Rod Stewart struggles to sell $70 million LA home

Rod Stewart and his wife, Penny Lancaster, have faced challenges in selling their luxurious Los Angeles home, valued at around $70 million. The couple has multiple impressive properties, but they have spent over three decades in this particular mansion. Originally bought in 1991 for just over $12 million, the Beverly Hills mansion features nine bedrooms, a large library, and a grand dining room that seats 20 people. The home is designed for entertainment and includes a guesthouse, two gyms, and a swimming pool. The property’s value has soared, partly due to the renovations by famed architect Richard Landry. Rod first listed the mansion for $70 million in June 2023. Soon after, he raised the asking price to $80 million, reflecting his unwillingness to sell for less. However, by February 2024, the price was lowered to $74 million. The decision to sell has been complicated by emotional attachments to the house. In 2024, Rod mentioned that spending time with family there during his Las Vegas residency made it hard to part with the home. He also addressed rumors about marital issues, stating firmly there is no disagreement between him and Penny regarding where to live. Rod confirmed they are now based in Britain but will continue to cherish memories made in their LA residence.