Chip and
A Magnolia Network rep has confirmed, “They bought the Lakehouse with the intention of flipping it, and they have sold it.” And while details of the sale have not been shared yet, the series reveals just how unique this property is and why it was such a successful enterprise for the Waco, TX, couple.
The Gaineses Decided Not to Sell
In July 2023, Chip and Joanna announced that they planned to keep the castle for at least 6 more months. "Magnolia is pleased to share that the Historic Waco Castle is staying in the Magnolia family,” a statement from Magnolia read.
Fans can also purchase select furnishing and decor seen in the castle from the Castle Tour section of Magnolia.com. Eventually, the Gaineses still plan to sell the castle to someone who wants to live in it, but for now it's still in the Magnolia family.
The reality TV renovation stars listed their Magnolia House for $995,000 in September of 2023, and they sold the property in a deal that closed on Nov. 21, according to online property websites. The final selling price remains undisclosed.
In June 2023, it was listed through their Magnolia Realty for $2.9 million and was also offered on auction. But they kept the keys to their castle, and it's now part of the Magnolia portfolio. "After restoration, the property went to auction where the buyer and Magnolia mutually agreed not to close," a release says.
Do Chip and Joanna Gaines still live at their farmhouse? They do! But a little-known fact: the house is actually not within the boundaries of Waco, but rather in the Waco suburb of Crawford, Texas. Though that seems like a welcome trade-off as it sits on 40 acres of land, something you won't find within the city.
Chip and Joanna Gaines renovated the historic 1890 Waco Castle and sold it at auction for $2.6 million! Full story: https://rltor.cm/fpzooi.
The Waco Home: While we may not know the exact street address, we do know that Chip and Joanna's primary residence is located in Waco, Texas. This is where they raise their five children and where Joanna's design empire, Magnolia Market, thrives.
If you guessed $8 million or $10 million, it's not even close. The Gaines' have an estimated net worth of $50 million collectively.
Chip and Joanna Gaines celebrated 10 years of Fixer Upper with a lake house renovation. The couple sold the transformed lake house to a "wonderful family" after the renovation.
In 2019 Cottonland Castle was purchased by Chip and Joanna Gaines and completely remodeled. Tours were offered for several months in 2022; then it was put up for auction. Tours are again available but only until the end of September 2024.
Magnolia Market and its famous landmark silos occupy two city blocks in downtown Waco. Owned by HGTV “Fixer Upper” stars Chip and Joanna Gaines, the store offers items in Joanna's unique style.
Why Did Chip and Joanna Decide Not to Sell Cottonland Castle? Shortly after the auction opened in July 2023, it was revealed that Chip and Joanna decided not to sell the castle after all. Instead, Magnolia announced plans to keep the castle for at least six more months as a house museum.
Farmhouse Fixer hosts Jonathan Knight and Kristina Crestin require homeowners to have a $150,000 renovation budget. HGTV does not cover renovation costs, but may contribute to construction expenses. Homeowners must live within 50 miles of Ipswich, MA and be willing to vacate during the remodel.
A few months ago, the design duo auctioned off the castle they renovated. Now, the Fixer Upper stars are selling their iconic bed and breakfast located just outside of Waco, Texas—and it's listed for under $1 million.
Chip and Joanna may be miracle workers but, between their home renovations, The Magnolia Market, The Silos and their new B&B, they can't do everything. So they recruited semi-retirees Rob and Marianne Ward as potential managers to run the bed and breakfast.
It finally sold for $990,000.
If you're a fan of HGTV, you might remember when “Fixer Upper” home improvement stars Chip and Joanna Gaines parted ways with the network to begin chasing their own home improvement ventures. Now Chip and Joanna have a huge announcement to make. They're headed back to HGTV with a new spin-off series in tow.
The Gaineses purchased the structure in disrepair in 2019 and spent three years planning and executing a renovation, which they made the focus of a special Fixer Upper series on Magnolia Network in fall 2022.
You Have to Pay to Be on the Show
According to Showbiz CheatSheet, the minimum it costs to work with Chip and Joanna is $30,000.
After being put up for auction in June 2023, Magnolia has since announced that they and a prospective buyer have "mutually agreed" not to close on the castle, and the property will stay with the Magnolia family. "Magnolia is pleased to share that the Historic Waco Castle is staying in the Magnolia family.
Homeowners don't get to keep the furnishings from Joanna, but they can purchase them. The finished home you see at the end of the episode is actually staging done by Joanna to show homeowners how they can utilize and maximize the new space.
Chip and Joanna have already sold the lakehouse.
"It's been a really special project, and I'm so glad that you and I have gotten to do all of these incredible things together," Chip told Jo of the renovation on the series finale. You can watch "Fixer Upper: The Lakehouse" on Magnolia and Max.
Unfortunately, amidst these modern farmhouse trends, some of the Gaines' creations may not have lived up to the original owners' expectations. Several of their fixer-uppers have gone unwanted, whether it's the location, undesirable aesthetics, or a rushed job that felt unfinished.