In a quick turn, Maroon 5 frontman Adam Levine sang goodbye to his Montecito mansion. Levine flipped the compound in June for $28.5 million, according to the website Dirt.
The transaction came just three months after Levine, former coach for “The Voice,” and his wife, the supermodel Behati Prinsloo, purchased the property for $22.7 million. It was a savvy move: A 25% return on a three-month investment is always a worthwhile endeavor.
Known as El Miraval, the estate had been on the market since 2017, before the couple snapped up the regal residence in March. The asking price was $27.5 million, so they scooped it up at a major discount.
Levine and Prinsloo are only two of the members of the A-list crowd grabbing up Montecito mansions.
They joined stars like Katy Perry and Orlando Bloom, Meghan Markle and Prince Harry, and Ariana Grande, all of whom have recently bought spots in the upscale coastal enclave. The pandemic fueled a buying spree in the upscale area 90 minutes north of L.A.
Since the transaction happened quietly, no updated photos have come to light. However, the photos from the previous listing are worth a look.
Built in 1923, the Spanish-style build features six bedrooms and seven bathrooms across 12,653 square feet.
The light-filled interiors feature wood beams and arched windows and offer large living spaces built for grand entertaining. And the living room—highlighted by a fireplace and exposed beams—opens outside via French doors.
Multiple alfresco dining options include a lovely loggia with a fireplace and seating, a patio, and a garden.
In addition, a large indoor kitchen contains a huge island, dark wood cabinets, and built-in storage shelves.
The master bedroom features a fireplace, a balcony, and an en suite bathroom with a separate tub. Other perks include a home theater and wine cellar.
The 4 acres of parklike grounds include a tennis pavilion, pool, terrace, and manicured lawns.
Real estate moves
The singer, known for his hit “Moves Like Jagger,” may not have had time to do much remodeling during his brief ownership, but he’s familiar with high-end remodels.
After picking up a Beverly Hills mansion in 2018 for $34 million, and reportedly sinking $7 million into a face-lift for the property, he sold that updated estate to his fellow luxury real estate aficionado Ellen DeGeneres in 2019, for $45 million.
While the word is that they won’t be pouring their profits into another home in the Santa Barbara area, the couple still has a place to call home. They purchased a $32 million L.A. spread from the now-divorced Ben Affleck and Jennifer Garner in an off-market deal in 2019.
Along with their real estate holdings, they recently invested in a tequila company called Calirosa.
The post Adam Levine Flips a Montecito Mansion for $28.5M, Makes Nice Profit appeared first on Real Estate News & Insights | realtor.com®.