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Nelly is ready to take off from his abandoned Missouri digs. The hip-hop star has placed an unfinished remodel in Wildwood, MO, on the market for $599,000.
This is a precipitous drop from the listed price of $2.5 million in 2002, when the home was last on the market.
The St. Louis native reportedly snapped up the property, billed as “Tuscan-style architecture,” as an investment opportunity. Sarah Tadlock of Keller Williams is now the listing agent.
Mansion in Missouri
Unfortunately, the Grammy winner has less than a winning touch with this real estate.
Apparently, the plan a couple of decades ago was for Nelly to buy the place and then flip it with a “contractor friend,” TMZ noted. And although some work appears to have begun, the project now looks as if it was abandoned long ago.
Two decades later, the home has fallen into a state of disrepair. For buyers who know their way around a rehab, the home is a deal.
Just be sure to add in a (hefty) budget for renovations, and plan to flip the finished product, or move in.
“It’s quite a home. It’s pretty spectacular,” says Coco Bloomfield, a local real estate agent with Dielmann Sotheby’s International Realty—who isn’t affiliated with the listing.
Bloomfield did walk through the property recently with a potential buyer. She notes that some of the renovations that were begun—some modest kitchen finishes, for example—didn’t match the upscale style of the home.
She estimates the cost of improvements to bring the place back to a livable condition at around $500,000, but adds that the figure could easily soar to $1 million, depending on how high-end a renovation the buyer opts for.
The work needed includes updating and possibly expanding the kitchen, gutting the bathrooms, adding flooring, and fixing up the pool.
“You would have quite a property when you are done,” Bloomfield says. “The views are unbelievable. You could well make back the money on the property, if you want to go through the hassle of renovation.”
She notes that the listing already has multiple offers, and she believes the home is likely to sell for well over its asking price.
Wildwood currently has 228 homes for sale, with a median list price of $500,000.
Local prices ramp up with larger amounts of land and bigger houses. For example, a nearby 7,500-square-foot home from 2016, with a 3-acre “backyard oasis,” is listed for $1.95 million and in pending sale status.
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Missouri makeover
The palatial estate offers six bedrooms and 6.5 bathrooms, on nearly 11,000 square feet. Described as an “amazing investment opportunity” in the listing, the mansion, which was built in 1998, is said to feature “some of the best views in Missouri.”
The high-ceiling, large-volume rooms open with a two-story entrance. Details include dramatic vaulted ceilings, columns, and walls of glass to take in the views of the Meramec River valley.
The floor plan is said to offer a great room, separate dining room, breakfast room, media room, game room, library, fireplaces, and multiple balconies. In many places, the unfinished space is waiting for flooring to be installed.
Outside, the 12 acres of land include a basketball court, pool, hot tub, and three-car garage. The grounds and water features, however, will need serious rehab before the next pool party. A partially demolished wall also needs to be addressed in the backyard.
The home is minutes from the Hidden Valley Sky Resort in Eureka, the listing notes, and about 30 miles from St. Louis.
The home last made headlines in 2009, when it was reportedly burglarized, and some video games and electronics were stolen. Nelly wasn’t there at the time.
Nelly’s previous abode in St. Louis, a lakefront, ranch-style home, was featured on a 2002 episode of “MTV Cribs” and showed off its motor court filled with luxury cars. The rapper reportedly sold the pad, which had four bedrooms and a boat dock, in 2010.
Cozy in Calabasas
As for the “Hot in Herre” rapper, he and his girlfriend, Shantel Jackson, have decamped to the celebrity enclave of Calabasas, CA, where they are leasing a home.
The longtime couple posted a New Year’s shot on Instagram.
The mansion they are living in, in the gated community of Mountain View Estates, offers six bedrooms on 6,158 square feet.
From the formal entry, the expanse includes a living room, dining room, and gourmet kitchen. A family room features a wet bar and fireplace. The master suite features a fireplace, double closets, double bathrooms, and a large balcony.
The outdoor space offers outdoor cooking and dining areas, a pool and spa, sport court, and putting green. Best of all? No home improvement projects are required.
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Nelly, whose given name is Cornell Iral Haynes Jr., debuted his album “Country Grammar” in 2000. The album hit No. 1 on Billboard. The two-time Grammy winner’s chart-topping songs have made him one of the best-selling rap artists.
The post Now Renting in Calabasas, Nelly Is Selling Abandoned Mansion in Missouri appeared first on Real Estate News & Insights | realtor.com®.
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