Larry Dean’s mansion drops from $40 million to $7.5 million to find a buyer


The recent recession, didn’t do much good for the real estate industry. Many owners were forced to sell their homes for a lower price, many still found no buyers. But the stories of these recession-affected home owners seem nothing when compared to that of Larry Dean. Larry Dean’s mega mansion, Dean Gardens finally found a buyer after being listed on the market for the past sixteen years. But that is not all, as the years passed, the price on the mansion also dropped, from $40 million the mega mansion’s price came down to $ 7.5 million. Located in Johns Creek, just outside Atlanta, the 32,000-square-foot property sits on 58 acres which include two carriage house apartments, a caretaker’s cottage, wedding chapel, Asian tea garden, grass tennis courts, amphitheatre, conservatory, an 18-hole golf course and a lake. The mansion boasts of a Moroccan theatre, 24-carat-gold sinks, and 15 bedrooms.

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The plush estate cost Dean $30 million to build and nearly $1.5 million a year in upkeep. So for $7.5 million, Dean says the new buyer, entertainment tycoon Tyler Perry has “basically stolen the house”. Perry however plans to tear down the mansion and build a new house on the land.
To get back as much money as possible, Dean has also held a clearout sale. However, his chances of making a profit seem bleak as most of the money will go towards paying off his debts.
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[Luxury-insider]