From the January print issue: In this town, nothing is sacred. Take, for example, the former celebrity-owned manses that are being razed to create McMansions. That was the fate of the one-time homes of both TV sitcom star Bob Newhart and songbird Barbra Streisand. Market pros say that many properties have hit the market at price tags that don’t seem justified by their ancient dwellings — and there’s a solution to that. The Real Deal took at look at what’s being done to move properties formerly owned by A-listers.
Site of Bob Newhart’s former Bel Air home listed for $26 million
Empty land is scarce in the swank sections of Los Angeles. Just months after Bob Newhart sold his 9,169-square-foot home for $14.5 million, the new owner razed the property, which is located at 420 Amapola Lane. Apparently, he decided it was worth more without the comedian’s former 1941 manse — a lot more. The 1-acre parcel is being shopped around off market for nearly $26 million, the Los Angeles Times reported. Michael Sahakian of Coldwell Banker Residential Brokerage is representing the seller. The demolished five-bedroom residence was designed by architect Wallace Neff, and had formal gardens and multiple outdoor entertainment areas. Steep prices aren’t uncommon for vacant building lots in fashionable neighborhoods. The 9,696-square-foot Hollywood Hills residence of hip-hop mogul Dr. Dre sold for $32 million last year, but solely for land value. The new owner tore down the home and built a new one.
‘All in the Family’ creator relists Brentwood estate for $40 million
Norman Lear, the veteran television writer and producer, has gone back on the market with a slimmed-down estate in Brentwood’s Mandeville Canyon section. After failing to sell his 10-acre spread for $55 million in 2015, he has sliced off a portion of it with a three-bedroom guest house and is offering an 8.3-acre parcel with the main residence for $40 million. Jade Mills and Valerie Fitzgerald of Coldwell Banker Previews International have the listing along with Drew Fenton of Hilton & Hyland. Lear, who is best known for creating a string of 1970s TV classics, including “All in the Family,” “Sanford and Son” and “Maude,” is also a long-time activist who has hosted many political and social events, including society weddings, at his home. He and his wife purchased the 14,000-square-foot, seven-bedroom mansion in the 1980s, and over the years added a one-bedroom guest house, as well as a gym, tennis court, screening room, staff offices and a 28-car garage.
Elvis has left the building, and it’s on the market for $30 million
You don’t need a king’s ransom to live like the King — $30 million will do. Tucked in the Trousdale Estates neighborhood of Beverly Hills, the former home of Elvis and Priscilla Presley spans a modest 5,357 square feet and sits on a 1.2-acre lot with spectacular views of both the city and the ocean. The three-bedroom, five-bathroom French Regency home, located at 1174 North Hillcrest Road, “presents a unique opportunity to customize a stunning estate,” according to the listing. The Presleys purchased the vintage home in 1967 — the year they were married — for $400,000, Priscilla Presley said in a recent interview. The property changed hands most recently for $14.5 million in 2014. “The area remains a huge celebrity magnet, and owning a home with such cultural significance would be a sound investment,” Mauricio Umansky of the Agency, who has the listing, told Realtor.com.
Platinum Equity CEO buys Holmby Hills mansion for $100 million
Tom Gores, the chairman and CEO of Platinum Equity, a Los Angeles private equity firm with $6 billion under management, has scooped up a brand-new Holmby Hills house built on the grounds of Barbra Streisand’s former Mon Rêve estate. The value of the part-cash, part land-swap deal is estimated at a cool $100 million. The spec home, at 301 North Carolwood Drive, was developed by Gala Asher, who purchased the building site as a vacant lot two years ago for $13.25 million, according to the Los Angeles Times. Gores, who also owns the Detroit Pistons, exchanged several of his own L.A. properties as part of the deal. The house was initially listed at $150 million. Gores was represented in the complicated deal by his niece, Tiffany Martin of the Agency. Ginger Glass of Coldwell Banker Residential Brokerage was the listing agent.
