(PresidentialHill.com)- Real estate agents call it the “canceled man discount.”
That’s what they call the sale of high-end homes owned by notorious people who have fallen from grace.
For instance, Jeffrey Epstein’s home will go for millions of dollars lower than the asking prices. Harvey Weinstein’s too.
Many potential purchasers are wary of purchasing these homes because of the stigma associated with the former owners. The same happens at the sites of horrific murders, like the Amityville house in Long Island.
In 2021, Goldman Sachs employee Michael Daffey and his wife Blake purchased Jeffrey Epstein’s mansion on Manhattan’s Upper East Side for $51 million, a stunning $35 million decrease from the asking price.
Some of the atrocities committed by Epstein were committed inside the seven-story, forty-room structure.
After the sale, the pair plans to undergo a “full makeover,” both physically and emotionally, according to a representative.
Some months after US authorities confiscated the apartment after Bernie Madoff’s guilty plea, it was sold in September 2009. The 4,000-square-foot duplex has an impressive interior and a rooftop deck with breathtaking views.
Only an elite economic class can pay the asking price of $9.9 million; even those who could are put off by the property’s association with its former owner.
Toy mogul Al Kahn was the ultimate purchaser. After seeing the price drop due to lackluster demand, he realized it was an excellent time to buy. Because of the stigma, Khan was able to purchase the home for $8 million, or about 20 percent less than the asking price.
According to Patsy, Kahn’s ex-wife, he was “worried about the karma,” but she really adored “the terrace.”
After Khan and Patsy renovated their apartment and subsequent divorce, Patsy sold the property in 2014 for $14.5 million.
Harvey Weinstein, the disgraced film mogul who received a 16-year term for rape offenses last week, lost almost $1.5 million when he sold his Hamptons mansion after his misconduct became public knowledge.
John Gomes, a real estate agent at Douglas Elliman, said purchasers ready for such houses are ‘smart people.’ They can anticipate how long it will be. He added that they’re aware of how low to go in their bids and when to strike.