CELEBR ITI ES ARE ON THE MOVE . WHY SHOULD YOU CARE? The trend continues with more celebrities choosing to leave their houses in the hills for rolling hills of their own. It makes sense that the 13.3% tax rate in California (which may be going up to 17%) would be the main reason celebrities and real estate investors are heading to low tax states. In fact, California and Hawaii are the only two states with a tax rate over 10%.
Why should you care? Whether you like it or not, celebrities have influence and can change the way renters view a city or state. When a celebrity leaves California’s sandy beaches, iconic landmarks, and job opportunities, people notice. Now, if you have property in California don’t worry, California will always have its appeal. After leaving mainly due to high tax rates, Gene Simmons already returned to the California real estate market less than
a year later buying a not too shabby $5.8 million Malibu vacation home last month (pictured below). What is interesting is where celebrities are choosing to go to and their plans to move their businesses and start entertainment hubs of their own in cities that are tax friendly. These could be locations to invest in now as these states and cities may experience more growth in the near future. Here are some more notable celebrity moves in the last year.
Last year, Gene Simmons from KISS packed his bags and moved out of his giant $22 million Beverly Hills mansion to escape the ever-growing California tax rates. He traded in the Southern California estate for a more tax-friendly 24 acre-ranch in Mount Rainier, Washington. Gene Simmons Sells $22M L.A. Home, Buys 24-Acre WA Ranch
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