Jack Hipolito Fernandez Comments on Celebrity Real Estate

NEW YORK, NY, August 09, 2012

NBC News reported in a recent article that hip-hop family, Beyonce, Jay-Z and their daughter Blue Ivy, will be escaping their Manhattan home for a month long vacation in the Hamptons. The family chose a 31,000 square foot Hamptons estate, coined the Sandcastle. California-based realtor Jack Hipolito Fernandez isn't surprised that the celebrity couple chose to spend the last month of summer in the impressive Hamptons getaway.

Built in 2005, Sandcastle was originally listed by Hamptons developer Joe Farrell for $59.5 million. After spending nearly five years on the market, the price of the house was reduced by $10 million. Currently, the house is listed at $43.5 million.

Cheryl Mercuris, a single Florida mom famously rented the house for two weeks in an effort to snag herself a rich husband. She reportedly paid $500,000 for her two-week stay and went home no richer in the love department. Besides Mercuris, the Sandcastle has sat on the Bridgehampton real estate market relatively untouched.

Jack Hipolito Fernandez says the celeb-worthy estate is packed with all the amenities, including walnut floors, granite and marble countertops, a two-lane bowling alley, virtual golf course and a rock-climbing wall. According to the Post, Beyonce and Jay-Z snagged the property for $400,000 for the entire month of August.

"The family will surely have plenty to do during that month," commented Jack Hipolito Fernandez. "The house boasts a full gym, a basketball and squash court, a disco room and even a half-pipe for the skateboard enthusiast." The property also includes a pool, outdoor kitchen and tennis courts.

Jack Hipolito Fernandez says that there may be an increase in celebrities putting their homes on the market with the upswing in the economy. Joel Schumacher, best know for his work on Batman Forever and The Lost Boys, has recently placed his 6,500 square foot estate on the market. Schumacher is reportedly selling his four building Santa Barbara retreat for $9.45 million. "Home values have continued to rise over the last several months," stated Jack Hipolito Fernandez. "This is positive for the real estate market. Expect the rich and famous to take advantage of it."

ABOUT:

Jack Hipolito Fernandez is a realtor and partner at HF Realty, his family's real estate company. Fernandez earned his business degree from California State University and specializes in commercial and residential property in the Los Angeles area. Jack Hipolito Fernandez educates consumers on the housing market and helps guide them through the home buying process.

Website: http://jackhipolitofernandez.net