Gene finally unloads the Family Jewels Mansion

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Gene finally unloads the Family Jewels Mansion

Post by OrigialEraFan »

Great articlle on TMZ. Listed it last year for 22 mil, then did renovations and relisted at 25 Mil. Then finally settled today for 16 Mil.https://www.tmz.com/2021/09/24/gene-sim ... s-mansion/
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Re: Gene finally unloads the Family Jewels Mansion

Post by steveh67 »

Ouch, 9mil hit after the renos.
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Re: Gene finally unloads the Family Jewels Mansion

Post by Kissoff »

Soon he'll probably start his own real estate company.
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Re: Gene finally unloads the Family Jewels Mansion

Post by Going Blind »

Did Gene require that the buyer pay for the house in cash?
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Re: Gene finally unloads the Family Jewels Mansion

Post by FlamingRuth »

What happened to the little dog— Snippy?
Wait....was it Snippy or Tippy?
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Re: Gene finally unloads the Family Jewels Mansion

Post by sabresaxon »

Perhaps the new owners took Gene’s sagely advice of always paying cash for your home and that’s all they had?
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Re: Gene finally unloads the Family Jewels Mansion

Post by Australia1980 »

OrigialEraFan wrote: Fri Sep 24, 2021 7:39 pm Listed it last year for 22 mil, then did renovations and relisted at 25 Mil. Then finally settled today for 16 Mil.
Now that's what I call winning!

Looking forward to seeing what Paul's demolished mess sells for, including all expenses of destroying a perfectly nice mansion, clearing the land, and then rebuilding a new house on the same lot. Genius!

Damn, these two truly are real estate tycoons.
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Re: Gene finally unloads the Family Jewels Mansion

Post by Ratmir »

Seems like this is a common story. All I remember reading about big properties is that they usually sell for a fraction of initial price.
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Re: Gene finally unloads the Family Jewels Mansion

Post by KF73 »

I am sure Uncle Gene did no actually lose 9-mil on this, even with all of the upgrades. They've had the property since '87 so we would need to know what they originally paid and how much in upgrades/build-outs over the years. I am sure in the end they turned quite a profit!

https://robbreport.com/shelter/celebrit ... 234604807/
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Re: Gene finally unloads the Family Jewels Mansion

Post by Going Blind »

KF73 wrote: Sat Sep 25, 2021 4:52 am I am sure Uncle Gene did no actually lose 9-mil on this, even with all of the upgrades. They've had the property since '87 so we would need to know what they originally paid and how much in upgrades/build-outs over the years. I am sure in the end they turned quite a profit!

https://robbreport.com/shelter/celebrit ... 234604807/
I am sure Gene made at least 10 Million in profit. But I can't help feeling he is crying in the corner somewhere that he did not get what he originally listed for.
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Re: Gene finally unloads the Family Jewels Mansion

Post by Spaceace »

KF73 wrote: Sat Sep 25, 2021 4:52 am I am sure Uncle Gene did no actually lose 9-mil on this, even with all of the upgrades. They've had the property since '87 so we would need to know what they originally paid and how much in upgrades/build-outs over the years. I am sure in the end they turned quite a profit!

https://robbreport.com/shelter/celebrit ... 234604807/
The TMZ article says it was purchased for $1.3 million. But your article is interesting with the history of the property and Gene says they had to upgrade the property for $11 million.
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Re: Gene finally unloads the Family Jewels Mansion

Post by Doose »

In California's hot real estate market, I'm surprised it took that long to sell, and at so far below asking, especially because the house is fairly new.
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Re: Gene finally unloads the Family Jewels Mansion

Post by Bruce »

I bet since Gene could not get the property to sell, he had to return to a former, best offer, who took advantage of the turning tables. Told Gene what he was now willing to pay for it, instead.
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Re: Gene finally unloads the Family Jewels Mansion

Post by Going Blind »

Doose wrote: Sat Sep 25, 2021 5:52 am In California's hot real estate market, I'm surprised it took that long to sell, and at so far below asking, especially because the house is fairly new.
Is California hot at the moment? I recall recently many were defecting. Maybe that contributed a bit to Gene's loss?
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Re: Gene finally unloads the Family Jewels Mansion

Post by Doose »

Going Blind wrote: Sat Sep 25, 2021 6:02 am
Doose wrote: Sat Sep 25, 2021 5:52 am In California's hot real estate market, I'm surprised it took that long to sell, and at so far below asking, especially because the house is fairly new.
Is California hot at the moment? I recall recently many were defecting. Maybe that contributed a bit to Gene's loss?
I guess my only point of reference is Million Dollar Listing: Los Angeles, so it could be true I have no idea what I'm talking about. lol

Ironically, the agent (Josh Altman) is on that show.
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Re: Gene finally unloads the Family Jewels Mansion

Post by curryleaf »

Going Blind wrote: Sat Sep 25, 2021 4:58 am
KF73 wrote: Sat Sep 25, 2021 4:52 am I am sure Uncle Gene did no actually lose 9-mil on this, even with all of the upgrades. They've had the property since '87 so we would need to know what they originally paid and how much in upgrades/build-outs over the years. I am sure in the end they turned quite a profit!

https://robbreport.com/shelter/celebrit ... 234604807/
I am sure Gene made at least 10 Million in profit. But I can't help feeling he is crying in the corner somewhere that he did not get what he originally listed for.
Gene's walked away at least $5m up, quite possibly a fair bit more.

The notion that he's 'lost' money because he didn't achieve the asking price is sheer nonsense. He would never have expected to get anything like the asking price.
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Re: Gene finally unloads the Family Jewels Mansion

Post by Going Blind »

Doose wrote: Sat Sep 25, 2021 6:03 am
Going Blind wrote: Sat Sep 25, 2021 6:02 am
Doose wrote: Sat Sep 25, 2021 5:52 am In California's hot real estate market, I'm surprised it took that long to sell, and at so far below asking, especially because the house is fairly new.
Is California hot at the moment? I recall recently many were defecting. Maybe that contributed a bit to Gene's loss?
I guess my only point of reference is Million Dollar Listing: Los Angeles, so it could be true I have no idea what I'm talking about. lol

Ironically, the agent (Josh Altman) is on that show.
Not implying that you do not know what you are talking about, not at all. Just curious if things turned around. If I recall Gene was part of that rash of defections himself.
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Re: Gene finally unloads the Family Jewels Mansion

Post by Bruce »

This month, California enacted zoning policies that have ended all single family unit protections. In other words, a developer can now purchase a house for sale, in any neighborhood in the state. They can now graze that house and build at least 4 units on the property, taking it right up to the fence. So, if you live in a suburb, for example, the quiet, peaceful, surburbia factor of the neighborhood is now destroyed. This has tremendous implications for the real estate market, moving forward.
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Re: Gene finally unloads the Family Jewels Mansion

Post by Going Blind »

curryleaf wrote: Sat Sep 25, 2021 6:24 am
Going Blind wrote: Sat Sep 25, 2021 4:58 am
KF73 wrote: Sat Sep 25, 2021 4:52 am I am sure Uncle Gene did no actually lose 9-mil on this, even with all of the upgrades. They've had the property since '87 so we would need to know what they originally paid and how much in upgrades/build-outs over the years. I am sure in the end they turned quite a profit!

https://robbreport.com/shelter/celebrit ... 234604807/
I am sure Gene made at least 10 Million in profit. But I can't help feeling he is crying in the corner somewhere that he did not get what he originally listed for.
Gene's walked away at least $5m up, quite possibly a fair bit more.

The notion that he's 'lost' money because he didn't achieve the asking price is sheer nonsense. He would never have expected to get anything like the asking price.
Most would be happy to profit 5-10 million. But Gene being Gene he is probably pondering the lost "asking price" with some sadness.
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Re: Gene finally unloads the Family Jewels Mansion

Post by turbodrive »

From the article:

"We’re told Gene bought the property back in October 1986 for $1,337,500."

Doesn't matter how much he spent on upgrades....he still made a huge killing. It's hard not to in that part of L.A.
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Re: Gene finally unloads the Family Jewels Mansion

Post by richardsimmons »

I’m sure Gene still made quite a profit.

I wonder if his current “main base” is Tahoe or Vegas area? Or if he’s about 50/50?
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Re: Gene finally unloads the Family Jewels Mansion

Post by OHKISSFAN »

Paid under 2 million for it & sold for 16 million!!

Good for Gene!

Pretty sure I paid for some of that mansion over the years haha!
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Re: Gene finally unloads the Family Jewels Mansion

Post by Bruce »

turbodrive wrote: Sat Sep 25, 2021 8:10 am From the article:

"We’re told Gene bought the property back in October 1986 for $1,337,500."

