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Hollywood homes: Where the stars shine
By Paul
Bannister • Bankrate.com
 On
Hollywood's home front, hip young stars are driving the real estate bus -- and it's sending prices soaring.
Celebrities including Charlize Theron, Christina Aguilera, David Arquette
and Courteney Cox are leaving guarded, gated communities and moving into busy
neighborhoods.
And they're spending top dollar to do it.
"They're moving into the Hollywood Hills, 20 to 30 minutes
from the studios," says real estate broker Tom Dunlap. "It's very
convenient to Beverly Hills shopping and dozens of hip restaurants.
"These young stars are not buying mansions, but they are
raising the bar sky high on smaller properties, " adds Dunlap, of Prudential
California Realty, who recently sold pop queen Christina Aguilera a $5 million
home.
"They are buying 3,000- or 3,500-square-foot homes for millions
of dollars, then spending another $1 million or so to remodel them.
"They want smaller homes with character -- contemporary homes
that are easily managed. They don't care about schools -- their kids go to private
academies -- but they want space to entertain, so big yards and privacy are
important.
"Usually, they're looking for an infinity pool, a spectacular
view and
plenty of space to party."
That fit Aguilera's bill. Her new home covers 6,500 square feet
and features a pool, spa, waterfall and city views. The house boasts home theater
with bar and lounge, five bedrooms and a music studio.
Bigger names, bigger price tags
Song diva Madonna is selling her 7,000-square-foot Beverly
Hills home, asking almost $11 million and the late Dinah Shore's old home is
being offered for $14.5 million while billionaire Oprah Winfrey splashed down
$14 million on her Santa Barbara getaway.
Hefty transactions like those make Charlize Theron's $3.4 million
purchase of a three-bedroom, 2,000-square-foot home; Paul McCartney's $4 million,
4,700-square-foot abode (he bought it from Courtney Love) and Courteney Cox's
new place, boasting four bedrooms and media room in 4,000 square feet for $4.5
million, look like handyman specials.
Cox and her actor husband David Arquette, who sold their last
pad to talk show host Ricki Lake for $6.5 million, outbid funny girl Ellen DeGeneres
for the house after a three-day, all-cash negotiation.
-- Posted: July 1, 2003
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