Jim Keyes, the former CEO of Blockbuster and 7-Eleven, has cut the asking price for his Redondo Beach mansion down to $11.9 million.
That’s a $6-million discount, or 33 percent less than the $17.9 million he originally listed the 9,200-square-foot home for in 2017. Keyes paid about $6.4 million for the property on Esplanade Drive in 2015, the Los Angeles Times reported.
He has since remodeled the three-story home’s interior into a modern contemporary space. It features an elevator, five bedrooms, six bathrooms, an eight-car garage, a media room, and a wine cellar.
Keyes was the president and CEO of 7-Eleven Inc. from 2000 to 2005 before he joined Blockbuster as chairman and CEO, where he stayed until 2011. He now serves as the chairman of Wild Oats Marketing LLC.
Brett Miller and Destiny Davis of Douglas Elliman hold the listing with Edward Kaminsky of Strand Hill Christies International Real Estate.
Listing prices for an increasing number of houses are being slashed, particularly at the upper end of the price spectrum. TRD’s recent analysis of luxury sales showed that some of the wealthiest enclaves are seeing big price cuts and a decrease in high-end closings.
Meanwhile, the City of Redondo Beach recently approved plans for a large-scale redevelopment of the South Bay Galleria Mall that will bring 300 new rental units, a 150-key hotel and 217,000 square feet of retail space. Leo Pustilnikov, principal at SLH Investments, is also in negotiations to purchase multiple city-controlled leases on Redondo Beach Harbor. [LAT] — Gregory Cornfield