Palos Verdes estate sells for nearly half its $27M asking

The seller, Alexander Haagen III, also owns Coachella music festival venue

TRD LOS ANGELES /
Jan.January 09, 2019 04:48 PM
Alexander Haagen III and 2701 Via Elevado (Credit: Redfin and Coachella Valley Weekly)

A real estate developer who also owns the property where the annual Coachella music festival is staged, has sold his home in Palos Verdes Estates for a whopping discount.

Alexander Haagen III, who owns the Empire Polo Club where the Coachella Valley Music and Arts festival is held, sold his home in the Malaga Cove section of Palos Verdes for $14.1 million. That was a little over half the $26.7 million Haagen first asked for the home in February 2017. The sale closed on Jan. 4, according to Redfin.

The buyer was Deborah D. Adkins.

The 8,847-square-foot home, at 2701 Via Elevado, has four bedrooms and six baths, boasts panoramic views of the ocean and city, and has a billiard room, massage room and wine cellar, according to its most recent listing. The private 3.3-acre compound, built in 1936, was owned by the Haagen family for more than 40 years.

After the listing, the price on the home was dropped to $18.9 million in May, more than a year later. David Konheim of Hilton & Hyland had the listing. Konheim did not respond to a request for comment.

Haagen III, along with his son, owns the 330-acre Empire Polo Club in Indio, east of Los Angeles, which plays host to the yearly Coachella festival. He inherited the Palos Verdes home from his father, the late Alexander Haagen, who developed and redeveloped almost 120 shopping centers in Southern California. The elder Haagen died in 2011.

The price drop was reflective of sluggishness that has been creeping into the L.A.-area real estate market market, where buyers in recent years have been overpricing high-end properties by as much as 50 percent, according to some industry executives.


Related Articles

arrow_forward_ios
Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion

CoreLogic's Andrew LePage and Orange County (Credit: Wikipedia)

SoCal housing market shows signs of life, with a caveat: report

Bridge Housing CEO Cynthia Parker and a rendering of the view from Walnut and Anaheim (Credit: SVA Architects)

Fully affordable complex set to rise in vacant Long Beach lot

Tracy Tutor and her Brentwood home

Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home

Anton Lessine and 321 South Bristol Avenue, and Behati Prinsloo and Adam Levine with their home (Credit: Getty Images and Zillow)

This week in celeb real estate: Adam Levine unloads $45M home, a Hollywood film producer sells in Brentwood…and more

Anton Lessine and 321 South Bristol Avenue (Credit: Getty Images)

Hollywood producer Anton Lessine sells Brentwood Park mansion for $17M

Andy Reid, the President of MetroStudy

The great SoCal slowdown: Homebuilding drops 18%

arrow_forward_ios