Richard Gere just closed a chapter on his East Coast life, and it wasn’t exactly the Hollywood ending people expected. After only two years of owning his sprawling New Canaan estate, the Pretty Woman star offloaded the property for $10.75 million. If that sounds like a lot of cash, well, it is—but for Gere, it was actually a bit of a wash. He bought the place from music legend Paul Simon back in 2022 for $10.8 million, meaning he technically took a $50,000 loss just to get the deal done.
But the real kicker isn't the price tag. It’s what happened right after the keys changed hands.
Basically, the 1930s-era mansion is gone. Like, completely leveled. The new owners, a developer called SBP Homes, didn't waste any time. They bought the 32-acre spread with a very specific plan: tear down the historic brick Colonial and carve the land into a nine-lot subdivision. For a town like New Canaan, which prides itself on its historic charm and "Old Money" aesthetic, this was a massive deal. It’s actually the largest new subdivision the town has seen since 2007.
Why Richard Gere sold his Connecticut home for $10.75m and headed for Spain
You've probably wondered why a guy like Gere, who seemed so settled in the quiet woods of Connecticut, would suddenly bail. Honestly, it comes down to a promise he made to his wife, Alejandra Silva.
🔗 Read more: Game of Thrones Actors: Where the Cast of Westeros Actually Ended Up
Alejandra is Spanish, and she’s spent the last six or so years living in Gere’s world in the U.S. In a candid chat with Vanity Fair Spain, Gere basically said it was her turn. He felt it was only fair to give her at least six years in her world, closer to her family and her culture. It’s kinda romantic if you think about it—at 75, the guy is starting a whole new life in Madrid for love.
But the transition wasn't exactly smooth for the neighbors or the former owners. When Gere first bought the place from Paul Simon and Edie Brickell, there was this unspoken (or maybe spoken) vibe that he was going to be the "steward" of the land. He even went before the local Planning and Zoning Commission to talk about turning 27 of the acres into a low-impact farm for mushrooms, honey, and maybe even goats.
That farm never happened. Instead, he sold to a developer. This move sparked a pretty public feud with Paul Simon’s daughter, Lulu Simon. She didn't hold back on social media, claiming Gere promised her family he’d take care of the land as a "condition" of the purchase. Seeing her childhood home slated for the wrecking ball led her to post some pretty fiery Instagram stories, even mentioning she hoped her "dead pets buried in that backyard" would haunt him. Yikes.
💡 You might also like: Is The Weeknd a Christian? The Truth Behind Abel’s Faith and Lyrics
The Salvage Mission: What’s left of the estate?
While the main house is history, parts of it are actually living on in other people’s homes. A company called Hudson Valley House Parts was brought in to strip the place before the bulldozers arrived. They managed to rescue some seriously cool architectural gems:
- The entire cerused oak library (fireplace and all).
- Those iconic nautical-themed steel bay windows.
- A Greek Revival doorway with Egyptian columns that’s already headed to a home in Indiana.
- The bluestone edge of the property's old koi pond.
It’s a weird silver lining. You can literally buy a piece of the house where Paul Simon wrote music and Richard Gere planned a farm. The salvager, Reggie Young, mentioned that while the celebrity history helps, people are mostly buying these pieces because the quality of 1930s craftsmanship is just impossible to find today.
Moving to Madrid: A Permanent Goodbye?
Don't think Gere is gone from the States for good. Even though he’s settled into a luxury villa in a high-end Madrid neighborhood—complete with his piano, guitars, and a massive wine cellar—the family still has ties here. Alejandra has mentioned in interviews that they’ll probably be back in the summers because the kids have camp in the U.S.
📖 Related: Shannon Tweed Net Worth: Why She is Much More Than a Rockstar Wife
Plus, Gere reportedly kept another property "in the countryside near New York," so he hasn't totally cut the cord. He’s just traded the quiet, somewhat stressful (his words!) life in America for the "open joy" and "sensitivity" of Spanish culture.
What this means for the New Canaan Market
If you're looking at this from a business perspective, the sale of the Brookwood Lane property is a huge indicator of where luxury real estate is heading. Developers are hungry for land. Even a mansion with "celebrity pedigree" isn't safe if the land underneath it is worth more as a subdivision.
SBP Homes is turning those 32 acres into nine separate lots, ranging from 2.2 to 4.8 acres each. In a market where inventory is tight, empty lots in a prime location like New Canaan are gold. It's a shift from the massive, single-owner estates of the 20th century to a more "densified" version of luxury.
Actionable Insights for Homeowners and Investors
If you're following celebrity real estate moves like this, there are a few things to keep in mind:
- Land is often the true asset: Even if you have a historic home, its "highest and best use" might be as multiple lots. If you're selling a large estate, check with a land-use attorney to see if subdividing is an option—it could drastically increase your buyer pool.
- The "Celebrity Premium" is fickle: Gere paid $10.8m and sold for $10.75m. Don't count on a famous name to protect your investment if the market shifts or if the property requires too much maintenance.
- Salvage is a viable option: If you’re planning a major renovation or a tear-down, contact architectural salvage companies. Not only does it keep high-quality materials out of landfills, but you can also sometimes get a tax write-off or a bit of cash for the "guts" of the house.
- Understand Local Zoning: Gere’s farm proposal was approved, but the developer’s subdivision was what ultimately happened. Always look at the zoning history of a property before buying; it tells you what could happen to the neighbor’s yard next year.
Richard Gere’s move to Spain might be a romantic new chapter for him, but for the town of New Canaan, it’s a reminder that even the most iconic estates aren’t permanent. The house is gone, the land is split, and the "Pretty Woman" star is currently enjoying a much slower pace of life in Madrid.