Billy Joel had to slash the price of his mansion by $22M to sell it

Moneywise and Yahoo Finance LLC whitethorn gain committee oregon gross done links successful the contented below.

Billy Joel spent six years trying to merchantability his nine-bedroom, 11-bathroom, Florida mansion.

He purchased the spot successful 2015 for $22 million, and successful 2022, helium tried to merchantability it for $64.9 million.

But things didn’t spell according to program — astatine least, not for Joel. After listing and delisting the mega-mansion, Joel yet slashed the terms by a whopping $22 cardinal to adjacent the sale.

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That lengthy process is simply a cautionary communicative for anyone considering a hefty existent property investment. Sometimes, putting each of your eggs successful 1 high-value handbasket tin beryllium a bigger hazard than it seems. All of the added costs of spot ownership are often overlooked, and they tin rapidly marque your concern look overmuch little worthwhile.

Even high-profile investments tin look prolonged delays and fiscal disappointments.

Joel isn’t alone.

Since 2022, the median terms of existing-hom esales rangedf from a debased of $358,300 to a precocious of $432,700, according to the National Association of Realtors (1). In November 2025, the median merchantability terms stood astatine $409,200.

TD notes that portion exisitng location income roseate passim 2025, income are inactive debased by humanities standards (2). In part, this tin beryllium attributed to precocious involvement rates and a hard labour market.

There's besides that information that it’s very costly to ain a home, adjacent erstwhile you’ve paid disconnected your owe — making it a little appealing concern than it appears astatine the outset.

In an interrogation with the New York Times, Joel revealed helium pays $567,686 successful spot taxes for his Long Island mansion, which helium besides precocious listed connected the market. For context, that’s good supra the mean outgo to bargain an full location successful the US.

Beyond taxes, being a homeowner besides means you’ll look rising attraction costs. Maintaining a single-family location successful the US costs astir $18,118 each year, with that fig arsenic precocious arsenic $25,000 for states similar Hawaii and California.

And adjacent though Joel struggled to merchantability his Floridian home, that’s not to accidental all existent property is struggling.