Eddie Finally Sells!

Eddie Finally Sells!

Eddie Finally Sells!

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It’s been a long haul. For eight years Eddie Murphy has been trying to sell his New Jersey home! It’s one of those "shoot yourself in the foot" deals for Eddy, who bought the house for $3m then went hog wild adding another 15,000sf to it, bringing the price up to $30m. Guess nobody told him that owning a house larger than the other neighborhood houses isn’t the smartest financial move. Sometimes it just takes a hard life lesson and this seems to be a classic example. Buying the house when he was single, he didn’t have a wife to slam on the breaks. He intended it to be a party house and named it "Bubble Hill", however, it turned out not to be much of a party trying to sell it. But it definitely has everything now: a bowling alley, a recording studio, pool, racketball court, tennis court, screening room, pool and child’s gym. It has a whopping 25,000sf and 30 rooms. It also has a huge guest house and the main house has 8 bedrooms and 12 baths. Whew!

He started out in 2004 putting it on the market when the value was assessed at $30m. Bad timing. That was the beginning of the real estate land slide that would eventually bring the price down to its final painful selling price of $12m - an $18m loss!

They say when you hit rock bottom, there’s nowhere to go but up. So now with this house off his back and some breathing space, we expect Eddie’s future to soar and we’ll be cheering all the way!

Source: www.miamiherald.com