Likely, you’ve heard that “the Juice is loose” or will be as early as October, 2017. O.J. Simpson was recently granted parole after serving nine years of the 33 year sentence he received for armed robbery of sports memorabilia, memorabilia that was once his before he sold it. Now 70 years old, Simpson will become a “free” man.
Millions of people around the world, remember exactly where they were upon hearing that a jury found Simpson “not guilty” of the 1994 murders of his ex-wife, Nicole Brown Simpson, and Ron Goldman in 1996. He was later found liable for their deaths in a civil trial and ordered to pay the victims’ families a $33.5M judgment. Little of that amount, however, was recovered. The home where the murders took place was demolished in 1998.
Meanwhile, Simpson bought a home in Miami for $575,000. in 2000. He lived in that home with his two children from 2000 on until he stopped making payments on it in 2010. The house was foreclosed and sold in an online auction in 2013 for $655,000. to its current owner, listed as Southern Farmers Int USA, Inc.
Present tense…Simpson’s former Miami home is now, and has been for seven months, on the market for sale. Currently listed for $1,299,900., the 4 bedroom, 4 bath home with a one bedroom guesthouse has been completely remodeled. It sits on 1.65 acres. Amenities include a pool, porch and full sized basketball court.
Orrell Anderson, president of Strategic Property Analytics in Laguna Beach, CA, is representing the sellers in the transaction. “There is nothing wrong with the house,” said Anderson. “There is, however, stigma associated with OJ given his controversial history.”
What, if any, effects does a terrible crime have on a property? Plenty, according to DiedInHouse.com, a website that informs users whether a crime was committed in the house. Murder sites tend to sell for 15% less than comparable properties however, more notorious and/or celebrity sites can drop to 50% less. Also, crime sites usually remain on the market longer than comparable properties, with an average of 137 days rather than 90 days.
Who buys these crime ridden homes? It turns out that 59% of the buyers of such tabloid properties tend to be ordinary, every day home buyers. 20% of the buyers tend to be property and/or investment companies or non-profits. Some 8% of these properties tend to be listed, taken off the market and then either rent or remain vacant.
Anderson says that buying a murder home may actually be a sound financial investment due to the price drop differential. However, Anderson, the representing agent for the former Simpson house, said, “…most people are creeped out and need to have an incentive to buy.” Though no murder was committed in the Miami home, simply by Simpson’s association with the home, it has been listed at an incentivized price which so far has not yielded an offer.