Doesn't matter how much he spent on upgrades....he still made a huge killing. It's hard not to in that part of L.A.
$1,000,000 in 1980 is equivalent in purchasing power to about $3,319,987.86 today, an increase of $2,319,987.86 over 41 years. The dollar had an average inflation rate of 2.97% per year between 1980 and today, producing a cumulative price increase of 232.00%.
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Re: Gene finally unloads the Family Jewels Mansion

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OHKISSFAN wrote: Sat Sep 25, 2021 8:34 am Paid under 2 million for it & sold for 16 million!!

Good for Gene!

Pretty sure I paid for some of that mansion over the years haha!

Nope, not at all.

Douglas Elliman confirms to AD that Simmons purchased the property in 1984 for $1.35 million; over the years, he spent $12 million upgrading the home to what it is today.

So he's got over $13.35 million in it (and that's not inflation adjusted) in 2020
https://www.architecturaldigest.com/sto ... 22-million


Then in the last year he did $700K to $1M in renovations to De-KISSify it.


So now up to say $14M (un-adjusted for inflation)


The big bulk of the spending came around 1991/1992. So Gene probably didn't make a dime on the property and most likely lost money.
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Re: Gene finally unloads the Family Jewels Mansion

Post by EasyCatMan »

richardsimmons wrote: Sat Sep 25, 2021 8:30 am I’m sure Gene still made quite a profit.

Nope, most likely he lost money. And then when you throw in all the money he paid property taxes all those years and insurance he lost a ton
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Re: Gene finally unloads the Family Jewels Mansion

Post by Bruce »

Being the businessman Gene seems to be, though, he realizes that getting something is better than nothing. Do you wanna get out? Want to be rid of this money pit, or what? He did what he had to do. I'm just sorry he had to get burned, like that.
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Re: Gene finally unloads the Family Jewels Mansion

Post by kmints5723 »

Saying is go woke go broke.
Granddad gene is part of the woke mob. Tweets a lot of bs, little about kiss.
People are leaving cali because it’s becoming a dump. People are leaving. Not coming.
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Re: Gene finally unloads the Family Jewels Mansion

Post by Bruce »

Sir.......................................
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Re: Gene finally unloads the Family Jewels Mansion

Post by Hi I'm Witz »

Going Blind wrote: Sat Sep 25, 2021 6:02 am
Doose wrote: Sat Sep 25, 2021 5:52 am In California's hot real estate market, I'm surprised it took that long to sell, and at so far below asking, especially because the house is fairly new.
Is California hot at the moment? I recall recently many were defecting. Maybe that contributed a bit to Gene's loss?
Oh theyre hot alright...
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Re: Gene finally unloads the Family Jewels Mansion

Post by Much Too Soon »

That’s quite an uptick from the $1.34 million he paid for the property back in 1986.

And you dingleberries were saying?
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Re: Gene finally unloads the Family Jewels Mansion

Post by Much Too Soon »

Gene used the property for SIGNIFICANT tax breaks especially Family Jewels.

He made a mountain of money USING the home.

Most of you couldn’t manage a lemonade stand.
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Re: Gene finally unloads the Family Jewels Mansion

Post by Forevertj »

Doose wrote: Sat Sep 25, 2021 5:52 am In California's hot real estate market, I'm surprised it took that long to sell, and at so far below asking, especially because the house is fairly new.



This is a good reason why it sold for less than he wanted.


https://www.capradio.org/articles/2021/ ... y-in-2020/
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Re: Gene finally unloads the Family Jewels Mansion

Post by Ratmir »

turbodrive wrote: Sat Sep 25, 2021 8:10 am From the article:

"We’re told Gene bought the property back in October 1986 for $1,337,500."

Doesn't matter how much he spent on upgrades....he still made a huge killing. It's hard not to in that part of L.A.
There was a different house back then. He demolished it and built the current one after the Reunion.
Who knows how much he spent. Might be that he lost money.
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Re: Gene finally unloads the Family Jewels Mansion

Post by sabresaxon »

Gene is not a brilliant businessman, just the co-owner of an IP he can exploit for money.
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Re: Gene finally unloads the Family Jewels Mansion

Post by ACESTATION »

Bruce wrote: Sat Sep 25, 2021 12:06 pm Being the businessman Gene seems to be, though, he realizes that getting something is better than nothing. Do you wanna get out? Want to be rid of this money pit, or what? He did what he had to do. I'm just sorry he had to get burned, like that.
Gene originally said he would be very selective about who he would sell it to for the $25 million asking price. He wanted a person who cherished the property for it's music history before he bought the land. In the end I doubt he cared about who he sold it to as long as he got $16 million.
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Re: Gene finally unloads the Family Jewels Mansion

Post by Bruce »

Exactly! Well-stated, sir.
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Re: Gene finally unloads the Family Jewels Mansion

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Much Too Soon wrote: Sat Sep 25, 2021 7:56 pm That’s quite an uptick from the $1.34 million he paid for the property back in 1986.

