When Kris Jenner made the decision to say goodbye to her iconic “Keeping Up With the Kardashians” mansion, she did so with much fanfare: A New York Times interview announcing the listing gave way to dozens more articles about the end of a legendary reality TV era.
But over a year later, none of that hoopla appears to have affected the sale of the property. It has now been on the market for 372 days at the same sky-high listing price – $13.5 million.
According to Jenner, 70, the six-bedroom, eight-bathroom mansion has been vacant at the time. By the time she put the property on the market, the reality TV matriarch confirmed that she had moved to another estate she purchased in the same tony community of Hidden Hills.
Jenner brought along all the personal furniture and decor pieces that fans of the hit E! network show came to know and love in the years when the property was so prominently featured in ‘Keeping Up With the Kardashians’. Jenner opted to have the house professionally staged before it was listed.
The mother of six had bought the property in 2010, when her life looked very different. The mother of Kim, Kourtney, Khloe, Kendal, Kylie, And Robentered the house with her ex-husband, Caitlyn Jenner. They divorced in 2014.
To say the house has seen a lot in the past 15 years is an understatement. Jenner’s life has changed dramatically, as have the lives of her children. But the glossy, black-and-white, Old Hollywood-style glamor of the house remains the same.
It still features the dazzling double staircase and checkered marble floor in the main hall. The enormous walk-in wardrobes with mirrors have remained, as have all six luxurious bedrooms, all with private bathrooms. The multi-coffered ceilings remain, as do the dark and gloomy bathrooms, dressing rooms and bar.
Because the house is staged, buyers can’t sit at the kitchen table where the Kardashian clan gossiped over salads, or at the pool lounges where they often sunbathe.
But they will be able to buy the house turnkey, with the pictured furnishings inside — and pay an additional $400,000 for the privilege, the listing stated when it was first posted.
No changes have been made to the listing since it first went live: the asking price remains the same, the photos haven’t been updated, and the staged furniture appears to be in place.
Jenner is likely to take a significant financial hit for the property as it languishes on the market. Property taxes on the house are estimated at more than $60,000 per year, and there are additional costs for ongoing utilities and maintenance of the house.
And if the reality TV icon rents the furniture used for the staging, she could pay up to $20,000 per month.
However, Jenner’s lifestyle shows that she can afford the costs well.
In 2017, she bought another mansion in Hidden Hills, across the street from her daughter Kim, for just under $10 million. She sold it three years later, after extensive renovations.
In 2020, it was reported that she paid $20 million for a third property in Hidden Hills, right next door to her daughter Khloe. Jenner embarked on a gut renovation, the results of which she revealed to the world in a 2022 episode of “The Kardashians,” the new series the family started on Hulu after telling E!
It’s possible that Jenner hasn’t put much thought into the currently mentioned house, and has put it on the back burner. Finally, on a 2022 episode of “The Kardashians,” she revealed that she had forgotten about a Beverly Hills apartment she owned and used primarily for storing champagne and wrapping Christmas gifts.
‘Here’s the thing. I have an apartment, and my mom has one, and my cousin has one, and we all live in the neighborhood. I kind of forgot it was there,” Jenner admitted. “That sounds ridiculous, doesn’t it?”
Although Jenner appears to be able to afford it, it seems strange that a house that was so prominently featured when it was first put on the market has quietly and unobtrusively languished there. The big question is: why?
President and CEO of the Oppenheim Group Jason Oppenheimknown for “Selling Sunset” and “Selling The OC,” thinks the home’s remarkable sales record has something to do with “the Hidden Hills market having softened a bit after the immediate post-COVID boom.”
He could be right. During the height of the pandemic, celebrities and the less affluent alike devoured Hidden Hills homes like hotcakes. The area saw frenzied bidding wars and rapid sales as affluent buyers sought privacy, space and luxury living amenities.
Post-COVID-19, however, the pressing need for space, privacy and home offices has faded, causing home sales activity to slump after an unusually frothy peak.
Listings in Hidden Hills’ ultra-luxury market have clearly cooled since the pandemic. Homes are taking longer to sell and buyers are becoming more selective. At the same time, higher interest rates, changing lifestyle preferences and a broader reset of Los Angeles’ luxury housing market are all contributing to weaker demand.
Luxury real estate agent Nathaniel Pichon-Getzelswho heads The Getzels Group, notes that Jenner’s “strategy is clearly not driven by urgency,” which may indicate why she has hesitated to lower her asking price.
But Jenner may have to wait a little longer before a buyer emerges.
Pichon-Getzels says he has seen a clear trend of properties in the region spending more time on the market. The latest reports show that the average number of days on the market has increased to 133, or approximately 4.5 months. A more taste-specific or custom home may take much longer to sell.
He points to a Hidden Hills home in the same price range ($12.4 million) that has been on the market for a whopping 632 days, despite a gradual reduction from its original asking price of $15.9 million.
Cara Ameera real estate agent who specializes in luxury homes in California and Florida, notes that while the home’s signature style certainly makes it memorable for fans of the Kardashians’ TV projects, it may do more harm than good in finding a buyer.
“The house is very taste-specific, which may not benefit the property as buyers are attracted to more neutral palates that are transition-specific versus taste-specific,” she says. “Buyers have many choices in this price range and in different parts of the Greater Los Angeles area.”
Ameer also believes that fire insurance issues may be partially responsible for slowing sales in the area.
Although fire insurance premiums have increased almost everywhere in the state over the past year, Hidden Hills is in a particularly high-risk wildfire zone, with some reports showing 100% of properties at risk.
When there are enough homes in the same price range that have a lower risk of wildfire, the choice becomes clear to buyers.
Because of these and many other factors, it’s a good thing that Jenner doesn’t seem to be in a rush.
“Typically, keeping a property listed without changes is not a strategy,” says Ameer. “Typically a property is relisted with some changes or repositioning, perhaps involving pricing or advertising photos to make it appear more neutral. Even small changes can make a difference.”
