18 of the most massive real-estate price cuts we've seen in the past year, from the 70% discount on Michael Jackson's ranch to a $20 million price chop on a log mansion

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.
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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.

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.

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

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

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.

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

... 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.

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

... 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.

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 ...

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

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

... 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.

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.

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.

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

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.

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

... 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.

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

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

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

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

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

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.

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

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

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.

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.

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.

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.

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.

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.

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

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.

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

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.

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.

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.

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