Katy Perry sells home she bought with Russell Brand

On behalf of Kirk Montoute Dawson LLP posted in High Asset Divorce on Wednesday, January 22, 2014.

Katy Perry fans in Alberta may be interested to learn the fate of Perry’s former marital home. The Hollywood Hills home that Perry purchased with ex-husband Russell Brand was recently sold for $5.56 million. When the former spouses bought the property in 2011, they paid $6.5 million for it. Perry originally put the home up for sale in 2013 asking for $8 million.

In 2012, Perry was granted the property as part of the settlement in her high-asset divorce from Brand. The two had married in 2010 but never moved into the 8,800-square-foot Mediterranean-style house. The home was built on a property called Park Hill and features stained-glass windows, a sweeping staircase and its own pub. According to reports, the new owner has plans to gut the house in order to make several improvements.

Perry offered some insight into her divorce from Brand in an interview that she gave in June 2013. She said that Brand disliked the notion of her being the boss. He reportedly sent Perry a text message to announce his plan to divorce her before ending all communication with her for good. Following their divorce, Brand and Perry have both moved on to other celebrity love interests.

In Alberta, the Matrimonial Property Act affects how property is divided during a high-asset divorce. Unless property was listed in the terms of a prenuptial agreement, the act says that it should be divided equally between both spouses. Certain categories of property, such as real estate and businesses, may be divided differently. If a divorcing person wishes to protect what he or she views as individual financial interests, a lawyer may be able to advocate for that person during the asset division process.

Source: CTV News , “Katy Perry sells marital home with ex Russell Brand “, January 03, 2014