Celebrate @EarthDay by riding your bike along the Wood River Trail to fun activities in Bellevue, Hailey and Ketchum. All activities are free and open to people of all ages. Visit www.haileycac.org/earth-week for the full schedule of events.
Celebrity buyers and NDAs: How secret real estate deals work
By Veronika Bondarenko, Inman News
Does it ever feel like every time there's a sale of a $25 million mansion in Los Angeles or a $10 million condo in New York, the buyer is reported as "an anonymous individual" or a limited liability company?
In the fall of 2020, news broke that a "mystery buyer" dropped $49 million on a Montecito estate belonging to Saturday Night Live alum Dennis Miller — only months later was that buyer revealed to be daytime talk show host Ellen DeGeneres. Last week, SNL's Pete Davidson revealed on TikTok that he had bought a $1.2 million condo in Staten Island but, in reality, he had been living in it since December.
So how do they manage to keep such big sales under wraps? Edward Mermelstein, a real estate attorney and founder of luxury consulting company One & Only Holdings, said that celebrities and high-earning business people often go to great lengths to keep any real estate transaction they make under wraps. Non-disclosure agreements (NDAs) are a given, but in some cases, they use representatives so that even a broker does not know whom they're really working with.
"In most cases, you don't even have to provide the identity of the potential buyer," Mermelstein told Inman. "If there's a pre-existing relationship between the broker and the attorney representing the buyer, they typically will trust that the individuals on both sides have a qualifying purchase."
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