Justin Bieber's Housing Crisis
TMZ broke the story ... Justin has made an offer on a 9,000 square foot estate in Calabasas, CA ... a ritzy area with gated communities 20 miles from Hollywood. We've learned the hang-up is that the property didn't appraise near the asking price of $7+ million.
Justin could easily afford to plunk down the asking price, but we're told his business manager has insisted that he take out a mortgage, because it makes good financial sense. But we're told the appraisal has come in significantly under asking -- more than a million under. As a result, Justin can't get the mortgage his business manager wants.
So Justin and the seller are haggling over price, trying figure out if they can agree on a price that will allow the 18-year-old to get a mortgage. We're told Justin is willing to pay $6 mil but the seller is blanching because he sunk way more than that into the property. more on this story
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