Why are people obsessed with landmark homes?
People often seek the homes of the rich and the famous. The whole idea of being in a home where a world-famous celebrity has lived in is too fascinating to miss.
Landmark homes are those where interesting incidents have taken place. Great Gatsby's home in Long Island, New York was where Scot Fritzgerald wrote the famous American classic. In India, an equivalent would be the Dehradun home of Ruskin Bond.
All the homes that have not turned into temples or monuments like Gandhi' s home and Tagore's ashram have become real estate hot properties.
Why celeb homes click?
Celebrities are known for their eccentricities. This reflects very much in all the homes they live in. Celebrity homes are mirrors of the fancy lifestyles that the rich and the famous seem to live. Very few of them prefer a quiet nice home in the suburbs.
Recently, the home of Rajesh Khanna in Mumbai was sold to Shashi Shetty, who is the executive chairman of Allcargo Logistics. While the going amount was truncated in size due to legal complications and delays, the home which is in the upscale Bandra suburb has commanded more than its value. The home was bought by Khanna in good times from yet another yesteryear hero, Rajendra Kumar. It is also known to be lucky. Counting the non-sentimental values, Khanna spruced up his home with a bathroom as big as a hall, Jacuzzi, a movie theatre and even walk-in wardrobes, all indications of a king-size lifestyle. It is this lifestyle that the equally rich but not-so-famous are trying to emulate.
Internationally too, it is the opulence that many people pay for. Yet another big-ticket property that has hit the international markets is the Neverland ranch, formerly owned by the late pop star Micheal Jackson.
Real estate value
Celebrity homes retain their star value even after they change hands. A second sale of the home will create as much interest as its original sale even if a non-celebrity owns it. This is, however, subject to major changes made to the property and the time elapsed.
A number of celebrity homes come attached with furniture, as most of them are fit and made to meet the needs of the differently crafted homes. Heirs prefer to sell them with the house as custom-made furniture is hard to maintain or sell individually. This also takes care of the furnishing costs of a new owner of a celeb home, and adds to the real estate value.
All you have to do as a potential owner is to ensure that your bid is not bigger than the celebrity whose home it was!
(Katya Naidu has been working as a business journalist for the last nine years, and has covered beats across banking, pharma, healthcare, telecom, technology, power, infrastructure, shipping and commodities)