Restaurateur Dana Hollister has chopped off $10.5 million from the asking price for her Silver Lake estate.
Hollister, who famously figured in a real estate feud with singer Katy Perry that lasted for five years, is now seeking $29.5 million for her home at 1923 Micheltorena Street. The 21,632-square foot property, also known as the Paramour Estate, was previously a convent owned by the Franciscan Missionary Sisters of the Immaculate Conception, according to a previous report from the Los Angeles Times.
The 15-bed, 15-bath home was first listed in April for $40 million. But even at the reduced price, the property may fetch the highest amount ever for a home in the area. The current record is held by former Beats Electronics head Luke Wood, who paid $8.55 million for the former home of architect John Lautner.
While a variety of factors could stall the marketing of luxury homes, Hollister has put at least part of the blame on Zillow, claiming that its valuation has hurt her chances of finding a buyer for the mansion. In a post on Zillow’s listing page for the property, Hollister wrote: “What I love the most about this home is that (it) is not worth $5 million as stated here on Zillow. This is a guess at the value of this magnificent estate with no real information about the actual property. This property has been appraised multiple times over the last few years for over $45,000,000. There is a gross error in what Zillow is reporting. I am the owner of the property and have left messages on their corporate line urging them to contact me at once. Please Zillow, correct the valuation! You are hurting me!” The home now comes with a “Zestimate” figure of $25.8 million.
Hollister, who’s restaurant career has seen her involved in the Brite Spot in Echo Park among other hip eateries, paid $2.25 million for the property in 1998. She previously figured in a large real estate deal when she offered to buy an eight-acre property, also the site of a convent, in Los Feliz for $15.5 million. Perry had made an earlier offer for the site at $14.5 million. An ensuing legal dispute resulted in the nullification of Hollister’s purchase of the property. Hollister could not be reached.