Actress Julia Roberts has sold her unrenovated Hawaii beachfront home for $16.2 million, nearly 50% less than its original asking price in 2015, according to listing agent Neal Norman of Hawaii Life Real Estate Brokers.
On Kauai’s North Shore, the home listed for $29.85 million in the spring of 2015 with Mr. Norman, then saw its price cut several times. Its last listing price was $19.5 million. Mr. Norman, who represented both sides of the transaction, declined to identify the buyers but said they are a family with children who plan to live full-time on the property.
Ms. Roberts and her husband, Danny Moder, decided to sell because they “are just not using the property as much as they have in the past,” said listing agent Neal Norman of Hawaii Life Real Estate Brokers.
PHOTO: MIKE MARSLAND/WIREIMAGEThe 2-acre property is one of the largest on Hanalei Bay, with about 215 feet of beachfront as well as mountain views. Modest by movie-star standards, the home was built around 1917 and remains largely in its original condition, Mr. Norman said. The five-bedroom main house measures about 3,790 square feet and has a covered patio overlooking the bay. The grounds also contain a two-bedroom guest cottage.
More:A ‘Pretty’ Discount: Julia Roberts Chops Price of Hawaii Beachfront Home to $19.5 Million
Mr. Norman said high-end properties are often slow to sell on sleepy Kauai, with its lack of nightlife. "Kauai is not a fast-moving market," he said, adding that the pace of transactions has still not returned to the levels seen during the peak of the mid-2000s. When it comes to Ms. Roberts’s house, "the buyers got a very good value."
Ms. Roberts bought the home in 2011 for $13.4 million, according to public records. The Oscar-winning actress and her husband, Danny Moder, decided to sell because they "are just not using the property as much as they have in the past," according to Mr. Norman. Ms. Roberts couldn’t be reached for comment.