And you dingleberries were saying?
I guess you missed the part where he spent over $12m in upgrades over the years....dingleberry.
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Re: Gene finally unloads the Family Jewels Mansion

Post by EasyCatMan »

ACESTATION wrote: Sat Sep 25, 2021 9:55 pm
Bruce wrote: Sat Sep 25, 2021 12:06 pm Being the businessman Gene seems to be, though, he realizes that getting something is better than nothing. Do you wanna get out? Want to be rid of this money pit, or what? He did what he had to do. I'm just sorry he had to get burned, like that.
Gene originally said he would be very selective about who he would sell it to for the $25 million asking price. He wanted a person who cherished the property for it's music history before he bought the land. In the end I doubt he cared about who he sold it to as long as he got $16 million.

Heck, in the last 7 months or so, he spent almost 1M in renovations getting rid of the "KISS history" in the house because nobody with that kind of money wanted that KISS stuff in their house.
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Re: Gene finally unloads the Family Jewels Mansion

Post by Much Too Soon »

So Cruel wrote: Sat Sep 25, 2021 11:48 pm
Much Too Soon wrote: Sat Sep 25, 2021 7:56 pm That’s quite an uptick from the $1.34 million he paid for the property back in 1986.

And you dingleberries were saying?
I guess you missed the part where he spent over $12m in upgrades over the years....dingleberry.
Yes Moron. Upgrades on a “prop” that was used as the stage and basis for his popular TV show. ie…significant tax breaks.

Some of the dumbest mother effers I’ve ever encountered were

HERE

Calling you a dingleberry should be viewed by you as a compliment
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Re: Gene finally unloads the Family Jewels Mansion

Post by EasyCatMan »

So Cruel wrote: Sat Sep 25, 2021 11:48 pm
Much Too Soon wrote: Sat Sep 25, 2021 7:56 pm That’s quite an uptick from the $1.34 million he paid for the property back in 1986.

And you dingleberries were saying?
I guess you missed the part where he spent over $12m in upgrades over the years....dingleberry.

Here's a piece from Forbes

Originally, it was a 3,500-square-foot hillside farmhouse made of wood. Simmons’ five-year, $11 million overhaul flattened the hillside, transplanted trees from Northern California, and dramatically transformed the estate into a level, secluded 16,000-square-foot compound.



Of course, who knows how much Gene actually put into it all those years. And that $11M overhaul from the early 90's -reunion aren't inflation adjusted.


Of course the $11M was spent over 5 years, but lets use Jan 1997 as the year.

$18,749,140.19 (just on the overhaul)
$3,554,527.91 (initial purchase 1984 inflation adjusted)
$ 750,000 (renovations in the last year)

-----------

$23,053,667


So that's over $23M (not including any other renovations/ etc) that might have been done. Property Taxes (which must have been huge), insurance on the place. Interest on loans. You name it.



But none of this matters because one poster claims all the stuff was done during Gene Simmons Family Jewels. But offers no proof at all. And if renovations were done during that time, it would be added to the $23M+ figure he already spent.
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Re: Gene finally unloads the Family Jewels Mansion

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Much Too Soon wrote: Sun Sep 26, 2021 9:03 am
So Cruel wrote: Sat Sep 25, 2021 11:48 pm
Much Too Soon wrote: Sat Sep 25, 2021 7:56 pm That’s quite an uptick from the $1.34 million he paid for the property back in 1986.

And you dingleberries were saying?
I guess you missed the part where he spent over $12m in upgrades over the years....dingleberry.
Yes Moron. Upgrades on a “prop” that was used as the stage and basis for his popular TV show. ie…significant tax breaks.

