Developers and property owners in Los Angeles have been increasingly tearing down existing homes to build larger and larger mansions. But two developers who just bought a single-story, 60-year-old house in the Hollywood Hills are not getting in on that trend.
The developers, Eric Choi and Philippe Naouri, will restore the Richard Neutra-designed home they just purchased in the Hollywood Hills for $5.6 million, the Los Angeles Times reported. The historic Chuey House is a single-story property on Sunset Plaza Drive.
The property first hit the market for $10.5 million in 2017. The price was cut to $6.3 million earlier this year, and included a condition that the house would be relocated if a buyer wanted just the land. That offers offers more value than the home. But the new owners said they plan to keep and restore the property, the Times reported.
The estate was built in 1956 for artist Robert Chuey and his wife, poet Josephine Ain Chuey. It includes two bedrooms and one bathroom with 1,900 square feet of space. It sits on 1.5 acres looking over the city and Pacific Ocean.
After Josephine Ain Chuey died in 2004, the house was given to her niece and nephew, Gigi and Paul Shepherd.
However, much of the original architecture is gone. Choi and Naouri plan to restore aspects from Neutra’s original design that have since been removed, and expand the estate. The process is expected to take two years with the help of New York-based designer Tim Campbell, who previously worked on Neutra’s Singleton House.
Neville Graham with Compass had the listing with Elizabeth Donovan of Westside Estate Agency. Graham and Donovan also represented the buyers. [LAT] — Gregory Cornfield