Reality stars Kim Zolciak and Kroy Biermann have reduced the price of their Milton mansion by $1 million to $4.5 million, the second price drop since it hit the market three months ago.
They originally asked for $6 million in October, then dropped the price to $5.5 million in December. The brick and stone home has seven bedrooms, 11 bathrooms, a vanishing edge pool, a walk-in wine cellar, a billiard room, an arcade game room, a home theater and a gym with private massage room
The couple, introduced on Bravo’s “The Real Housewives of Atlanta” and chronicled for eight years on the spinoff reality show “Don’t Be Tardy” until 2020, has been under serious financial distress. They owe money to credit card companies, the IRS and the bank that holds its mortgage. Truist Bank, according to TMZ, said it still has the right to foreclose on the property after delaying foreclosure in November.
They are also in the midst of a contentious divorce.
Credit: SOTHEBYS
Credit: SOTHEBYS
Jimmy Baron, a Keller Williams realtor not involved with the property, said a $1 million price drop “tells me they were hearing crickets and getting very light traffic.”
The pending divorce and their financial problems may have incentivized Biermann and Zolciak to initially overprice the house, he said. “Divorce situations are among the most common overprice scenarios. Typically the profits are being split so each side wants to make sure they get a huge payday.”
It was also possible the couple hoped their celebrity might induce a buyer to pay a premium, he noted. “That worked for Elton John,” he said, “but they are not Elton John.” John recently sold his Buckhead condo for 45% above asking price.
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