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John Mayer Loses Money On California Home

February 7th, 2011 8:56am EST

John MayerRocker John Mayer has become the latest star to take a hit in the Los Angeles housing market after selling his Pacific Palisades pad at a loss.
 
The singer/songwriter bought the sprawling home in 2006 for $1.75 million but he was unable to turn a profit on the property.

Mayer has sold the gated, two-story home for slightly less than $1.3 million, according to the Los Angeles Times.

 

John Mayer

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Photo Credits: PR Photos