Elton John's Atlanta condo has recently sold for an impressive $7.225 million, surpassing its initial asking price by a staggering 45%, according to the listing agent. The renowned "Rocket Man" singer, primarily based in England, had used the condo as his U.S. home base for many years before deciding to put it on the market for $4.995 million in September, following the conclusion of his farewell tour.

Listing agent Chase Mizell of Atlanta Fine Homes Sotheby's International Realty has revealed that the buyer, who remains unidentified, is a local resident who made a cash payment for the four-bedroom unit. Mizell further emphasized that the condo was strategically priced to generate interest, a tactic that proved successful from the outset. "We had a ton of interest right out of the gate," Mizell stated.

The sale of Elton John's Atlanta condo now ranks among the highest-priced condominium transactions in the history of Atlanta, as recorded by the local multiple listings service. Notably, the most expensive condo sale to date took place in 2019 when a unit at the St. Regis Atlanta was sold for just under $14 million.

Covering approximately 13,500 square feet, Elton John's residence is the result of combining multiple units over the years. The acclaimed artist acquired a duplex of around 2,500 square feet at the Park Place on Peachtree in 1992 and subsequently purchased five additional apartments in the building. Explaining his fondness for Atlanta, he once expressed, "The city adopted me and I adopted it," highlighting the ease of accessibility the city offered for his tours.

Pricing the unique condo proved to be somewhat challenging for Mizell, given its unconventional layout and spaciousness. The residence incorporates large spaces that Elton John used to display his extensive photography collection. Mizell strategically underpriced the condo to stimulate price escalation, opting to avoid listing it at an ambitious price that might have led to an extended time on the market.

The connection to the legendary singer created a fervor among potential buyers who weren't actively searching for real estate opportunities. The gallery space within the condo further added to its appeal, attracting potential buyers with significant art collections. Mizell refrained from disclosing whether the purchaser is an art collector.

Betsy Akers of Atlanta Fine Homes Sotheby's International Realty represented the buyer but chose not to comment on the transaction.

Mizell noted that Atlanta's luxury real estate market has experienced some softening due to rising interest rates, although it has not impacted cash buyers. Nevertheless, he emphasized that these market dynamics could affect the overall health of the real estate sector.