PHOTOS: Cher's Hawaii Home Sells For $8.7 Million

Recession? What Recession?

With the housing market still supposedly in a slump as the world economy struggles to recover following a global recession that’s been felt by all, Cher has managed to buck the trend, selling her luxurious Hawaiian home for a whopping $8.7 million at auction.

The three-quarter-acre property, that overlooks the Pacific Ocean in Kailua, Kona, was one of five Big Island residences auctioned off on Monday for a total of $19.4 million.

Cher’s Balinese style residence was sold by luxury Real Estate auction company, Concierge Auctions, who had estimated the value at between $8million and $12 million.

Located in the beautiful and exclusive Hualalai Resort, the 8,800-square-foot home features a gated center courtyard leading to the main residence.

Designed by Cher herself, the property boasts six bedrooms, a master wing, great room, top of the range kitchen, dining room, outdoor living area and an infinity pool with spa overlooking the resort’s golf course.

The house was purchased by an unnamed, and obviously wealthy, buyer in Arizona.