How not to do NJ real estate

From the NY Post:

Alicia Keys and Swizz Beatz lose more than $6M on NJ mansion sale

What a hit! Grammy Award winners Alicia Keys and her producer husband Kasseem “Swizz Beatz” Dean have finally sold their 5-acre New Jersey estate — at a massive loss.

The music power couple bought the property from Eddie Murphy in two separate transactions for a $12.1 million sum nearly a decade ago. 

They first put it on the market for $14.9 million in 2015, but slashed the price to $9.9 million last August. It was still asking that price when it went into contract in February.  

Now, Gimme can exclusively reveal the closing price: The spread went for just $6 million. 

“It’s an insane price. I can’t believe it went that low,” said an insider familiar with the deal.

The 25,000-square-foot property at 191 Brayton St. comes with six bedrooms, an indoor pool, a two-lane bowling alley, a movie theater, two elevators — and a state-of-the-art recording studio. 

Keys and Dean had first plunked down $10.42 million on the 32-room mansion in 2013. A year later, they bought an adjacent empty lot from Murphy for $1.7 million at 286 Johnson Ave.

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15 Responses to How not to do NJ real estate

  1. grim says:

    One hand in the air for the big city
    Street lights, big dreams, all looking pretty
    No place in the world that could compare
    Put your lighters in the air, everybody say
    “Yeah, yeah”
    “Yeah, yeah”

  2. Bystander says:

    Happy Sunday all. Been mostly off this place for 5 days, mostly on purpose. Some strong conversations this week on family, work and life enjoyment . My bro started a new job at NY hedge fund, big bucks..this after 20 years working for the big CT fund. He has listened to me struggle on next step like many blog and pretty much laid it on line. No excuses, inflation is going to cripple everyone and you have to move or sink. Get what you are worth and my view of life hurting that. Hard stuff but from heart. Spent a few days processing and now looking at bigger picture and gearing up for real hunt. Took some days off. Saw Phish this week with old friends. Awesome show. They have got off drugs and very serious and clear about their music, 40 years after forming Unique band My buddy and I were college roommates and friends for 30 years plus. He is one that levered up in Ridgewood with lesser income to appease materialistic SAHM wife, 3 kids. He has been doing better at investment firm but tells me that that are moving up to offer on 1.3m home this week. Makes no sense. Two boys sharing room for a 10 years and oldest heading to sr year. Why go for more space now and 25k tax bill and crazy rates? He also tells me about mutual friend who levered up in Glen Rock for 800k and 20k bill and now wife wants divorce.2 kids too. Just strange week overall, future is so unclear but people keep on moving along good or bad.


    The best to you on tough. I always read your posts and amazed and commitment and strength for family. There is no BS, like a certain person.


    Good posts. Desantis thinks he will win culture war against DIS. What a dum@$$. Tusli? Please, she is on crazy train after antics. Goodbye Gay people know the game. The R nuts are not far removed from backing Michelle Bachman and gay conversion agenda. Who are they fooling. Appease crazy Christian base with white anti-abortion. Make sure no federal judges are black like Trump. The D’s put in Pete,Levine and Brown. DIS execs want to make money and conserve message is a loser. It only works on fear and perceived bad economy when in fact Biden doing as good as Trump. Faux news cult just wants to ignore it. Prez don’t matter when printing is the name of game

  3. Juice Box says:

    Chi – Crazy morning down in Colts Neck at the Five Points Park for our soccer match. Kid from Colts Neck tackled one of our kids on a corner kick then proceeded to ground and pound our player. Red card etc but not kicked off the field quick enough and parents then started screaming at our coach who screamed back with F-Bombs and was then red carded too. I had to talk our coach down and walk him to his car (his son was attacked) as he wanted scream more at the parents who screamed at him etc, who knows could have been cops called if it escalated. Colts Neck forfeited, I gather the rematch later this season will be cancelled too. Some parent was videoing with a tripod, not really news worthy but could be Facebook material for sure.

  4. BRT says:

    jesus, Juice, what age group is this?

  5. Libturd says:

    I’ve read that Disney Timeshares are the only investable timeshares. There is such insatiable demand for them that you can trade your weeks with non Disney timeshare owners almost anywhere in the world.

  6. Juice Box says:

    6th grade..My son told me the other kid could not handle some mild trash talk about a penalty.

  7. Chicago says:

    Juice: did you play on the field or turf?

    The turf park is 100% charitable donation. No state funds. The only reason a town like Colts Neck can get something like that. Meanwhile my son played bball in a school in Plainfield that was a guided palace.

  8. Chicago says:


  9. Juice Box says:

    Grass side of the park. We have all new turf fields everywhere now with lights etc, were not here when I moved here but they spent millions on it school fields and town fields too but for the soccer league we usually play on grass.

  10. Chicago says:

    Across the street is where Jared Kushner is trying to shoehorn 100’s of affordable COAH units and also build a toehold for the Lakewood crew to buy some McMansions to covert them into houses of Worship. Trying to syphon off Freehold’s infrastructure since CN is all wells, aquifers and septic.

  11. Juice Box says:

    Chi – Apartments way out there middle of nowhere near transport to a job etc, also seems approved already. 360 apartments, 72 of which will be designated as affordable units. Some kind of onsite wastewater system too.

  12. Juice Box says:

    Chi – also the car jacking gangs full of kids are trying front doors now, getting much bolder and bolder. Here is a ring screenshot from the other day in Lincroft.

    On the video you can hear him say “it’s locked” referring to the front door!

    They should start locking up the parents for child endangerment etc.

  13. grim says:

    There are people that run profitable Disney timeshare rental businesses.

    That’s the only way we go to Disney, you can often find a great deal (not renting from the folks above). We are doing 7 nights in Bay Lake (Contemporary) – 1 Bedroom Suite – with a full kitchen and laundry. Room is costing us $2k, and that’s over July 4th.

    The same suite right now can be booked at Contemporary for $9,000.

    Walkable to Magic Kingdom – with an almost 3 year old, that’s golden.

    Full kitchen means we’ve got breakfast, snacks, maybe even some lunches covered – groceries delivered when we arrive.

    It’s not so bad if you know how to work it.

  14. Nomad says:

    Hang in Lib. Can’t comprehend the stress, never worn your shoes but your strenght is beyond impressive. Hoping this week better for all of you.

  15. NJCoast says:

    Keep on truckin’ Lib. Hoping for sunny days ahead for you and yours.

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