The infamous “Page 3” model Katie Price has been making headlines as her finances dwindle and her Sussex mansion, which has reportedly seen the value plummet, is likely to hit the market soon.
Not surprisingly, the former model is looking to sell her home in hopes of settling her debts after narrowly avoiding bankruptcy at a hearing last month. There have been a number of factors that have contributed to the drop in value since Katie moved in 2014 but the driving factor is that the grandiose property has fallen into disrepair with Price unable to fund its maintenance.
The home has an air of being unloved, from the swimming pool’s swamp-like qualities to the piles of garbage and excessive clutter decorating both the inside and outside of the property Even the glamour models own wardrobe appears to be a shambles with a number of outfits thrown carelessly on the floor of a back room.
To make matters worse, the Price mansion was slightly damaged by a fire on September 14th of this year and on top of all that, her widespread public image could also be detrimental to any potential sale.
Although the exact figure that Katie paid for her mansion is not confirmed, she did sell her former home for £2m before moving into this one and there’s no doubt it’s a million pound plus property. We estimate that it could be worth around £3m but the current state of the property will see Price struggle to sell for anything more than £1.5m at the most.
Selling a house can be a difficult business particularly in current market conditions and presenting a property in its best light is essential when finding a buyer and forming that great first impression.
As a buyer, you’re already committing to the largest financial commitment you’re ever likely to make, especially at the top end of the market, and so any additional money needed to bring the property back from disrepair is going to be a big turn off. But it isn’t just a financial turn-off, buying a house is a stressful process and the vast majority will want to move straight in and won’t want to deal with any additional work.
Even if a seller takes this into account and lowers their asking price, it can have a huge impact on the amount of buyer interest the property receives and can ultimately stop them from selling.
We always advise that a seller should present their property as a blank canvass so that a buyer can picture it as their own home and can visualise what they might change or how they want to decorate.
Unfortunately, this also applies to the overall public perception of a property and a celebrity link can sometimes work in a seller’s favour, but more often than not the public spotlight will deter a large segment of buyers. A home is a long-term investment and you want to make the property your own, so the last thing many will want is the label of ‘Katie Price’s old house’ hanging over them.Russell Quirk