Mel sells, sells, buys

We've been slacking off in the celebrity real estate department, in part because we're not crazy about the demi-celebrities (Nicky Hilton, etc.). But when an A-list, single-name celebrity does nearly $100 million in real estate deals on three coasts, we figure it's worth a link.

So here are Mel Gibson's recent moves, and there will be a short quiz to follow:

Sold his 7,000 SF beachfront Malibu home for "nearly $30 million," according to the LA Times.
Sold his 28-room, Tudor-style mansion in Greenwich, CT, for $39.5 million.
Bought a 400-acre ranch in Costa Rica for $25.8 million.

Our Quiz: Does this mean anything? We consider Gibson a shrewd businessman. Is he bailing on luxury U.S. real estate at the peak? Or, are we incorrect in viewing him as a smart businessman. Or, perhaps, his buyings and sellings have nothing to do with the real estate market. You tell us.

Photo Credit: AP

Comments

[www.BetterVillage.com, XYZ, PDq.]

Hmm... Malibu - $24M to $30M over 2 years (he bought in 2005?).. that would be gross profit of 25% over two years? Considering added star value, of say... $5M... he actually lost a little money on that one.

Grenwich: $1.4M per room.. about right for buying that patina of not-so-new money.

Costa Rica Ranch: It would be interesting to hear how much agriculture actually takes place on the ranch. Maybe he's taking surfing lessons from Mickey Dora?

From www.escapeartist.com:

"There are also many tax advantages to living in Costa Rica. Investors pay no capital gains taxes on real estate, business taxes are minimal and high interest bank accounts are tax free. Property taxes are also reasonable when compared to the U.S.

If you choose to go into business, the government offers incentives. You may also form a tax sheltered corporation and write off most of your business expenses. Foreigners are not required to pay taxes on external income. Internet connections average around $25 a month and the service is excellent making it very feasible to do business on a global level."

http://www.escapeartist.com/efan/retire_in_costa_rica.htm

http://www.msnbc.msn.com/id/19698332/

[mark]

Mel may see an opportunity for a studio set up on his ranch... "quietly" go about his business while pop tarts get all the negative publicity...