Simply 10 months after being bought for $ninety million, making it the second-largest sale ever in Los Angeles County on the time, the historic Owlwood property has returned to the marketplace for double the worth.
The ten-acre Holmby Hills property contains a 12,000-sq.-foot 1936 Tuscan-fashion mansion designed by architect Robert D. Farquhar. Amongst its well-known former residents: actor Tony Curtis and, later, singing duo Sonny Bono and Cher.
Owlwood consists of three buildable parcels. One lot is at present vacant, the second consists of the 1936 house and the third is house to a posh that features a swimming pool, a guesthouse and a sunken tennis courtroom.
The three parcels have been mixed in 2002 by the late billionaire Toland Arnall, founding father of Ameriquest Capital Corp., and his spouse, Daybreak.
Final yr the storied property bought to Sturmer Pippin Investments. Bob Shapiro, head of Sturmer Pippin Investments and chief government of Woodbridge Luxurious Houses, stated that because the sale he has employed “the perfect of the perfect to place collectively a redevelopment plan which can increase the property’s worth whereas sustaining the architectural integrity of the house’s origin.”
The event will embrace an choice to subdivide a portion of the acreage into buildable land or further houses as part of a gated enclave with a personal road.
“Nowhere else can you discover 10 park-like acres in the midst of Holmby Hills,” stated Tyrone McKillen, co-founding father of Plus Improvement group. “It’s in all probability one of many biggest single properties in all of America.”
One of many largest questions: At $one hundred eighty million, who will purchase it?
Paul Habibi, professor of actual property at UCLA, stated it’s about discovering a purchaser who acknowledges the property as a historic one-of-a-variety property.
“These streets in Holmby Hills have a number of the highest costs within the nation,” stated Habibi. “If there’s a property that’s going to command a worth at $one hundred eighty million, it’s going to be in that space.”
Habibi additionally stated placing a $one hundred eighty-million worth on the house could possibly be a advertising technique to provide the house extra buzz.
Bret Parsons, actual property agent and architectural director for Coldwell Banker, stated Owlwood’s sellers are sensible to benefit from a “stratospheric” market the place individuals can pay virtually something for trophy houses.
“Owlwood is a metaphor for the dramatically rising costs of properties in Los Angeles and Southern California, and individuals are benefiting from it,” Parsons stated.
Final yr, for example, two notable Holmby Hills properties have been every bought for $one hundred million: the Playboy Mansion, and a house on Carolwood Drive bought by investor Tom Gores. And shortly after Owlwood’s sale, the Manor — the previous Sweet and Aaron Spelling property in Holmby Hills — was listed for $200 million.
He added that it’s finally the customer who determines the worth of a house: “Houses haven’t any worth till somebody is prepared to pay one thing for them.”
Plus Improvement Group will oversee the event of the Owlwood property. Adam Rosenfeld, co-founding father of Mercer Vine, an L.A.-based mostly actual property company, is the itemizing agent.
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