Aretha Franklin's Home On Sale For Under $1 Million
Less than three months after Aretha Franklin’s death at 78, her home near Detroit has gone onto the market for $800,000. Although born in Tennessee she lived much of her life in the Motor City.
The home is not in troubled downtown Detroit, but in a rich suburb several miles away. It is located at 4585 Kiftsgate in Bloomfield Township. It is a mostly White area next to one of the most affluent cities in America. Bloomfield Hills is generally acknowledged to be the richest town in the U.S. with an average annual income of over $175,000. That city’s population is just over 10,000. It sits between Detroit and Pontiac, another extremely poor city
The home has five bedrooms and six and a half bathrooms. It is 4,148 square feet in dimension. It is a Colonial built in 1990. Among the amenities the realtor highlights are a swimming pool, two ponds, a two-story marble foyer, great room with a fireplace, three car garage, library with wood floors, a master suite on the first floor, and marble bathrooms. The house is a candidate for “Remodel or Renovation” according to the listing, a sign it is not in perfect shape.
The house is more expensive than most in the area. Realtor.com reports that the median price of homes for sale is $589,000. The median sales price is $425,000. Median price per square foot in the area is $199, compared to $193 for the Franklin house, which means the house in large by comparison to most others in the area
With a 20% down payment of $160,000, the estimated monthly cost to own the home is $5,149. Of this, $3,412, is for a 30 year fixed mortgage at 4.94%. Property taxes are estimated at $1,475 a month.
In a world in which many of the world’s most popular singers live in mansions are worth tens of millions of dollars, the house is a steal, financially. However, most rich celebrities don’t live close to Detroit or want to.