Reality star Joey Essex has been forced to reduce the asking price of his Chigwell mansion by £250,000 after it failed to sell. The TOWIE star, who moved to Dubai, originally listed the property for between £2.75 million and £3 million. Despite the price cut to £2.5 million, Essex is still set to make a significant profit, having purchased the mansion for £1.4 millon in 2015.

The £250,000 Price Reduction

The mansion in Chigwell, Essex, which features a pool, four bedrooms, a beach house, a hot tub, and a large garage,has seen a significant price reduction. originally listed for offers between £2.75 million and £3 million, the property is now available for £2.5 million.. This price cut reflects the current volatile property market, according to sources.

Joey Essex's Profit Margin

Despite the price reduction, Joey Essex is still set to make a substantial profit on the sale. He purchased the mansion in 2015 for £1.4 million. Even with the reduced asking price, he stands to gain over £1 million from the sale.. This profit margin highlights the potential gains in the luxury property market, even amidst volatility.

The Mansion's Luxurious Features

The mansion boasts a range of luxurious features, including a 'Posh Room,' a lavish beach house and bar, a hot tub, and a basketball court. The property also includes an impressive kitchen diner with bi-folding doors leading out to a pool in the back garden. These amenities make the mansion a highly desirable property,despite the current market conditions.

The Impact of the Volatile Property Market

The price reduction of Joey Essex's mansion is a reflection of the broader volatility in the property market. As reported by sources , everyone is being impacted by the current market conditions. This volatility has forced Essex to reduce the price of his mansion,although he is still expected to make a significant profit from the sale.