Legendary singer Billy Joel is having a roller-coaster ride on the real estate market of late—finding success with the sale of one home, while another has just undergone a hefty $4.9 million price cut.
The 76-year-old crooner has been trying to sell a large portion of his Long Island estate since early March, when it was listed for $39.9 million, having initially put the entirety of the property, which is made up of three parcels, on the market for the even higher price of $49 million.
However after months with no concrete offers, the asking price of the property’s main residence was slashed, first to $29.9 million, then again to $25 million.
Joel has had more success with his Manhattan property, a two-bedroom condo that he sold for $4.5 million to none other than his daughter, Alexa Joel.
Despite passing the dwelling to his own family member, the singer didn’t hold back with the price, earning an impressive $1.2 million profit on the $3.3 million he paid for the Elizabeth Street dwelling in 2010, when he purchased it from his then-wife, Katie Lee.
Property records now reveal that the two-bedroom, two-bathroom dwelling has been transferred to Alexa following a $4.5 million transaction, as first reported by Crain’s.
The home, which sits at 211 Elizabeth St., sprawls across 1,600 square feet and pre-staged photos revealed dark herringbone floors, black crown moldings, and a dark-toned chef’s kitchen, according to Curbed.
Transferring the property into his daughter’s name was a formality for the most part, as it has been reported that Alexa has been living in the dwelling since 2010.
However, Joel will no doubt be hoping that the exchange will set the scene for another, much more pricey property sale—that of his Long Island home, which he has owned since 2002.
Just days after Alexa officially took ownership of her father’s Nolita crib, Joel slashed $4.9 million from his Long Island estate, Realtor.com® can reveal.
The “She’s Always a Woman” hitmaker—who previously revealed he was canceling all of his concerts amid health concerns—relisted the 14-acre residence in March after initially attempting to sell the property’s three parcels for $49 million, as first reported by the New York Post.
Joel has already sold the gatehouse of the abode for $7 million and is now looking to offload the main property, which is known as MiddleSea.
“The new price reflects the splitting of the two buildable waterfront lots, so the gross price remains the same,” Emmett Laffey, CEO of Berkshire Hathaway HomeServices Laffey International Realty, said back in May.
Joel purchased his Long Island sanctuary in 2002 for $22.5 million before picking up two adjoining plots.
The main residence, which comes with 14.6 acres of land, is now on the market for $25 million, while two adjacent plots are listed for $3.5 million each.
“When [Joel] bought this 20 years ago, he bought the main house. And then as he lived there, he bought the adjacent two lots, which are buildable lots, and he purchased a gatehouse. Now we’re selling it like he bought it—in pieces. The smartest way to sell this incredible land and property is the way he purchased it,” Laffey previously told the Post.
Laffey noted that many super “fans” have already attempted to snap up the property and have put in several offers.
“You do have some extreme fans. It is very special. It’s a very famous home to everyone on the North Shore of Long Island,” he said.
The main house sprawls over 20,000 square feet and comes complete with five bedrooms, six full baths, two half-baths, a playroom, a spa and hair salon, a bowling alley, and a wine cellar.
There’s also an indoor pool, which Joel had covered up so he could use the space as a music room, because of its excellent acoustics.
The estate also features a three-bedroom beach house, a three-bedroom guest apartment, and a four-bedroom gatehouse, which has since been sold.
Other luxe amenities include a floating dock and boat ramp, two outdoor pools, and a helipad.
The news of the home’s reconfiguration came after Joel announced May 23 that he would be calling off his tour to focus on treatment for normal pressure hydrocephalus. The disorder occurs when there’s a fluid buildup in the brain, causing difficulty walking and balancing, confusion, and forgetfulness, according to the Cleveland Clinic.
According to a statement released by the singer’s spokesperson on Instagram, his condition has been “exacerbated by recent concert performances, leading to problems with hearing, vision, and balance.
“Under his doctor’s instructions, Billy is undergoing specific physical therapy and has been advised to refrain from performing during this recovery period. Billy is thankful for the excellent care he is receiving and is fully committed to prioritizing his health,” the announcement continued.
The statement added that the “Piano Man” singer was thankful for his fans’ “support” and that he “looks forward” to performing when his health is in a better place.
“I’m sincerely sorry to disappoint our audience, and thank you for your understanding,” Joel added in a quote.
The concert dates affected by the news include shows in New York City; New Orleans; Toronto; Santa Clara, CA; Salt Lake City; Washington, DC; and Liverpool, England.
The statement noted that refunds would be automatically returned to the original payment method.
Joel’s health news comes one year after he purchased a $10.7 million home in the Hamptons, NY, which is just down the road from Alec and Hilaria Baldwin‘s estate.
The four-bedroom, five-bathroom home boasts 3,500 square feet of living space and was purchased by the singer via an LLC with ties to one of his former homes.
The 5.15-acre property also includes a heated barn with eight stalls, a “Grand Prix” field, a hayloft, a tack room, a wash stall, and an office. The acreage includes verdant fields, a lily pond, and mature trees.
Just before he purchased his Hamptons home, Joel sold his massive waterfront property in South Florida after a six-year slog that saw the mansion bouncing on and off the market at a variety of price points—forcing the legendary musician to carve a staggering $22 million from his highest asking price.