Contrary to published reports that media tycoon Tyler Perry sold his Buckhead Atlanta mansion at a huge profit for $17.5 million, he actually lost millions on the sale.
A well-connected real estate source says Perry poured $15 million into home improvements after purchasing the house on 17 acres of land for $9 million in 2005.
Perry originally listed the 9 bedroom, 5 bath house for $25 million in June of last year. He finally unloaded the property to an unknown buyer for $17.5 million in cash earlier this month.
According to my real estate insider:
"Perry might be strapped for cash because his house originally listed for 25 million and he put 15 million in it for improvements, thus he took a $6.5 million loss on the property."