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Johnny Depp’s horse farm in Lexington, KY, hasn’t found a buyer since it hit the market in December for $3.4 million. So the movie star, who bought the 41-acre spread for his mother, is putting the property on the auction block on Sept. 15.
“It should sell in about 45 minutes,” says listing agent Gary Denton, who is affiliated with Rector Hayden Realtors and Halfhill Auction Group, both in Lexington.
The six-bedroom, Greek Revival–style home was built in 1915 and includes almost 6,000 square feet of living space. Its six bedrooms and 6.5 baths have seen a few renovations during the past 102 years. The latest one spruced up the master suite and remodeled the kitchen, which looks out to the backyard patio and pool.
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The grounds include two barns with 15 stalls—eight for miniature horses—and 10 paddocks, four of which feature automatic watering, plus a guesthouse.
The property is located just 2 miles from Keeneland Racecourse, one of the top thoroughbred race and sales facilities in the country.
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Depp, who holds a vast real estate portfolio, reportedly bought the hobby farm for his mother, Betty Sue Palmer, in 1995 for $950,000, sold it for $1 million in 2001, then bought it back for $2 million in 2005.
After Palmer died over a year ago, the actor put the property back on the market. Although the price has fallen to $2.9 million, the property has found no takers.
Denton says that hefty competition—there are always about 30 horse farms on the market in Lexington at any one time—the price, and a relatively small number of stalls have prevented the property from selling.
A real horseman or horsewoman, Denton says, “might want more horse improvements—more stalls, nicer stalls, larger stalls.”
Property auctions are popular in Kentucky and a great way to attract buyers—the celebrity buzz surrounding this one will assuredly help bring in some business. Depp’s property is going on the auction block with an undisclosed reserve, which is the minimum amount for which the property can be sold.
“The goal is to sell the property,” Denton says. “It hasn’t worked well so far, so we thought we’d try this.”
The movie star was born in Owensboro, KY. The 54-year-old is a three-time Oscar nominee best known for starring as Captain Jack Sparrow in the “Pirates of the Caribbean” movie franchise.
The post Johnny Depp’s 1915 Kentucky Horse Farm to Go Up for Auction appeared first on Real Estate News & Insights | realtor.com®.
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