Did I just discover I have a winning Jackpot ticket?! Thoughts?

Question

Alright- so interesting news. As I've mentioned before - I bought a duplex when I first got started, and later discovered this was once the childhood home of Kurt Cobain (see How I Accidentally Bought Two of Kurt Cobain’s Former Homes and Why That’s Not Even The Best Part for more of the story) - he actually lived in both houses during the first year of his life.

So I own 2 of Kurt Cobain's first homes. Pretty cool to brag about, but that's about it.

Well, I rent the thing out for around $1,100 per month and make semi-decent cash flow on it. (I owe around $80k.)  It's not a beautiful home, it's not the world's best investment, but it's solid and I like it. 
	
	Well, today one of Kurt Cobain's other homes was listed for sale on the MLS - the one he lived in from 11-15 years old.  It's an ugly, small house, and it's in a TERRIBLE neighborhood (one I wouldn't buy in, ever) and the county appraises it for $67,000. 
	
	They listed it at $500,000.

Granted, it hasn't sold for that. It did, however, sell for $210,000 a few years ago.  I know they are waiting for an eccentric billionaire to come in and pay cash.  Will they?  Who knows if it will.

BUT - I wonder... should I sell mine?  Could I get $500,000? Or even $250,000?  And if I could... should I? Will Kurt's legacy slow down in the coming years, so now is the time to sell - or should I hold off and wait for his generation to get old and rich? 
	
	Thoughts?  What would you do?

Aaron Mazzrillo · Answer

What documentation or proof do you have, or can you get to verify Kurt lived there? I would put that information together ASAP. Don't know if anyone will pay that price for a former residence of his at such a young age, but he has a strong following so you never know.

Larry Littrell · Answer

@Brandon Turner @Dawn Anastasi

I like the fan club idea! But Nirvana fans might be a little rough on a house :)

If this is for real you might want to jump on it. If I remember right Jimmy Hendricks home was nearly bulldozed because no one wanted it. Don't want to wait until his fans lose interest....

Dawn Anastasi · Answer

Here are some options:

• Put them up on eBay where you will get national exposure to anyone who searches on buying "Kurt Cobain" items.

• Wait until you see who buys the other property then if they bought at an inflated price, offer to sell them your properties.
• Try to find a "Kurt Cobain" fan club and turn your rentals into "stay at the house Kurt Cobain lived in" vacation rental.

Brandon Turner · Answer

Makes a lot of sense, @Michaela Graham and @Fran Flanagan - I think you both are 100% right!

And yeah, @Aaron Mazzrillo  - hopefully some eccentric billionaire who loves Cobain!  I gotta track down some hard proof, cause the internet is not always the best proof :) 
	 
	 @Chris  F. - agreed. We get tourists every day who come here to visit all the spots.  Mostly from Northern Europe. 
	 
	 @Eric Gutierrez  - exactly! Can't hurt to try.

Karen Margrave · Answer

Do you ever watch Pawn Stars? @Larry Littrell is right, if you have any "proof" be it a picture, or ? that he actually lived there, maybe scour the net for pics of him with childhood friends, etc., all of that will help bring up the value for a fan. Are there any articles in the local newspaper, etc. about him in that area?

@Dawn Anastasi has some good ideas too. I think packaging them together will bring much greater value. Someone might want to do B&B for that genre of music fans or just want to own both homes.. Check these articles out, you may find some insight. Good luck!

Selling home owned by celebrities

Robin Halsey · Answer

Saw this today. Do you have any connections at TMZ?

http://www.people.com/people/article/0,,20738975,00.html

Michaela G. · Answer

I would wait, because the other home is getting a lot of attention right now. If you were to put yours on the market, it will immediately devalue, because it's no longer so unique - there's more than one.

So, I think you'd be better off waiting it out for a few years. Watch the sale on this one and a few years down the road you can get publicity, because the first one may have sold for such and such a price , and it will bring other people out, because the first one may have sold for a high price

Chris F. · Answer

people flock to his gravesite like it's Mecca. It will sell. Not sure if it will sell for 500K, but definitely at a premium.

Stefan K. · Answer

@Joshua Dorkin you really can do anything with Kickstarter, can't you

Joshua Dorkin · Answer

@Stefan K. - I've got nothing but love for Detroit, especially now that the Robocop statue is almost a reality!

Did I just discover I have a winning Jackpot ticket?! Thoughts?

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