May 17, 2026
The man with the last name, ever — first name, greatest — famously said in his 2010 song “Show Me a Good Time”: “I’m spending all the money, I just work my a*s off for doing things I won't regret.” But it’s tough to tell whether Drake regrets spending $75 million on Robbie Williams’ sprawling Beverly HIlls estate in 2022 — a mansion that he’s now seemingly struggling to sell.
The purchase back then looked like just another celebrity flex at a time when ultra-luxury real estate in California still carried pandemic-era momentum. Southern California luxury real estate sales hit historic highs in 2021 thanks to record-low interest rates. Beverly Hills buyers, in particular, showed a willingness to pay for pricier homes well into 2022, Forbes reported at the time. (1)
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Drake’s home — a 20-acre, three-story Tuscan-style estate, replete with 10 bedrooms, 22 bathrooms, a garage and motor court to accommodate 15 cars, guest houses, a wine cellar, a gym, tennis courts, orchards, a movie theater, resort-style pools and 360-degree city, canyon and ocean views — was in line with that trend.
But the housing market has shifted fast, and when it comes to Drake’s assets, the Tuscan escape is seemingly no longer the best he ever had. The Real Deal reported in 2022 that Drake financed the home located at 9904 Kip Drive with a $52.5 million mortgage from Bank of America. (2)
Drake has made multiple attempts to unload the property. After initially listing it for $88 million in 2023, the “champagne papi” repeatedly cut the price, eventually relisting it around $79 million in the summer of 2025. (3,4) Today, the house is still sitting on the market, listed on Zillow at the same price. (10) He purchased the home from Robbie Williams, who acquired the property for $32.7 million in 2015.
Why is Drake struggling to sell his California colossus?
The problem Drake is facing in selling his home is not simply that it’s exorbitantly expensive. It’s that the economics surrounding high-end California properties have fundamentally changed since he closed the deal four years ago.
Mortgage rates in the area surged after Drake bought the estate, dramatically increasing borrowing costs for even the ultra-wealthy. The fixed rate for a 30-year mortgage currently sits at 6.36%, according to Freddie Mac — double what they were when Drake snatched up his city oasis. (5)
At the same time, California’s mansion taxes — which put a 4% to 5.5% levy on property sales above $5 million to fund affordable housing — coupled with insurance spikes and growing wildfire concerns have made trophy homes less attractive than they once were. (6,8)
Luxury buyers have also become more selective. During the pandemic, scarcity drove emotionally driven purchasing decisions. Now, buyers are increasingly scrutinizing value, location, renovation needs and long-term upside.
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Realtors have argued that Drake’s property may simply be overpriced for its specific style and location — just outside of Beverly Hills. One Beverly Hills agent told Newsweek last year the estate lacked the “A+” views that buyers spending nearly $80 million have come to expect. (7,9)
That dynamic reflects a broader trend at the top of California’s housing market. Ultra-luxury inventory has climbed in Los Angeles while demand has softened. Homes that would have once sparked bidding wars now sit idly for months or years.
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What’s next for California’s luxury real estate?
As it turns out, even global superstars can’t force the market to pay yesterday’s prices.
Drake’s mansion is especially illustrative because it combines several market headwinds at once: a hefty mortgage, massive maintenance costs, and an ultra-high asking price during a period of economic uncertainty.
Even wealthy buyers are hesitating before committing to properties that can cost hundreds of thousands of dollars per month to finance, insure, staff, and maintain.
California’s luxury slowdown is not necessarily a collapse. But prime real estate in Beverly Hills, Bel Air, Malibu, and other noteworthy areas still commands enormous wealth — and the era of effortless appreciation appears to be behind us, at least for now.
Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
Forbes (1); The Real Deal (2); Los Angeles Times (3); Yahoo (4); Freddie Mac (5); CAYIMBY (6); Newsweek (7),(9); Realpha (8) Zillow (10)
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AnnaMarie is a weekend editor for Moneywise.
