The real estate market might be cooling nationally, but among the multimillionaire set in Los Angeles, it has been red hot — so much so that some sellers are getting burned.
Sellers have been throwing in brand new Bentleys and McLarens and drastically slashing prices in order to incentivize a quick close.
That’s because a so-called “mansion tax” goes into effect Saturday in Los Angeles, adding a 4% tax for sellers on homes that sell for between $5 million and $10 million and 5.5% on amounts $10 million and above.
The change will add hundreds of thousands — if not millions — of dollars in additional new transfer taxes for sellers, which will go to support a homeless housing measure Angelenos passed last November.
Celebrities like Jim Carrey and Mark Wahlberg, not to mention a slew of lesser known multimillionaires, have all rushed to dump their homes in the last few months.
After 30 years in his 12,700 square-foot home in Brentwood, Carrey made the big decision to list it in February for $29 million.
So far, there are no takers.
Same with Jennifer Lopez, who put her Bel Air place up for sale in February.
James Corden is willing to slash and burn the price of his Brentwood Park house, recently cutting it from $22 million to $17.95 million.
But that’s nothing compared to Mark Wahlberg.
The “Ted” actor had put his 30,500 square-foot estate on the market months prior to the measure’s passage, at an eye-watering $87.5 million.
But he ended up…