Michael Jackson's last Los Angeles-area residence, a French chateau in Holmby Hills, is back on the market at $23.9 million — $400,000 above what it was listed for last summer.
The pop icon was leasing the 17,171-square-foot mansion for $100,000 a month when he died there in 2009 after receiving the surgical anesthetic propofol for insomnia. His doctor, Conrad Murray, was found guilty of involuntary manslaughter in November and sentenced to four years in prison.
"Crime scenes have a perceived stigma," said real estate consultant and appraiser Randall Bell, whose work has taken him to the homes of O.J. Simpson and Jon Benet Ramsey. Such houses take longer to sell, he said, and usually close at a market discount of between 10% and 50%.
In the short term, they are always easier to lease than to sell, he added. "After five to seven years, you are typically going to see a full recovery."