The King of Pop may have been gone for five years now, however his spirit lives on in the livelihood of his young children and mother. Recently, the Jackson Family made a move to toward a bigger and better life with the purchase of a $10.75 million home in Calabasas, California, using funds provided for the family by the deceased superstar’s estate.
The estate had been leasing the house for Jackson’s elderly mother, Katherine Jackson, and Jackson’s three children, Prince, Paris and Blanket, for the last several years at $26,000 a month. After much consideration, Ms. Jackson decided to make their permanent home there and made moves to purchase the property earlier this year.
“Mrs. Jackson felt at home in the leased property and wanted the certainty associated with ownership,” said Ms. Jackson’s attorney, Perry R. Sanders, Jr., to the Wall Street Journal.
The home is certainly exquisite enough for pop royalty to call home. The property is situated in a gated community and features high-end amenities such as a guesthouse, a theater, a pool and a putting green. The residence itself is a 12,000-square-foot Mediterranean masterpiece. Not much is known of the house, but details are slowly being leaked to the press. It reportedly features a massive dual-stairway entry, a pub, three fireplaces, a home theater, a sauna, a library, an elevator and eight en suite bedrooms.
Calabasas Real Estate Market Update
The exclusive Calabasas real estate market has experienced some ups and downs lately, however, things look to be edging up in recent weeks, according to data from California-based real estate research company, Altos Research.
The research institute reports that the median single-family home value in Calabasas is $1,657,767 as of June 20, which is an increase over the last few weeks. Prices had been on a constant rise until about March 1 when they hit a peak of about $1.85 million. They then took a two-month dive, but have since worked back into positive trends as home prices are appreciating once again.
One indicator that can perhaps explain this increase in price is Altos’ unique value known as the Market Action Index. This value measures from a neutral point of 30 whether trends are moving down into buyer’s territory or up into seller’s territory. At 38.07, Calabasas is well into seller’s territory meaning that inventory is relatively low but buyer demand is continuing to drive price increases.
Altos reports that as of June 20, there are about 94 properties on the market in Calabasas. This is low, even for this small, exclusive community. Trends look to be working upward, however, which is a factor that market watcher will hope to regulate prices and make market conditions ideal for both buyers and sellers.
If you are looking for the perfect home in Calabasas, please contact our team of property experts today!
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(all data current as of 11/20/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.