Huge Thousand Oaks compound breaks local sales record

But the 33-acre property still closed for about 60% less than its first list price
July 22, 2019 04:00PM

Thomas Tull and his 33-acre compound (Credit: RedFin, Wikimedia Commons)

Thomas Tull and his 33-acre compound (Credit: RedFin, Wikimedia Commons)

Closing for almost 60 percent less than his original asking price, movie producer Thomas Tull has sold a massive compound in Thousand Oaks for $35 million.

Despite a $50 million reduction on the $85 million price tag the home had when it was listed in January 2018, this was the highest-priced residential sale ever in the Conejo Valley and Ventura County, the Los Angeles Times reported. Tull set the last Conejo Valley record when he purchased the main 16-parcel part of the estate in 2011 for $19.2 million.

This wasn’t the only mega listing to close with a major reduction lately. In Los Angeles County, the Spelling Manor set a record for priciest sale ever at $120 million despite an $80 million price cut. The price cuts are emblematic of the overall sluggish luxury market in Southern California.

The Thousand Oaks compound was designed by Brian Biglin of Biglin Architectural Group. It includes a 32,000-square-foot chateau, an 11,000-square-foot guest house, a two-story studio and auto museum, and ten other structures.

The property includes 12 bedrooms and 32 bathrooms with 50,000 total square feet of space. The main property features three levels, a sports collectables museum, a theater, two infinity-edge pools, a sports court, a stocked pond, and more.

Tull founded Legendary Entertainment and is part owner of the Pittsburgh Steelers. The producer of films like “The Dark Knight” and “The Hangover” is moving his family to the Pittsburgh area.

Thousand Oaks, the second largest city in Ventura County, was devastated by wildfires in 2018, but along with a rebuilding effort, several projects are in its residential pipeline. [LAT]Gregory Cornfield