Do the owners plan to turn the lead into gold? At first glance, this small real estate ad from the Christie’s international real estate Bluegrass agency is surprising. Why, this very basic pink house in a typically American residential alley, in the not really touristy or sought-after area of Louisville, Kentucky, could attract a buyer ready to pay 1.5 million dollars (1.4 million euros )? The explanation can be found in the second photo of the ad with the plaque installed in front of the property, indicating that this is where Cassius Marcellus Clay, better known by his boxing name, was born and raised: Mohamed Ali.
This place, which is also the place where the legendary sportsman learned to box, was quickly transformed into a museum dedicated to the man who remains considered the greatest heavyweight boxer of all time. This did not prevent the museum from being closed for 5 years. But to explain such a hefty bill, it should be noted that the sale of Mohammed Ali’s family home was accompanied by that of two neighboring houses, one of which was transformed into a reception center and the other envisaged as a short-term place to stay. In total, the premises provide nearly 320 m² of living space. Enough to try to relaunch an activity around the champion who died in June 2016.
Nice added value
Please note, however, that the bet remains risky and costly for the buyer. The sellers, for their part, would undoubtedly get a good deal. The American real estate market being very transparent, we can verify on the online platform Zillow that Mohammed Ali’s family home was sold in 2012 for… $70,000. As for the two other houses in the lot, they were sold in 2015 and 2016, for $40,000 and $50,000 respectively. Even if they have been renovated and these two houses are valued today at 190,000 dollars in total, this still leaves a comfortable capital gain. And to motivate buyers, the ad reminds that: “Meticulous thought and care has gone into the historic restoration and now represents a tremendous opportunity for the next owner to steward this important part of American history.”