Talking about putting a fine point on it.
Matthew Winnick, co-founder of apparel brand True Classic and son of late billionaire financier Gary Winnick, is looking to sell his Hancock Park home at 228 South Hudson Avenue with a listing price just under $9 million.
In fact, the price is just $1 below the threshold, listing at $8,999,999.
So-called “charm pricing” — in which items are sold for $4.99 rather than $5 — is an established marketing technique in the apparel and retail industries.
Matthew and his wife Karen Winnick bought the French Normandy-style property in 2021 for $6 million, according to property records. The home is about 6,200 square feet on a 15,000-square-foot lot. It was at one time owned by the late John Ferraro, a long-time Los Angeles City Council member, making the home once a venue for numerous social and political events.
Rodeo Realty’s Jimmy Heckenberg has the listing.
Matthew Winnick made waves in March when he accused the Hillcrest Country Club and its leadership of racial discrimination, among a raft of other allegations, in a Los Angeles Superior Court lawsuit. He alleged his membership application to the club was not approved due to his wife being Hispanic and his children being biracial. He also accused the club in his lawsuit of paying “an embarrassingly low property tax” of $250,000 each year, equating to what he called a roughly $70 million subsidy from the city annually.
He referred to the club in his lawsuit as a “150-acre plantation” with “racist policies” helmed by “bigoted and selfish leadership.”
Real estate in the Winnick family carries a high profile.
Matthew’s parents, Gary and Karen Winnick, listed their Bel-Air estate, dubbed Casa Encantada, last June for $250 million. If sold around that ask, the home at 10644 Bellagio Road would have been the priciest sale in the state. The record is currently held in Malibu for a property that sold in June for a reported $210 million.
Last year the ask on the seven-bed, 20-bath Casa Encantada was later reduced to $195 million.
Gary Winnick at one time qualified as one of the wealthiest Angelenos. The elder Winnick, whose net worth the Los Angeles Business Journal estimated last year at $2 billion, made most of his fortune off the fiber optic cable company Global Crossing and later established the Winnick & Co. family office and investment firm. He died in November 2023.
Read more
Residential
Los Angeles
Karen Winnick lops $55M off price of Casa Encantada in Bel-Air
Popular
Los Angeles
At $225M, Bel Air’s Casa Encantada becomes America's priciest listing
Residential
Los Angeles
Can a vintage estate in Bel-Air really fetch $250M?