It looks like Teen Mom OG star Farrah Abraham my be retreating from her foray into Hollywood house flipping with her very famous tail between her legs. It’s been almost a year since the asspiring (couldn’t resist!) real estate mogul purchased a 2,700+ square foot property in the Hollywood Hills for $845,000, and according to a new report, she has just lowered the asking price to the same price she paid for it. And this is after she spent approximately $100,000 on upgrades!
TMZ reported the new listing price earlier today, and they were also the ones that revealed Farrah had spent a hundred grand on the property. (In the article it states that Farrah originally paid $879,000 for the property, but that is contradicted by multiple other sources, including official MLS records and even previous TMZ articles.)
Here are before-and-after photos of the exterior (click here for before-and-after shots of the interior)
I dunno – I think Farrah is really missing out by not capitalizing on something she brings to the table that 99% of house flippers can’t: being a celebrity! She needs to put her signature on the upgrades so people KNOW they are buying a house from Farrah Abraham! Here’s an example of what I’m talking about:
What says posh more than a driveway porta potty for certain house guests?
When Farrah listed the property for $899,995 back in June, I ran the math based on $5,000 in upgrades, and the end result was Farrah essentially breaking even. (This was before TMZ revealed just how much Farrah put into the property upgrades. It also assumed that Simon Saran was the real estate agent handling the sale and that his cut would be going to Farrah.)
So, if you add in an additional $95,000 for upgrades and subtract $55,000 from the asking price, it looks as though Farrah stands to lose somewhere in the neighborhood of $150,000. And that doesn’t even take into account one of the worst things that a house flipper can do, and that’s having a property for a long period of time. The house flipping business is all about turnover, and Farrah has has her assets tied up in this house for 10 months now.
* I should point out that I was unable to find a current listing for the property. That could be because TMZ got an advance notification from the Los Angeles MLS, but that would suggest that the listing was not on the market prior to the newly reduced asking price. That seems odd to me. Perhaps Farrah was able to rent the property for 6 months? (It was listed as a rental for $6,200 a month for a brief period of time.)