Mark Wahlberg takes $87.5M mansion off market as interest rates soar

  • 📰 nypost
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 67%

Business News News

Business Business Latest News,Business Business Headlines

The “Father Stu” actor listed this Beverly Hills behemoth for a pretty penny, but as mortgage rates soar, he’s decided to pull back and hang onto the property.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 91. in BUSİNESS

Business Business Latest News, Business Business Headlines