Celeb Gists & Gossip

Chip And Joanna Gaines’ Magnolia House Was Listed For Almost $1 Million (And Rents For Over $900 Per Night)

Highlights

  • Chip and Joanna Gaines listed their famous Magnolia House for sale, a property they renovated on Fixer Upper.
  • The house was originally bought for $320,000, but listed for sale at $995,000 due to extensive renovations.
  • The Magnolia House is a lucrative Airbnb rental, generating $900 per night and could be an attractive investment opportunity.

Chip and Joanna Gaines have owned (and flipped) countless properties throughout their years of reality TV fame, even making enemies in the process. But it’s not often that one of the homes they’ve personally lived in hits the market. Fans of the couple (and their original show, plus the spin-offs) will recall that Chip and Joanna have had a handful of properties of their own over the years, including a castle that Chip longed to buy for ages and their actual farmhouse home, which was rumored to be sold at one point.

Eventually, the couple nabbed that property (and don’t seem to have sold the iconic castle), but they don’t seem to be holding onto every home they bought in or around Waco, Texas. In September 2023, the couple listed their famous Magnolia House on the market for an impressive price.

Update March 2024: Chip and Joanna Gaines have a new show, ‘Fixer Upper: Lake House’ debuting on the Magnolia Network and HGTV on June 2, 2024. There are six episodes in total of the ‘Fixer Upper’ spin-off. Whether this will be another house that the Gaineses will eventually sell or if they intend to keep the home for themselves has yet to be revealed.

Chip And Joanna Gaines Flipped Their Magnolia House On Fixer Upper

The last listing price for the Magnolia House was $320,000.000

The Magnolia House was one of Chip and Joanna Gaines’ early Fixer Upper projects. The house appeared during season three of Fixer Upper on an episode titled “A Home Away From Home for the Holidays.” Episode 14 showed the Gaineses renovating the home and turning it into a B&B.

Per the home’s price and tax history, Chip and Joanna bought it in 2015, though there was no price attached at that point. In 2014, the listing was posted (and later removed) at $320,000.

The massive Magnolia House’s original structure was built in the 1800s. It was a Victorian-style building but enjoyed many design changes, including Joanna’s trademark shiplap on the walls.

Although the Gaineses have made a significant impact on Waco, Texas, this particular property is outside the city limits; it’s about a 25-minute drive from The Magnolia House to the Gaines’ Silos in Waco.

The flip was clearly a success, as the home appeared brand-new not just during Fixer Upper, but years later as it was listed for sale.

The Magnolia House Was Listed For $995,000 (And Got Offers Right Away)

Similar properties in the area were going for $250,000 less than what Chip and Joanna Gaines’ property sold for

The Magnolia House was publicly listed for sale (on sites like Zillow) on September 7th, 2023, and seemed to quietly fly under the radar for a time. By September 21st, the home was pending sale, clearly having received at least one offer in its first couple of weeks of being listed.

In 2023, the property had more than tripled in price since its last recorded listing; the asking price was $995,000. According to Zillow, the home has seven bedrooms and four bathrooms across 2,868 square feet, plus a “bonus space” and half bath above the garage.

The house also lies on nearly half an acre of land (.41 acres to be precise) and has a charming garden area with a gazebo. The listing confirms the home was built in 1880 and uses mostly gas appliances.

Similar properties at this price point, according to Zillow, include a nearly-9-acre horse ranch, a 2007-built brick-facade home, and a new construction home for about $250K less.

As far as how reasonable the price for The Magnolia House is, paying about $1 million for a B&B property doesn’t sound like too terrible a deal for the right investor. It turns out The Magnolia House is already equipped to serve as an Airbnb—and a lucrative one at that.

Magnolia House Gets Massive Income From Airbnb Rentals

Magnolia House rents for $900 per night

Chip and Joanna Gaines inside a house that is being renovated
Via: Instagram @magnoliarealty

The Magnolia House is already a rental on Airbnb, and the price might look attractive to investors wanting to purchase in McGregor, Texas. Magnolia House’s Airbnb listing confirms that it’s managed by Magnolia (Magnolia Real Estate is also the one selling the B&B), and the property is listed on the site as of September 2023.

The cost is jaw-dropping at nearly $1,000 per night; the nightly rate is listed at $938, though no dates are currently available—perhaps during the property’s listed period, and depending on what the new owners plan to do with it.

As far as how it functions as a rental, there are likely deposits and other fees that rack up the cost, and the Zillow listing seems to disagree with the number of bedrooms and bathrooms. Airbnb says the home offers five bedrooms and two bathrooms in an “entire home,” but that apparently is not the case. Or, the Zillow listing could be naming offices or other rooms as bedrooms.

Perks that come along with the Airbnb booking, at least prior to the 2023 sale, included complimentary cupcakes from Silo Baking Co., a 25 percent discount to Magnolia Market, and a reservation at Magnolia Table.

The rules weren’t very strict for guests, either; the rules state that pets are not permitted and guests cannot have parties. They were asked to collect towels, turn things off, and start the dishwasher if there were dirty dishes.

In all, the property had rave reviews on Airbnb, and it seems likely that whoever is buying the nearly-$1M property will continue to rent it—and rake in tens of thousands of dollars in rental income per month.

Source: NewsFinale

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