Thursday, August 30, 2007

UPDATE: Paris Hilton

Well, well, well, it appears that the online gossip juggernaut TMZ has all the inside poop on the difficulties ensuing regarding the sale of Miz Paris "Pokey" Hilton's N. Kings Road property that she placed on the market for $4,250,000 shortly after she was released from the clink n Lynwood where she was sent for her famous automobile misdeeds.

Apparently, interested buyers came running and screaming for far and wide to purchase Pokey's Mediterranean style house. TMZ reports that Pokey's uncle, uber real estate agent Mauricio Umansky, revealed that the buyers are a couple who hail from the big state of Texas who have agreed to pony up just under $4,200,000 for the 2,707 square foot house.

Here's where the trouble starts. According to TMZ, the house did not appraise for the purchase price, and in fact, the highest appraisal is reported to be $3,600,000. What Your Mama wants to know is in this era of sub-prime crises, mortgage melt downs and skittish lenders, what financial institution allows multiple appraisals in order to go with the highest one? Your Mama is certainly no expert on the world of mortgages, but that just sounds unusual. Very unusual indeed. That is unless the transaction is not contingent on a mortgage and the appraisal was done only to satisfy the buyer's curiosity of an appraised value.

Umansky says the purchase price includes the furniture and chandeliers which combined have a claimed value between $600-700,000. Which is a convenient number given a $3,600,000 appraisal on a $4,200,000 purchase price.

However, perhaps this is all neither here not there as Mister Umansky, who seems eager to reveal all the details of the deal, told TMZ that the buyers are paying mostly cash for the property, are only financing $1,000,000, and as such it's really of no matter at what value the house appraised. Umansky, according to TMZ, state the deal will be closing next week.

Listen up Motormouth Mauricio, Your Mama has got no beef with TMZ, but next time you want to be telling the world all the real estate bizness of your rich and famous clients, be sure and get in touch with Your Mama. Seriously.

Sources: TMZ, Pacific Coast News (photo)

19 comments:

Hippie Canyon said...

Did I not say the buyer would turn out to be some out-of-town Queen??? And from Texas no less. I can imagine that bedroom-cum-closet will soon be redesigned to look like a private dressing room at Neiman Marcus (Big D style, don't you know!). And I don't mean to go on, and on... as I usually do, but I believe I also said it was worth more in the range of $3.5 on a GOOD day! Yes, I'll shut up now.

Anonymous said...

I'm not in the business, but I have a good friend who did appraisals during the boom years, when it wasn't unusual for mortgage brokers to shop around on an informal basis. They'd say, we need this number. He'd look at the details and give a best-case guesstimate of the appraisal he'd probably make. If it wasn't high enough, the broker would move on. That might explain the use use of the word "best" to explain the appraisal.

Anonymous said...

"bedroom-cum-closet"

actually garage-cum-closet!

don't believe everything u read!

so_chic_darling said...

$600,00 to $700,00 for THAT furniture?

so_chic_darling said...

No Mama I still don't like her.Did you see her on Larry King?Better than a sleeping pill!

Phoenix said...

Leave it to Paris to create a furor over the sale of her home without even doing anything. Better her than me, sheeesh.

Anonymous said...

Now Mama said "couple". Don't be hanging this exhibit of bad taste of the gay community just yet. Could be a couple of queens but could also be some poor relations of the Sapersteins.

I. M. Anonymous said...

Great. More idiot Texans moving to LA--wasn't Dr Phil (and his talking plastichead Barbie wife, Robin) enough?!

There goes the neighborhood.

Again.

Anonymous said...

I am a real estate appraiser, although in Boston not CA. It is quite common here for lenders to order multiple appraisals when the house is to be financed with a jumbo loan. Two appraisals would be the minimum, with a third ordered if there was a large gap in value between the first two, or if there were unusual terms to the sale. Real estate appraisers aren't qualified to appraise personal property included in a sale so I can see where perhaps a fourth appraiser would be called upon to value the personal property. All these appraisals might seem like overkill but they are cheap enough, $500 - $1000 per, considering you are talking about $1 million loan. Also, on higher end property, it isn't unusual here for the property to be professionaly appraised before being placed on the market, or for prospective buyers to have something less than a full appraisal done before placing an offer.

Anonymous said...

If people want to pay more than the appraised value, that's their own decision if they have the money. Sounds like TMZ is just trying to make a story from nothing, as per usual. The site is tripe.

Anonymous said...

Multiple appraisals are also standard in Arizona for any home loans over 1 million. Quite the norm here.

lucy said...

Eh. Appraisal, shmaisal. Real estate is worth what a seller can get a buyer to pay. In celebrityland, the old maxim of 'never buy the most expensive house on the street' does NOT apply...

Anonymous said...

I am a broker. In NJ and NY the furnishings are not part of the real estate, meaning the real property. The furnishings are chattel. They have to be written up separately on a separate bill of sale. The total purchase price for the property plus the furnishings could equal the larger amount. On the lenders' appraisal and the purchase price would be the real property number.

Anonymous said...

Guys, not all people from Texas are douche bags. Dallas is only one city.

Austin is like LA meets Santa Fe.

Anonymous said...

if they put enough down, banks will finance them.

Anonymous said...

Well, the future owners pretty sure knew that the place is not worth $4.25 Million. But if you want to live in an ex-celebrity home, you got to pay the price. And honestly it still seems smarter to pay $700,000 more for a house because it was Paris Hilton`s home, than paying hundreds of dollars for Paris Hilton`s dog food can.b

Anonymous said...

i like how la folks are worried about out of staters ruining hiltons former hood.

Anonymous said...

I agree with the 9:19 broker commenter. It would be two separate sales. He claimed that one chandelier alone was worth a lot because it was a limited edition Swarovsky crystal chandelier.

According to TMZ, it's a married hetero couple, no?

I'm much more interested in the fact that she is selling the house fully furnsihed. Why give up all the custom girly furniture and chandeliers and whatnot? What's that about? Wonder what the girl is up to.

Anonymous said...

Austin is like LA meets Santa Fe

Somehow I don't see that as a compliment.