Sylvester Stallone has done remarkably well throughout his career in the film industry. His work has brought him fame and fortune, but he’s earned every penny through his hard work and dedication to his craft. He was a phenomenon when the Rocky films were released. His role as Rambo earned further acclaim and now, after decades of successful films, he’s living the high life. Stallone is in a position to buy just about anything his heart desires. One of his possessions happens to be a $35 million Palm Beach estate.
His history with real estate
Stallone has changed venues with his purchase in the South Florida region. According to The Dirt, he sold a $16.2 million home close to Coconut Grove in 1999 that served as his primary residence for years. He’s lived in Florida before. He also spent time in his $4.5 million Lauinta home that he sold at a loss of almost $1.5 million. This is a big move for him and his wife Jennifer Flavin.
Stallone just made an upgrade
The sum of money that Stallone paid was a hefty amount. It’s far more than he paid for his last home. His move to the waterfront estate in Palm Beach is following suit with many other wealthy celebrities that relocated to this area to enjoy the lower tax burdens. The compound that is now his new residence was built in 2014, nestled across 1. 5 acres of landscaped grounds. The home is over 13,200 square feet with 12 bathrooms and seven bedrooms. The estate is also home to two guest houses with one on the waterside. A classic keyhole swimming pool design graces the grounds with a semi-circular spa not far from the edge of the water. The home is a Bermuda style structure within a gated community with 250 feet of waterfront beach property to frolic in.
He got it for a steal
Mansion Global reports that the home was listed for $37.85 million, but Sly picked it up at a savings of almost $2 million under the asking price. That helps to make up for the $1.5 million he lost on the mansion he sold in California right? The home features oversized windows, vaulted ceilings, hardwood floors, and fireplaces. The elegant home is casual yet fully decked out with a wine room with temperature control and a gym for Sly to workout. A long dock leads into the water for having a little fun on the water. The cost of the home was reported to be $26.65 million to build in 2014. According to Biz Journals, Stallone took out a mortgage for $15 million from CIBC Bank. He didn’t just pay cash for the estate, although it’s likely that he could have. The home was purchased from Ronald G. and Cindy L. McMackin, owners of Pan-Pacific Mechanical in California. Brokers working on behalf of Mr. Stallone were unavailable to comment on the details of the deal, but this is not surprising. Client confidentiality is a big deal to celebrities. The cost of the home has gone up in value by a little over 9 million since 2018 when it last traded.
Florida is like coming home for Stallone
In addition to living in South Florida, Miami in Particular, Sylvester Stallone has a great many ties to the area. His father, who has since passed away was a resident of Wellington for many years. Stallone attended the University of Miami where he took acting classes. He is right at home in the state, but even more at home in the ritzy circle of neighbors that own property nearby. It’s an area that is made for the very incredibly rich and he definitely falls into that category.
A few other juicy details
The Sun-Sentinel also got in on the press release that leaked about Stallone’s recent late December purchase of the estate. It seems that everyone is interested in knowing more about Stallone’s new home right now. They threw in a few more details about the interior including the fact that the eat-in kitchen is huge, French doors open directly onto the lawn for an extra touch of class and elegance, and there is a formal dining room. The modern mansion also features multiple living spaces so there is plenty of space to roam about. The master suite, not surprisingly, is spacious with a private balcony, an attached bathroom, a gigantic walk-in closet, and a sitting area.
It comes as no surprise that Sylvester Stallone and his wife have decided to move to a more tax-friendly neighborhood. It’s also no surprise that he chose to live in southern Florida since it’s a place that he’s familiar with from days gone by. It’s a place that he has spent considerable time in already and the home that he purchased will provide him with the security and comfort that he’s worked so hard to earn through his busy and eventful career as a talented actor. It’s a hefty price tag that he paid for the compound, but for people of Sly’s status, it’s something that he can handle in the years to come as he pays off the $15 million mortgage. It makes perfect sense that he’s found his way back to Florida, and he’s surrounded by others who have relocated to the area for similar reasons. With all of the financial perks aside, it’s a lovely place to live and to set up a home base. We’re sure that he’s going to be very comfortable in his new digs. Although fans and the press try to turn over every stone for one more story, we certainly wish him well and offer congratulations on his new home.