Just a few miles outside of L.A., a mansion fit for a president went on the market this week. La Casa Pacifica, as it was called by its former resident, Richard Nixon, was listed for $63.5 million, down from $75 million. The former president owned the home during his presidency, and hosted world leaders like Japanese Prime Minister Eisaku Sato, Soviet leader Leonid Brezhnev and President Lyndon Johnson. The Orange County home sits atop a 5.45-acre spread, and includes nine bedrooms, a swimming pool and tennis court. It’s currently owned by Gavin Herbert, the founder of Allergan Pharmaceuticals.
In Malibu, a home is renting for more money than many homes are selling for in other parts of the country. Ed Freeman, founder of Total Merchant Services, the credit card processing company, agreed to pay $6 million over the course of four years. That translates to to $120,000 a month. The oceanfront home has about 4,000 square feet of living space, a two-bedroom guest house and gym. Its owner, Mitch Julis, paid $21.5 million in 2010.
Julis, meanwhile, is putting his $120,000 per month rental income into another real estate deal. The co-founder of Canyon Capital Advisors paid $17.8 million last month for a Beverly Hills estate with 7,600 square feet, a three-car garage and tennis court. Julis acquired the property from Jerry Weintraub, a Hollywood producer who expanded and renovated the home during his 25 years living there. It initially listed for $25 million. The latest purchase is located just steps from a Beverly Hills mansion he bought for $21 million last year.
In another extreme-renter example, Mel Brooks, a 91-year-old actor, writer and producer, is hoping to rent out his Malibu home for $135,000 per month. He is offering the short-term rental for July and August. Brooks and his late wife, Anne Bancroft, paid just $515,000 for the two-story home in 1977. It includes four bedrooms and six bathrooms within 3,500 square feet of living space.