A beauty maven has pounced on a penthouse at 17351 West Sunset Boulevard in Pacific Palisades. In a swift deal that closed earlier this week, the $3.15 million sale price for the 2,452-square-foot property fell slightly south of the listing price of $3.25 million.
The buyer, Tracy Holland, is the CEO of Hatch Beauty, a West L.A. company that incubates fledgling beauty brands and forecasts industry trends for such clients as eSalon and Dollar Shave Club. The vertically integrated company also manufactures, packages, brands and distributes third-party products that end up on store shelves.
Holland plans to use the beachfront property as a second home. The all-cash deal had a two-week escrow and included the purchase of some of the home’s existing accessories, including some kitchen accoutrement, flat screen TVs and a suite of furniture in the condo’s second bedroom by LA designer Heather Heron, whose designs have been dubbed eco-glam because of the sustainable materials she uses for her sophisticated product lines.
Holland plans to bring in her own designer to completely outfit the two-story space, said Andrew Levant, executive vice president of Kennedy Wilson’s real estate sales and marketing group, who represented the buyer.
Laura Kalb of Hilton and Hyland represented the seller, Jake Mathews of 9 Mile Investments, who redeveloped the property. The corner condo had been his personal living space and came with three parking spaces and two outdoor spaces, one off the living room and one off the back with a built-in spa, grill and shower. Mathews relocated to Venice before the sale.
“The $3.15 million price represented a high water mark in [terms of] price per square foot for that building,” said Levant, adding that the price is in-line with the surrounding market near the five-story development that includes 16 terraced condos and two ground-floor commercial spaces, all with ocean views.
9 Mile Investments scooped up the property after a previous developer’s funding dried up. The fully redesigned units began selling in late 2013 and were quickly snapped up. The 3,500 square foot condo underneath the one purchased by Holland originally sold for $3.6 million. “They probably underpriced them,” Levant said. “When they hit the market, they all went at asking price. Nobody tried to negotiate. We’re just now seeing resales. It’s one of the most beautiful condo projects I’ve seen.”