Mark Wahlberg and his wife Rhea Durham have finally sold their 30,500-square-foot mansion located in the exclusive and celebrity-rich Beverly Park neighborhood of Los Angeles. Their sale price was $55 million. And while you may assume selling anything for $55 million is a huge win, keep mind the original asking price was $87.5 million, when he listed it with in April of last year. So that’s a $30 million drop compared to what they originally thought it might fetch.
On the plus side, in the time between the original listing and the final sale, Mark and his family moved to Las Vegas, Nevada. Nevada is a zero income tax state. Mark and Rhea paid $8.25 million on the undeveloped land back in 2009. They then reportedly spent around $20 million on construction costs to create this mansion. That would mean their all-in cost basis is around $28 million. So their profit on the $55 million sale is roughly $27 million. Had they sold the house as California residents, they would be subject to the state’s 13% capital gains tax. Long story short, by changing their residence to Nevada, they just saved around $3.5 million in taxes on the sale.
The sale, to an unnamed buyer, represents the culmination of a somewhat tumultuous real estate journal for Wahlberg. In October of 2022, it was reported that he was pulling the home off the market owing to skyrocketing mortgage rates making it impossible to find a buyer at his $87.5 asking price. Then, the following month, it was back up with a discounted price of $79.5 million, which as it turns out was still far too high.
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Wahlberg purchased the land in 2009, paying $8.25 million before commissioning the 12-bedroom main house. The property sits on 6.2 acres altogether, and the grounds include a grotto-style pool, multipurpose sports court, plenty of manicured gardens, and even a skate park and five-hole golf course. Here’s how the home was described in its official listing:
“The Premiere estate in North Beverly Park, the most exclusive gated community on the West Coast. An incredible 6.2 acre estate designed by Richard Landry and built with the finest quality of materials and craftsmanship ever seen. Spectacular 2-story entry, stunning living room, breathtaking 2-story paneled library, amazing home theater, wine cellar, and much more. Beautiful gardens & lushly landscaped grounds including huge lawns, a 5 hole golf course, tennis court, resort-like grotto pool, skate park, and guest house, all set amidst total privacy and complete this incredible estate. Truly a once in a lifetime opportunity to acquire one of the great estates in Los Angeles.”
Now, Wahlberg finally managed to find a buyer for the estate, albeit at a steep discount. You can take a look at the home in the slideshow below from Rick Virag on YouTube: