Kelsey Grammer, real estate tycoon
Kelsey Grammer, however, is an exception to the rule that celebrities can't manage money. Over the years, he's been quite the speculator. Here's a look inside one property Sotheby's is selling for the Frasier star:
Stars With Savvy
- Stars With Savvy
The street view of Kelsey Grammer's Bridgehampton home and part of the 1.7 acre property. (Courtesy Sotheby's Realty)
- Stars With Savvy
The foyer of Grammer's Long Island estate provides access to the library, living room, formal dining room and more. (Courtesy Sotheby's Realty)
- Stars With Savvy
The kitchen features hand-finished marble countertops and top-of-the-line appliances by Subzero, Wolf and Miele. (Courtesy Sotheby's Realty)
- Stars With Savvy
The formal dining room. (Courtesy Sotheby's Realty)
- Stars With Savvy
The living room of Grammer's 8,000 sq. ft. estate. (Courtesy Sotheby's Realty)
- Stars With Savvy
The eat-in kitchen boasts a large island. (Courtesy Sotheby's Realty)
- Stars With Savvy
The home boasts two libraries -- one off the foyer and one off the master suite. (Courtesy Sotheby's Realty)
- Stars With Savvy
The house has coffered ceilings throughout. (Courtesy Sotheby's Realty)
- Stars With Savvy
The estate features seven full baths and one half bath.(Courtesy Sotheby's Realty)
- Stars With Savvy
The master suite has its own library, private deck, fireplace and master bath. (Courtesy Sotheby's Realty)
As Big Time Listings notes, this is the latest in a string of lucrative transactions carried out by Grammer, many through his Fossil II Trust. A few recent successes:
- Kelsey's home ("primary residence") in Malibu was purchased for $4.5 million in 1998 and is now worth over $7 million according to Zillow.
- The Bridgehampton home at 7 Morgan Way shown above was purchased for $8.5 million in early 2006, and is being listed at $16 million -- wow.
- In 2004, he paid $17.5 million for an enormous mansion in Beverly Hills, at 80 Beverly Park Lane, selling it in 2006 for $22 million. According to Zillow's photos (which may or may not be current), the property is now being renovated -- and is only worth $18 million. Nice timing, Kelsey!
Reader Comments (Page 1 of 3)
Angela Wadkins Nov 12th 2007 10:11AM
Any reason why you're portraying Kelsey Grammar's business savvy as an aberation? He's not the first and there's really no excuse for other celebrities to be so ignorant of financial matters when most can afford all the expertise and education money can buy.
deniserugratstr Nov 12th 2007 10:36AM
Nice work, great estate! Sell sell sell!
Jean Nov 12th 2007 10:55AM
I always liked Kelsey Grammar. Finally a star with some brains!!
w Nov 12th 2007 11:06AM
Must be nice to be able to afford several multi-million dollar homes. People with that kind of money aren't affected by the housing bust, and they'll get even better deals when the prices are forced down. Thus, the rich get richer, and the rest of us get foreclosed on.
geri Nov 12th 2007 11:47AM
As for the "rest of us getting foreclosed on"...if you pay your mortgage on time, you won't get foreclosed on. Don't take out a mortgage you won't be able to make the payments on with a ARM style mortgage. After saying that I know most people live paycheck to paycheck. It only takes one illness to lose the roof over your head. But if you are ill what are you going to do... Not go to the doc? I don't think so...
ARoslak Nov 12th 2007 11:22AM
If you don't want to get foreclosed on, make your mortgage payments on time....
kiki Nov 12th 2007 11:23AM
That has to be the most boring looking home I've ever seen.
to long Nov 12th 2007 11:29AM
Nothing wrong with doing well.
jim Nov 12th 2007 12:17PM
Kelsey Grammer and Ray Ramono make me wanna puke!
Rob Nov 12th 2007 12:10PM
Why the two spellings of his last name? Sheesh
sandra ramos Nov 12th 2007 12:30PM
Aroclak, you know VERY well what the person meant about being foreclosed on! And so do you geri! Things happen in life to "regular" people that work for minimum wages. Usually living from paycheck to paycheck, no matter how hard they try to do better. Everyone has they're own circumstances, and it's really crappy of some of you to be smart alecks about people going through hard times! Grow a "heart", while you're counting your dollars!
otterinbham Dec 11th 2007 2:39PM
Man, I love these kneejerk whiners.
It's pretty simple. Don't buy a house that you can't afford while paying a conventional 30-year note. Don't spend more than a 3rd of your take home on your mortgage (actually 25% is better), while budgeting to save $200 a month. Anybody complaining about a foreclosure problem in their financial future is somebody who really made stupid decisions in their past.
I'm equally amazed at the number of people who complain about being stretched financially, yet who blow their money on all kinds of discretionary stuff. Got a mobile phone or cable TV? Eating fastfood for lunch every day? Then your boneheaded spending habits are the problem.
Oh, and Sandra Ramos needs to actually bone up on her economic statistics. Less than 1% of full-time adult workers in this country earn minimum wage, and 60% of those work in the hospitality industry where there's a large amount of under-the-table, untaxed income in the form of tips.
So get a grip people.
tammy reason Nov 12th 2007 12:56PM
I love Kelsey. He's smart, has an INTELLIGENT wit,he's a producer, savvy business man, husband, father, etc. I think it's great. With all the self help books out there encouraging people to embrace life, he's doing it. He went through a tough time and he turned it around. He's a good guy. It's nice to see celebrities doing more than acting, or the one thing they're known for. We all should take a lesson from his life.
Michael Nov 12th 2007 1:31PM
Ms. Ramos,
Very well said, thank you for being true to the hard working people that are not wealthy.
Michael of Art
Michael Nov 12th 2007 1:30PM
where is my confirmation email?
Michael of Art
Michael Nov 12th 2007 1:29PM
Are you going to post my comments, please send my comfirmation email
Michael of Art
Michael Nov 12th 2007 1:28PM
Well Luxist, I shall complain, this is not the first time you have done this, enough is enough.
Michael @ MBiermanstudio@aol.com
CATHERINE Nov 12th 2007 1:13PM
I CAN'T BELIEVE THE PERSON WHO SAID PAY YOUR MORTGAGE PAYMENT, AND YOU WON'T BE FORECLOSED ON!!
WHAT A IGNORANT PERSON YOU ARE, YOU'RE MOTHER MUST BE PROUD OF YOU!
PEOPLE WHO LOSE THEIR JOBS WOULD RATHER BE WORKING AND PAYING THEIR MORTGAGE, THAN LOSING THEIR PRIDE AND HOME AT THE SAME TIME.
SHAME ON YOU, YOU SPEAK THE WORDS OF A PERSON WHO IS VERY YOUNG, OR HAS NEVER HAD "HARD TIMES" IN THEIR LIFE!!! GET A CLUE!
mantic01 Nov 12th 2007 1:51PM
The "Pay your mortgage" person is obviously very young. Only the young think that life is fair.
Meg Nov 12th 2007 1:55PM
This is in reply to numbers 4 and 13....it's not so much about paying your mortgage on time..... IDOIOTS!!! Don't buy a house you can't afford!! Live within your means, pay off your credit card(s) every month...oh...here's clue....don't max out your credit card(s). Just b/c you have a limit doesn't mean you have to buy, buy, buy until you reach it!!!!