Mark Wahlberg has taken his Beverly Hills estate off the market after realizing this may not be the best time to sell, The Post has learned.
The “Father Stu” actor purchased the the plot of land in 2009 for $8.25 million, records show. He then spent years building his dream Mediterranean-style villa with his wife Rhea Durham, which wasn’t completed until 2014. Sources say that due to rising mortgage rates, Wahlberg, 51, realized it was not a buyers’ market — and decided to hang onto the home for a bit longer.
Interest rates have reached an all-time high as part of today’s economic reality, with a 30-year fixed-rate mortgage now standing at 7.7%.. At the time, interest rates stood at 5.3% — still fairly high considering the years prior.The main house spans 30,500 square feet.
Damn! And I was about to submit an offer.
Anyone able to pay $87.5M for a home can afford higher interest rates.
I thought the wealthy used LMA or cash?!?! They are not using traditional interest rates on a $85MM home. FactCheck