Beverly Hills home hits market at three times what it traded for
A Beverly Hills home with nearly seven decades of Hollywood heritage has hit the market for $28.45 million. The gated estate on Tower Road boasts a long list of bigwig former owners, including L.K. Sidney, the former vice president of MGM, music executive Freddy DeMann, and “The Terminator” producer Gale Anne Hurd. Keller Williams Realty’s Michael Eisenberg has the listing. The 13,500-square-foot residence, which most recently traded in 2010 for $9.6 million, has eight bedrooms and 16 bathrooms. Outside, there’s a pool, cabana, multiple gardens and large terraces. But with such a steep price hike, the 1934-built home may be priced more for its land value.
‘Love Story’ director’s Beverly Hills home listed at $12.45 million
The Beverly Hills home of the recently deceased filmmaker Arthur Hiller, who directed the 1970 classic romance “Love Story,” is on the market for $12.45 million. The six-bedroom Mediterranean-style home, built the same year the iconic film was made, is located in a gated community in the Benedict Canyon area, Variety reported. Outside, there’s a swimming pool, a spa and a raised patio with a fire pit. Based on recent trends, this 47-year-old abode could be ripe for a teardown, or at least a significant remodeling. Douglas Elliman’s Juliette Hohnen is the listing agent for the home, which is being offered by Arthur Hiller’s estate.
Cindy Crawford seeks to pocket $10 million flipping Malibu home
Cindy Crawford is ready to sashay away from her Malibu digs. Crawford and her hospitality mogul hubby, Rande Gerber, recently put their 3.2-acre Encinal Bluffs home on the market for $60 million. Kurt Rappaport of Westside Estate Agency has the listing. The property includes two separate parcels and a 5,254-square-foot main residence with four bedrooms and five-and-a-half bathrooms. The couple acquired the property about 18 months ago for $50.5 million, Variety reported. The Mediterranean-style house features an expansive great room, guest suites with private entrances and a master suite with its own fireplace, sitting areas and two separate bathrooms. Outside, there’s a tennis court, swimming pool and lounge area.
Gwen Stefani and Gavin Rossdale list Beverly Hills mansion
It was once their “Sweet Escape,” but Gwen Stefani and her ex-husband Gavin Rossdale’s Beverly Hills Post Office area home is now up for grabs. Six months after their much publicized divorce, the couple has listed the property for $35 million, according to Variety. The 11,200-square-foot gated estate has seven en-suite bedrooms. The contemporary home also includes a marble foyer, a living room with vaulted ceilings, a skylight in the kitchen, a screening room, a professional gym and executive offices. The Kelly Wearstler-designed compound has an impressive list of former inhabitants, including hospitality entrepreneur Sam Nazarian and Jennifer Lopez.
‘A Beautiful Mind’ screenwriter lists home for $12.5 million
Akiva Goldsman, the screenwriter behind “A Beautiful Mind,” the 2002 Oscar-winning biopic about mathematician John Forbes Nash Jr., has listed his Tuscan-style abode in Beverly Hills for $12.5 million, according to Variety. He bought the 3.5-acre compound from Red Hot Chili Peppers lead singer Anthony Kiedis for slightly more than $7 million in 2007. The 4,300-square-foot, five-bedroom home, which was built in 1951, has a living room with 16-foot ceilings, six huge fireplaces and a custom bell tower. In addition to a pool and spa, the expansive grounds feature lush foliage, paved walkways and an outdoor lounge.
Veteran small-screen exec seeks big returns in Pacific Palisades
The producer behind the television hits “That ’70s Show” and “Nurse Jackie” has listed her Westside home, located at 1034 Napoli Drive, for $12.5 million. Caryn Mandabach, whose most recent project is British drama series “Peaky Blinders,” bought the seven-bedroom, nine-and-a-half-bath residence for just under $4 million in 1994, Variety reported. The 7,000-square-foot Peter Choate-designed home has formal living areas, a library and a shaded terrace with views of the nearby Riviera Country Club. But the property’s best attribute may be the spectacular ocean views.
Correction: An earlier version of this story misstated the listing price of the Arthur Hiller property to be $14.75 million. Since first hitting the market for $14.75 million, it has since been cut to $12.45 million.