Even Mark Wahlberg has to abide by the rules of the market, according to a report in the New York Post. The actor has decided to remove the Beverly Hills mansion he'd been seeking since April to sell for some $87.5 million, and sources say the decision was made as rising mortgage rates have made it a less-than-ideal time to sell a home.
Soaring interest rates have made it a risky proposition to buy a home, with mortgage rates at an all-time high, and it's made potential buyers skittish, even in the world of luxury Beverly Hills real estate.
Wahlberg has decided to hold onto the property and wait for better circumstances to arise. But the home itself is a beauty no matter where interest rates are. Wahlberg had it built from the ground up after buying the property as a 6.14-acre vacant lot in 2009 for a reported $8.25 million, going on to spend five years constructing his dream home in the Mediterranean style.
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The centerpiece of the estate is the 30,500-square-foot main house, with 15 bedrooms and 16 bathrooms, plus a gym (surrounded by glass walls), hydroelectric elevator, home movie theater, wine cellar with tasting room, multiple wet bars, and more. Outside you'll find plenty of lawn space, plus an outdoor kitchen, putting greens, skate park, a tennis bar, and a deluxe grotto-style pool with waterfall features and a cabana. There's a detached guest house with its own garage. Its previous listing described it as "one of the great estates in Los Angeles," which will surely still be the case when Wahlberg decided to put it up for sale again in the future.
The news comes just two months after Wahlberg spent a reported $15.6 million for another vacant lot, this one in the exclusive Summit Club in Las Vegas, possibly to turn into another dream home like this one. And it's possible that whatever plans he has for the property will wait until he can unload the Beverly Hills place.
You can take a look at Mark Wahlberg's Beverly Hills mansion in the slideshow below, from Rick Virag on YouTube:
