Former 7-Eleven CEO cuts price for Redondo Beach manse to $12M

New asking price is 33% lower than original listing

Feb.February 22, 2019 12:00 PM
Jim Keyes chopped the price of his home by 34 percent

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

Related Articles

Sources say Gou is behind $33 million Bird Streets purchase (Credit: Hilton and Hyland and Wikipedia)

Bird Streets home flies off the market for $33M to reported Taiwanese buyer

William Randolph Hearst by his former home (Credit: Getty Images and Zillow)

Hearst estate owner pleads with court to let him sell mansion

He’s gone. Steve Frankel leaves Compass, returns to Coldwell

He’s gone. Steve Frankel leaves Compass, returns to Coldwell

Shaun White is selling his Malibu properties.

Shaun White is freeriding out of Malibu

Anna and David Solomon with the Douglas Elliman's Beverly Hills offices at 150 El Camino Drive (Credit: Solomon Property Group, Google Maps)

Oh, mother: David Solomon leaves Agency for Elliman

Aaron Kirman (Credit: Getty Images)

Aaron Kirman’s “Listing Impossible” is a beach house “sex dungeon”

Beth Styne (Credit: Nick Reid and Wikipedia)

Coldwell LA’s Beth Styne moves from manager to producer

A home for Illya Kovalchuk when he hangs up the skates (Credit: Redfin and Getty Images)

Ex-King Kovalchuk buys Beverly Hills manse then bids LA adieu