Short Term Rental-Famous person previous owner

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Short Term Rental-Famous person previous owner

Mike Nelson
Investor · Oak Park, IL · Member since 2014 · 307 posts · 150 votes

If a home was previusly owned and lived in by a famous person, does it add much value?  In suburban chicago, if you bought a home owned by a famous gangster, politician, or businessman, does it add much value?  In Oak Park, we have had people like Ray Kroc, Ernest Hemingway, Bob Newhart, Sam Gianncana, Betty White.  I am assuming short-term rentals would be legal in the municipality.

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Michael BaumPro Member
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
1y

Hey @Mike Nelson, never assume anything about STR rules and regs.

Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...

I would call the city and make sure it is legal for a specific property.

Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.

If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

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  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    1y

    It's called "provenance", and yes, it adds value. Sometimes, A LOT.  

    That is true with almost any material item. If it was owned by someone famous, and its provenance can be demonstrated, then yes, it is worth more.  

    I once had a cabin in downtown Gatlinburg that had a small sleeping loft that was built out by Dolly Parton's brother back in the 1970s.  That didn't make the cabin worth more, but an interesting nugget nonetheless. Sadly, the place burned to the ground back in 2016.

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  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    1y

    That's cool.

    I would certainly advertise that and add pictures and themed items to house.

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  • Lauren Kormylo
    Rental Property Investor · Phoenix, AZ and Rehoboth Beach DE · Member since 2019 · 1k+ posts · 1k+ votes
    1y

    I think it would, depending on the celebrity of course.  And if you had it themed or had memorabilia of theirs.  

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  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    1y

    Hey @Mike Nelson, never assume anything about STR rules and regs.

    Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...

    I would call the city and make sure it is legal for a specific property.

    Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.

    If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

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  • Mike GrudzienPro Member
    Lender · Eugene, OR · Member since 2019 · 2k+ posts · 1k+ votes
    1y

    in general, celebrity and notoriety add something, but it can range from just a neat story to an advertisable theme.
    don't neglect it, but don't count on it. 

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  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
    1y

    Although I think it would be "cool" to stay in a home previously owned by Ray Kroc, I do not think I would pay extra for it.  However, I think people would if it were owned by Al Capone and it was well themed.  So I guess, like most things, it depends!

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  • Trent Reeve
    Atlanta · Member since 2022 · 706 posts · 634 votes
    1y
    Quote from @Lauren Kormylo:

    I think it would, depending on the celebrity of course.  And if you had it themed or had memorabilia of theirs.  


     and personally, i would think time owned/living in it. Im sure there are many properties owned by someone famous but they practically never lived in it. That would be different than say a place that someone famous lived in for some time.

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  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    1y

    Sure it does. but depending on who the celebrity is/was.....That's why so many little hotels, boarding houses, vacation rentals, etc..... feature this in their advertising.

    And in some cases, you will not get more money, but you will get more guests.

    A little while ago, I went to Tombstone AZ and stayed in 'The first boarding house in Tombstone'....really cool place but kinda small and, well....old feeling. So I did not pay extra for it, but chose it anyway over other places.

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  • Jarret Jarvis
    Real Estate Agent · Chicago · Member since 2021 · 168 posts · 62 votes
    1y

    Having a famous former owner can add value, but it really depends on the person and the buyer pool. In suburban Chicago, historical significance or celebrity ties might create a niche appeal, but they won’t necessarily drive up the home’s market value in the same way as location, condition, and local comps.

    For a short-term rental, though, it could be a great marketing angle—especially if the person is well-known and has a strong local connection. People might pay a premium to stay in 'Hemingway’s childhood neighborhood' or 'a former mob boss’s hideout.' If Oak Park allows STRs, leveraging that history could make the property stand out.

    That said, unless the home has been preserved as a landmark or has unique historical features, the value boost may be more about novelty than a significant price increase. Definitely worth factoring into your strategy, though

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  • Jeremy HoldenBusiness Member
    Real Estate Agent · Scottsdale, AZ · Member since 2021 · 155 posts · 90 votes
    1y

    Unless you make the theme of the house around that famous person, I dont think consumers will pay a market premium on ADR to stay. 

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  • Sameul Ahsan
    Real Estate Agent · Worcester, MA · Member since 2024 · 107 posts · 45 votes
    1y

    Yes adds value! Leverage the history of the property 

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