Real estate bulletin: the Bel-Air manor is the biggest sale of the year
Welcome back to the real estate newsletter, where gigantic sales and one-of-a-kind listings make the biggest splash as we head into a summer market that is sure to stay warm.
This week’s two most interesting real estate stories share something in common – homes famous for their deceased former owners – but the homes themselves couldn’t be more different.
The larger of the pair is the longtime home of hotel mogul Barron Hilton, a 15,000 square foot Bel-Air Trophy estate that sold for $ 61.5 million – which is the sale. most expensive house in Southern California this year. In the Hollywood Hills, a 100-year-old abandoned craftsman, once hired by rock icon Kurt Cobain, has surfaced for sale at $ 998,000. Based on the photos, it may need a little work.
Across the country in Tampa, Florida, Tom Brady discovered that even he was not immune to the owner’s troubles. Its owner was just Yankee legend Derek Jeter, who sold the 22,000 square foot mansion that Brady was renting for $ 22.5 million. Hopefully the movers will be careful with the quarterback’s seven Super Bowl rings.
Another Week Another Potential Downtown LA Project The owners of the factory where this newspaper is printed are hoping to redevelop the site into a Hollywood-style lot with 17 sound stages. The budget: $ 650 million.
Speaking of budding projects, the winners are set for the ‘Low Rise: Housing Ideas for Los Angeles’ competition, which challenged architects to imagine new, higher-density options rooted in southern architectural traditions. California.
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Big house, big sale
Barron Hilton’s home – a Bel-Air Trophy estate where the business mogul lived from the 1960s until his death in 2019 – just sold for $ 61.5 million.
It ranks as Southern California’s most expensive home sale this year, according to the records, but it wasn’t until May. The deal beats a Beverly Park mansion that was auctioned off for $ 51 million and a Palisades estate that was sold by Vice Media co-founder Shane Smith for $ 48.67 million in April.
Set on 2.5 acres, the Georgian-style mansion hit the market with a price tag of $ 75 million late last year. Paul R. Williams – a famous architect with a list of Michelin-starred clients including Frank Sinatra, Lucille Ball and Desi Arnaz – built the 15,000 square foot exhibition space in 1936. Considered one of Williams’ flagship works, the estate was designed for Jay Paley, a businessman and famed Paley family film producer, who founded CBS.
The most iconic element of the property is tucked away at the back – a Modern-inspired custom pool with alluring blue, gold, and yellow tiles that represent the 12 signs of the zodiac.
Reaching Nirvana in Hollywood Hills
A famous fixer-upper has just surfaced for sale in the Hollywood Hills. For a brief period in 1992, the 100-year-old Craftsman was leased by Kurt Cobain and Courtney Love, and it is now on the market for $ 998,000.
Perched on a hill in Hollywood Heights, the abandoned lair has fallen into disrepair, but its past is a little more illustrious than its present. According to the 2011 documentary “Hit So Hard,” Cobain wrote most of Nirvana’s third and final studio album, “In Utero,” in the 2,500 square foot home.
The Cobain Connection isn’t the property’s only selling point. It also comes with a key to a remarkable Hollywood landmark: the High Tower, a five-story, 100-foot-tall stone tower that houses an antique elevator built in the style of an Italian campanile.
Brady takes over
Tom Brady is going to have to find new accommodation. Its owner, Yankee legend Derek Jeter, just sold the 22,000 square foot Florida mansion he rented for $ 22.5 million.
It’s a successful sale not only for its connection to the two famous athletes, but also because of the impressive size of the estate. The listing says it’s South Tampa’s largest home and largest waterfront property ever assembled in the upscale Davis Islands neighborhood, with 345 feet of frontage on 1.25 acres.
Jeter, co-owner of the Miami Marlins and general manager of the team since 2017, was shopping the house for $ 29 million last year. According to The Tampa Bay Times, Brady was accommodating to potential buyers and didn’t turn down any requests to prepare the place for viewing.
Brady began renting the mega-mansion shortly after signing a two-year contract with the Tampa Bay Buccaneers. It looks like the seven-time Super Bowl champion will land on his feet after moving; Last year, he and his wife, model Gisele Bundchen, bought a spot on Indian Creek Island in Miami with the intention of demolishing the 5,200 square foot home and building a dream home in its place.
Downtown LA ready for close up
The owners of the sprawling factory where the Los Angeles Times is printed plan to redevelop the site near the Arts District in downtown LA into a Hollywood-style lot with 17 sound stages to meet strong regional demand for it. film and television production facilities, commercial real estate journalist Roger Vincent writes.
Times owner Atlas Capital Group filed a proposal with the city on Wednesday to build sound stages in parking lots around the Olympic Boulevard factory as The Times continues to print newspapers there.
If the city approves the $ 650 million project, a second phase of development would eventually convert the cavernous 1980s building where printing presses now roll into sound stages every day after The Times left. The Times, however, said its lease on the printing facility could be extended for years.
The results are in…
Los Angeles may be known as a city of sprawl, but it’s also a place that can do remarkably well for density – and has been for over a century, writes columnist Carolina A. Miranda.
Take part in a timely design challenge hosted by the office of LA Director of Design Christopher Hawthorne and Mayor Eric Garcetti’s Office of Budget and Innovation. Launched at the end of last year, “Low Rise: Housing Ideas for Los Angeles»Invited the architects to imagine new higher density options rooted in the architectural traditions of the region
The challenge is a conversation start and a design exercise. It’s also a necessary counterweight to commercial real estate developers, whose density ideas tend to be based on a single principle – how many dollars they can make out of each square foot – regardless of green space or other land needs. community.
The winning designs for the “Low Rise” design challenge, however, offer a density that LA can aspire to.
What we read
San Diego’s newer residential community is struggling with a good problem. None of the 1,800 homes have yet been built, but the list of interests already sits north of 14,000 people, and developers are trying to determine who can buy in an area plagued by housing shortages. The San Diego Union-Tribune has the details.
Sellers are not stupid, and in a hot market where bidding wars drive prices well above initial demand, 29% of potential sellers expect to price above what they list. they think the house is worth, according to USA Today, using data from Realtor.com.