourceProvo Pictures

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The celebrity’s 11-bedroom, 13.5-bath estate sold for $6 million less than its original $33 million price tag, representing a 20% discount. Even with the price cut, it’s still the second-most expensive home sale in the country’s history.

Foto: Inside one of the estate’s living areas.sourceProvo Pictures

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18. Finally, one of the most expensive homes for sale in the Hamptons — an estate known as Jule Pond — received a $30 million price cut in May.

Foto: An aerial view of the Jule Pond property.sourceBespoke Real Estate

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The mansion, previously listed at $175 million, has been on the market for over two years. Due to the price cut, Jule Pond no longer holds the title of the most expensive home for sale in the Hamptons.

Foto: The main house at Jule Pond.sourceBespoke Real Estate

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