Heather Dubrow and Terry Dubrow aren’t afraid to admit that they took an L.
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Weeks after saying goodbye to their Beverly Hills home, The Real Housewives of Orange County couple shared more details about the sale and the jaw-dropping sum they ultimately lost. As previously reported, Heather and Terry purchased the 9,000-square-foot abode for $16.1 million and sold it for $16.5 million with the help of Million Dollar Listing Los Angeles agents Josh Flagg and Josh Altman.
While some assumed that the Dubrows walked away with a $400,000 profit, the husband and wife explained they actually lost a hefty amount of money. And we mean hefty.
Heather & Terry Dubrow share details on their pricey home renovation
“We lost $5.8 [million]. I’ll tell you why,” Terry said during a recent episode of his and Heather’s Between Us podcast. “We bought the supplies for the guest house… We did a lot of stuff to the property, right?”
RELATED: Heather Dubrow Sheds Light on How She Balances “Finances and Investments” with Terry (EXCLUSIVE)
Terry and Heather explained they needed to sell the home for about $19.5 million to $20 million just to break even, as they had poured so much money into the early renovation projects. Heather said she planned to expand the property to 10,000 square feet with two new bedrooms, a new gym, a “sexy” speakeasy, and a full movie theater.
“This was going to be a billionaire’s home, for sure,” Terry said. “It would be [worth] $80 million to $85 million.”
Terry Dubrow says his Beverly Hills home project was “a gigantic fail”
The couple said they intended to do a “50 percent remodel” on the Beverly Hills home and went through two different companies to handle the renovations. They claimed that the second builder wasn’t totally transparent about the costs and wasn’t adhering to their previously discussed budget, which was between $15 million and $20 million.
RELATED: Heather Dubrow Opens Up About Son Ace’s College Admissions Journey (EXCLUSIVE)
“It was a gigantic fail,” Terry said. “So if you don’t like us, congratulations. We bombed. We got killed on that house.”
Instead of continuing the renovation, Heather and Terry had a “come to Jesus conversation” and decided to cut their losses. They suggested it was an easy decision, as they never considered the Beverly Hills home their main residence. While the home was being worked on, the couple primarily lived in their Los Angeles apartment.
Heather Dubrow offers home build/renovation advice
“We never intended to be real estate people like that,” Heather said during the episode. “It wasn’t a goal. We never said, ‘Oh, we’re going to do a lot of real estate, or ‘We’re going to build houses,’ or ‘We’re gonna do that…’ We sort of are like unwitting house flippers… and this house that we just sold, I think, was the first house we ever put on the market. Maybe one other.”
Heather then shared some advice for others embarking on an ambitious home remodel or build.
“You really have to vet your builders. It is imperative to go with people that you’ve worked with before,” she explained. “But you have to know your builder. You must get a budget up front. You must realize that some things are going to swell a little bit… But you have to do your own research. You have to know what things cost. You have to know what lumber costs, you have to know what trees cost. You must find these things.”
Get more details about the Dubrows’ real estate investments, including their property development in Idaho.
