The luxury residential market picked up this week after an otherwise slow month. Two homes traded in the tens of millions. But one of Los Angeles’ trophy properties, the Owlwood Estate, still hasn’t found its sweet spot. The sprawling property had a very big price chop, hoping to lure a new set of still wildly rich buyers.
Robert Shapiro, the embattled developer accused of orchestrating a $1 billion Ponzi scheme, is shopping the 10-acre estate for $115 million. That’s down from the initial $180 million ask. His now-bankrupt firm, Woodbridge Group of Companies, paid $90 million for the Holmby Hills property in 2016. Built in 1936, the historic property was once home to Sonny Bono and Cher and actor Tony Curtis. The 12,000-square-foot mansion features nine bedrooms and 10 bathrooms. The Owlwood Estate was one of the many luxury properties Woodbridge amassed in its heyday.
An Australian billionaire made a big splash in L.A. this week. James Packer, a former Crown Resorts executive, spent $60 million to acquire a Beverly Hills mansion formerly owned by actor Danny DeVito and Rhea Perlman. Located on Ridgedale Drive, the 29,000-square-foot property includes seven bedrooms, an eight-car garage, beauty salon, cigar room and private cinema. DeVito lived in the house for more than two decades before he sold it in 2015 for $28 million to developers Stuart and Stephanie Liner. They extensively renovated the property.
DeVito’s home isn’t the only property to trade hands for double its last sales price. In Bel Air, a villa owned by the late actress Zsa Zsa Gabor sold for $20.8 million. That’s exactly double what it sold for last May, when Jade Enterprises’ Albert Taban bought the property. Spanning 6,400 square feet, the lavish, French Regency-style residence with a yellow exterior features 28 rooms including six bedrooms and seven bathrooms, and includes a swimming pool. Gabor purchased the home in 1973 and lived there until her death in 2016.
Farther west, actress Michelle Pfeiffer has dropped nearly $8 million to purchase a home next door to her existing one in the Pacific Palisades. Spanning 3,200 square feet, the newly-purchased property includes three bedrooms and four bathrooms, Yolanda’s Little Black Book reported. The house next door, which she purchased in 2016 for $8 million, has four bedrooms and three bathrooms across 2,870 square feet. Together, the two adjacent properties sit on nearly one acre of land. Pfeiffer, whose movies include “Scarface” and “Batman Returns,” is married to television writer and producer David E. Kelley.