Some of the dumbest mother effers I’ve ever encountered were

HERE

Calling you a dingleberry should be viewed by you as a compliment
Others have already supplied the links. You can check them out. Some old man with a Stone Cold avatar calling posters morons, that’s rich!
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Re: Gene finally unloads the Family Jewels Mansion

Post by Much Too Soon »

So Cruel wrote: Sun Sep 26, 2021 10:52 am
Much Too Soon wrote: Sun Sep 26, 2021 9:03 am
So Cruel wrote: Sat Sep 25, 2021 11:48 pm
Much Too Soon wrote: Sat Sep 25, 2021 7:56 pm That’s quite an uptick from the $1.34 million he paid for the property back in 1986.

And you dingleberries were saying?
I guess you missed the part where he spent over $12m in upgrades over the years....dingleberry.
Yes Moron. Upgrades on a “prop” that was used as the stage and basis for his popular TV show. ie…significant tax breaks.

Some of the dumbest mother effers I’ve ever encountered were

HERE

Calling you a dingleberry should be viewed by you as a compliment
Others have already supplied the links. You can check them out. Some old man with a Stone Cold avatar calling posters morons, that’s rich!
The “links”???? TO WHAT??? Genes personal income tax returns.
You’re so stupid you don’t even have any idea what I’m talking about.

THATS “rich”. 🤣
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Re: Gene finally unloads the Family Jewels Mansion

Post by Much Too Soon »

EasyCatMan wrote: Sun Sep 26, 2021 9:25 am
So Cruel wrote: Sat Sep 25, 2021 11:48 pm
Much Too Soon wrote: Sat Sep 25, 2021 7:56 pm That’s quite an uptick from the $1.34 million he paid for the property back in 1986.

And you dingleberries were saying?
I guess you missed the part where he spent over $12m in upgrades over the years....dingleberry.

Here's a piece from Forbes

Originally, it was a 3,500-square-foot hillside farmhouse made of wood. Simmons’ five-year, $11 million overhaul flattened the hillside, transplanted trees from Northern California, and dramatically transformed the estate into a level, secluded 16,000-square-foot compound.



Of course, who knows how much Gene actually put into it all those years. And that $11M overhaul from the early 90's -reunion aren't inflation adjusted.


Of course the $11M was spent over 5 years, but lets use Jan 1997 as the year.

$18,749,140.19 (just on the overhaul)
$3,554,527.91 (initial purchase 1984 inflation adjusted)
$ 750,000 (renovations in the last year)

-----------

$23,053,667


So that's over $23M (not including any other renovations/ etc) that might have been done. Property Taxes (which must have been huge), insurance on the place. Interest on loans. You name it.



But none of this matters because one poster claims all the stuff was done during Gene Simmons Family Jewels. But offers no proof at all. And if renovations were done during that time, it would be added to the $23M+ figure he already spent.
Another dim bulb dingleberry opines. Dingleberry Sunday on the Faq.😴
Give em a calculator and they impress themselves with “inflation”.
They know nothing of US tax law and the huge benefits owning real estate.
I’d figure roughly Gene wrote off maybe 36% of the improvements over time.
And using the home as a stage for his show. How much he charged for that?
The tax write offs for a business based at home would be staggering.
How much did his wife and kids make because of that house he upgraded.
What was Genes final take on FJs which centered around…his MANSION.
You know nothing unless you can view his complete personal income taxes.
Significant tax advantages for owning and upgrading real estate in the US.
Remember..it was not a new build..it was an upgrade of an older property.
Brilliant to write off taxes for a stage you actually live in. To produce a show that
was very popular and generated a lot of income for the networks.
It really is why he is Gene Simmons….and you’re not.

Y’all should just stick to ranking colored albums and mundane stuff like that.

What a bunch of major dingleberries. Gene is sharp as a tack. You nitwits …
not so much.

🤟🤑🤟
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Berninio
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Welcome To The Show!
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Re: Gene finally unloads the Family Jewels Mansion

Post by Berninio »

Why is that Much Too Soon "person" not banned - insulting FAQers left right and centre. I've seen that individual, who is apparently intellectually challenged, doing that all the time. FAQers got banned for way less. He\She is one of the biggest trolls on here. Ruins the fun.
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mamado
Qualified to wear Ace's makeup!
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Re: Gene finally unloads the Family Jewels Mansion

Post by mamado »

Way to go, Chaim!!!

Show 'em how the big boys do it!!!
:sunny: :cheers: :flower: :thumleft:
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RisingForce
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Re: Gene finally unloads the Family Jewels Mansion

Post by RisingForce »

That's enough insults for one thread. Let's lock this one. Good grief. Let's see if any lessons are learned.