A Toluca Lake home with an attachment to Disney has sold for just over its asking price, bucking a recent trend that has seen luxury Los Angeles homes sell at steep discounts.
The 2,443-square-foot home, which has been owned at various times by Roy E. Disney, horror film actor Boris Karloff, and Oscar-winning composer Erich Korngold sold for $5.2 million, according to the Los Angeles Times. It was about $200,000 over asking price.
While the very top end of the luxury market in L.A. has been in a lull, homes between $5 million and $10 million continue to sell at a fast pace.
A gated courtyard lined by olive trees leads to the front door of the three-bedroom, three-bathroom home. The backyard has a pool and leads to a private boat dock on the six-acre lake.
Toluca Lake is a natural body of water, but was purchased decades ago by homeowners and is inaccessible to the public. There are only a handful of homes on the lake, boosting their demand.
Roy E. Disney’s father co-founded Walt Disney Co. and was the brother of Walt Disney. Roy E Disnely was also chairman of the company’s animation operation — working out of the nearby Walt Disney Studios campus — at a time when the studio pushed out classics including, “The Little Mermaid” and “The Lion King.” He died in 2009.
Toluca Lake’s proximity to Burbank’s studios made it a popular neighborhood with actors and others in the entertainment industry. Entertainment legend Bob Hope owned a 15,000-square-foot mansion there that was subject to some controversy in 2017, when it hit the market. [LAT] – Dennis Lynch