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Hulk Hogan’s former Clearwater Beach house finally sold. The price was about $5.1 million less than the first asking price.
The Gulf-front home was first listed in late January for $10.99 million (1). Then came the cuts: $9 million in April, $7.9 million in June and $6.9 million in September (1). It sold Oct. 23 for $5.9 million (1).
The guest cottage next door followed the same path. It was listed at $4.5 million, cut to $3.5 million, and sold the same day for $2.8 million (1).
Hogan died in July 2025 (2). He died of a heart attack in that home, according to ABC News 4, which also reported, citing Realtor.com, that both properties are registered to an LLC belonging to his ex-wife, Jennifer (3).
This isn’t a story about a celebrity mansion. It’s about what happens when a seller’s hopes meet the market. I’ve been a CPA since 1981, and I’m a former landlord who bought and sold multiple properties, so I’ve been on the selling side of this.
Whether you’re downsizing or selling Mom’s house, here are five lessons from Hogan’s house, including the tax rule that matters most (4).
1. Know your tax bill before you list
Many people assume selling a home is tax-free. Often it is, but not always.
If you owned and lived in the home for at least two of the last five years, you may be able to exclude up to $250,000 of gain, or up to $500,000 if you file jointly with your spouse (4).
Hold a home long enough, though, and the gain can blow past that. Hogan and his wife bought the main house in 2012 for $3.33 million (1). Even after three price cuts, it sold for $5.9 million.
Here’s a smaller example. Say a married couple bought their house for $200,000 decades ago and sells it for $800,000. That’s a $600,000 gain. After the $500,000 exclusion, $100,000 could be taxable, before counting improvements and selling costs that reduce the gain.
A sale that size is worth planning around.
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2. Price for buyers, not memories
Hogan’s house hit the market with a “legacy property” pitch: “This is more than a home — it is a legacy property, offering privacy, prestige, and panoramic beauty,” the listing said (3).
Buyers didn’t pay for the legacy. They paid what the market said the house was worth, and it took three price cuts, a sale below the final asking price and about nine months to find that number (1).
Here’s my take: your memories are priceless, but buyers don’t pay for them. Ask your agent for recent comparable sales, not a number that makes you feel good. Price it right the first time, and you avoid chasing the market down.
3. Selling just to raise cash? Look at the alternatives first
Plenty of retirees list a home because they need money, not because they want to move. If that’s you, selling isn’t the only option.
If you’re 62 or older, the equity in your home could become cash you can use now. A reverse mortgage lets eligible homeowners convert part of their home equity into funds — while keeping ownership of their home.
What it could help you do:
- Free up your monthly budget with no required monthly mortgage payment*
- Cover everyday expenses or build an emergency cushion
- Make home improvements
- Fund the retirement lifestyle you want
See how a reverse mortgage works and whether you qualify.
*A reverse mortgage still requires borrowers to pay property taxes, homeowners insurance and home maintenance. The loan must be repaid when the home is sold or the last borrower leaves the home.
Quick aside — most internet financial advice comes from people who weren’t alive during the last recession. I’ve been writing about money for more than 35 years. Want rock-solid advice? Sign up for the free Money Talks Newsletter. Takes 10 seconds. No fluff. No spam.
4. Every month on the market costs you
An unsold house doesn’t sit there for free. Property taxes, insurance, utilities, lawn care and repairs keep coming whether anyone lives there or not.
That’s why a stubborn asking price can cost twice. You pay to carry the house for extra months, and you often end up cutting the price anyway.
Before you list, add up what one month of ownership really costs you. Then ask yourself whether holding out for an extra few thousand dollars is worth several more months of those bills.
5. Inherited the house? The tax rules are kinder than you think
If you’re selling a home you inherited, the IRS generally sets your starting point, or basis, at the home’s fair market value on the date the owner died (5).
If the house went up in value while the owner was alive, that can wipe out much of the gain. So if you sell soon after a parent’s death for about what the house was worth then, the taxable gain can be small.
Get an appraisal as of the date of death and keep it with your records.
Heirs who hold out for a dream price can rack up months of carrying costs, and the market doesn’t care what a house meant to the family.
My honest take
For many retirees, a house is the biggest check they’ll ever write or receive, and emotion is the most expensive thing you can bring to the closing table.
Do the math before you list: the tax, the carrying costs and what you’ll really net. Then price the house for the buyer who’s actually out there, not the one you wish would show up.
Sources: 1. St. Pete Catalyst; 2. Complex (via Yahoo); 3. ABC News 4; 4. IRS (Topic 701); 5. IRS Publication 551
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