Russell Simmons Sells New Jersey Mansion At Reduced Price Of $10 Million

In less than four years, the former Simmons family mansion went from a listing price of nearly $24 million to a sale price of $10 mill.

Def Jam co-founder Russell Simmons is widely considered Hip Hop's first mogul. With a top record label, fashion line, reality TV shows and websites at various points in his career, the Queens, New York has evolved throughout the last 30 years. One of Simmons' symbols of wealth sold this week, for an eight-figure sum. reported that Russell and ex-wife Kimora Lee Simmons have sold their Saddle River, New Jersey mansion for $10 million. The amicably split couple first listed their former living quarters in 2007 for $23.7 million, before reducing the price several times since.

The 35,000 square-foot mansion includes a 50-seat home theater, among many other amenities. The buyer's name has been kept private.

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