Arrest in attack on broker at open house, Tobey Maguire re-lists plot of dirt: Daily digest

A daily round up of LA real estate news, deals and more for September 26, 2019

TRD LOS ANGELES /
Sep.September 26, 2019 03:30 PM

Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page in real time, starting at 9 a.m. PT. Please send any tips or deals to [email protected]

This page was last updated at 3:30 p.m. PT

 

Attack on real estate agent at Encino open house leads to arrest. Authorities say they have arrested the man responsible, in an incident caught on video camera. After the footage aired earlier this week, other real estate agents came forward with similar allegations against the man, identified as Alen Karaboghosian. [DN]

 

Tobey Maguire offers discount on Brentwood land. The “Spiderman” actor has re-listed an empty plot of dirt he owns for $12 million, down from $14.3 million last year. He paid $10 million for the one-acre spread in 2008. [LAT]

 
Candy Spelling and her home on 21500 block of Pacific Coast Highway (Credit: Getty Images, Redfin)
Candy Spelling and her home on 21500 block of Pacific Coast Highway (Credit: Getty Images, Redfin)

Another Spelling manor is up for grabs. That would be Candy Spelling’s Malibu abode, listed for $23 million for the first time in 47 years. The 8,000-square-foot home features 81 feet of beach frontage. [TRD]

 

Home buyers who bought after the market crash have made billions. You read it right — a new report from Redfin shows that people who bought property in 2012, when housing prices hit rock bottom, have since earned more than $200 billion in home equity. [Mansion Global]

 

Three more WeWork execs are on the way out. The men were all close allies of ousted CEO Adam Neumann. A source told TRD that some of the execs were still at the office Thursday afternoon, while another source said the company was negotiating exit packages. [TRD]

 

WeWorks is selling the $60 million jet that Adam Neumann enjoyed. Some employees were angry they were denied raises while luxury items like the plane were bought with company funds. Neumann stepped down as CEO this week. [TRD]

 

LA Councilman moves to block Starwood’s Porter Ranch subdivision. Councilman John Lee said the development site for Starwood Land Advisors’ 285-acre Hidden Creeks Estates and Preserve project should be maintained as open space. The website for the project says Starwood would set aside half of the housing site for parks and open space. [LADN]

 
Musk’s now-former home in Brentwood. (credit: Realtor.com)
Musk’s now-former home in Brentwood. (credit: Realtor.com)

Elon Musk aimed high for his Brentwood home sale, but fell to Earth. Musk, who sold the home for $3.9 million, never lived in the 3,000-square-foot pad. He listed the four-bedroom, five-bathroom home in February for $4.9 million, around the same time he bought a larger home in Bel Air for $6.4 million. [Variety]

 

South Bay cities wants Metro funding for…fiber optic internet? A coalition of 16 cities in the South Bay want to build a fiber optic network and have a creative $4.4 million pitch for Metro officials. They say the network is a way to reduce congestion by allowing government employees to telecommute and would help synchronize traffic lights. Critics say Metro directors should delay a decision or deny the request. [LAT]

 

LA wants U.S. Supreme Court to let it enforce sidewalk camping policies. Los Angeles and a Venice community group filed briefs in support of a request by Boise, Idaho, to overturn a lower court ruling that bars cities from clearing sidewalk campers. The argument is that the earlier ruling hamstrings local officials. [LADN]

 

WeWork execs slam Nuemann and his enablers. In interviews with TRD, eight current and former WeWork executives described a culture of impunity at the co-working giant, where Nuemann’s inner circle is said to have enabled his actions and feared running afoul of the charismatic CEO, who stood down this week under pressure from investors. [TRD]

 

Millionaires’ fortunes are shrinking. Across the world, the net worth of people worth at least $30 million shrunk in 2018 for the first time in three years. It’s unclear what the decline means for the real estate industry, which is grappling with an oversupply of luxury inventory, but insiders say cutbacks on lavish spending could hurt the market. [TRD]

 

WeWork’s cash flow problems are deepening. The company is losing millions each day, and may only have enough cash to last until next Spring, according to a new report. [Bloomberg]

 

Multifamily investor lists Glendale apartment complex for $25 million. Jin Woo Lee bought the 63-unit complex in 2017 for $20 million. The complex dates from the early 1960s and is built around a courtyard with a pool. [TRD]

 

FROM THE CITY’S RECORDS:

Developer SMV Housing LP wants to build a 187-unit affordable housing complex at 1015 N. Vermont Avenue in East Hollywood. The project would make use of Transit-Oriented Communities density bonuses. [LADCP]

 

Fabric importer and developer Neman Brothers & Associates wants to turn a Hollywood warehouse into creative office. An entity tied to the developer filed plans for 54,870 square feet of creative office space and a 1,400-square-foot restaurant at 5721 W. Santa Monica Boulevard. [LADCP]

 

San Pedro property eyed for 56-unit TOC project. A developer named Mitchell Lindsay with Lauri Group wants to build the apartments at 420 W. 9th Street. [LADCP]

 

An entity called Beverly Rampart LLC wants to build a 24-unit TOC apartment building at 214 S. Rampart Boulevard in Echo Park. [LADCP]


Related Articles

arrow_forward_ios

Two more spec mansions hit market for over $40M each, Onni’s DTLA tower gets a new silhouette: Daily digest

California’s new public banks could fund affordable housing, Mr. Chow founders cut fat from price on Holmby Hills manse: Daily digest

Gwen Stefani closes $21M sale of Beverly Hills estate, Fitch says WeWork bonds are junk: Daily digest

Californians want more pot shops, Airbnb asks LA to delay short-term rental ordinance: Daily digest

Capitol Records CEO flips mansion for big profit, Pan Am Equities gets pushback on resi project along LA River: Daily digest

Trump urged to open federal site in LA as homeless shelter, Whole Foods-anchored Sawtelle apartment project approved: Daily digest

Home sales in SoCal dip, disgraced ex-USC dean sells home to daughter of Majestic Realty chairman: Daily digest

Utility giants consider cutting power amid fire risk, C-suite changes shake up industry: Daily digest

arrow_forward_ios