Developer Bob Shapiro is hoping a buyer’s love will “pay the rent” on the Owlwood Estate. He listed Sonny and Cher’s former Owlwood estate Thursday with an asking price of $180 million, according to a release from Mercer Vine.
Shapiro, the head of Sturmer Pippin Investments and CEO of Woodbridge Luxury Homes, bought the estate for $90 million last year. It was the second-highest price ever paid for a home in Los Angeles at the time.
The price hike is not due to redevelopment. Shapiro is offering plans to renovate the property, according to Mercer Vine, but it has not begun. He has hired on architects Meyer Davis Studio and KAA Design Group to design the redevelopment, and tapped Plus Development Group to oversee it.
The listing includes the option to subdivide a portion of the estate into buildable parcels or additional homes.
Built in 1936, the 12,200-square-foot mansion has nine bedrooms and 12 bathrooms. Two additional lots were later added to the home, which now totals more than 10 acres. It also has a sunken tennis court, swimming pool, pool house and two separate guesthouses.
The property has housed several famous residents including actor Tony Curtis, 20th Century Fox co-founder Joseph Schenck, Superior Oil founder William Keck and Hotel Bel-Air founder Joseph Drown.
Adam Rosenfeld of Mercer Vine has the listing.