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If It Could Turn Back Time, Cher's Old House Would Be Cheaper

Cher's former Miami Beach, Fla., estate, which she rebuilt and sold in the '90s, sure is singing a lonely song these days. It first hit the market in 2008 for $16.9 and has undergone a series of price reductions ever since, falling to $11.5M in July and having just been chopped again to $10.2M, representing an 11 percent drop. The 11,460-square-foot manse sits on a 30,000-square-foot lot with 158 feet of water frontage, a 60-foot pool, and a two-story receiving hall. As for the drastic price plummet, listing agent Nelson Gonzalez says, "The market has been absolutely on fire in Miami Beach recently. There are a lot of transactions, but at lower prices. People just don't want to miss the boat at the bottom so they're sort of getting off the fence." That wouldn't happen to be "fire down below," Nelson, would it?

· Cher's old Miami Beach estate now 40 percent off [The Real Deal]