Thursday, August 3, 2017

Big House For Sale, Los Angeles, Asking $180 Million

When the present owner purchased the property in September 2016 for $90 million he said:
“The Owlwood Estate has been the unchallenged symbol of uber-luxury since being built during the Great Depression,”
"We will keep it that way for another 80 years.“
Or ten months. Whatevs.
From the formerly stand-alone Real Estalker now perched at Variety, July 21:
SELLER: Sturmer Pippin Investments
LOCATION: Los Angeles, CA
PRICE: $180,000,000
SIZE: (approx.) 10 acres with 12,200-square-foot residence and extensive leisure complex

YOUR MAMA’S NOTES: Buckle your real estate safety belts because just 10 months after the historic Owlwood Estate in Los Angeles sold for a brain blistering $90,00,000 — at the time the second largest sale ever in Los Angeles County — the legendary Sunset Boulevard spread will officially return to the market on the first of August with a pearl-clutching price tag of $180 million.
The sprawling, approximately ten-acre estate currently has one existing residence, an ornately articulated Italian Renaissance villa designed by illustrious architect Robert D. Farquhar and built in 1936 for Florence Letts Quinn, ex-wife of department store magnate Arthur Letts, Junior. Subsequent owners of the conspicuously opulent 12,200-square-foot mansion include hotelier Joseph Drown, business partner of Conrad Hilton, 20th Century Fox founder Joseph Schenck, oil tycoon William Keck, and actor Tony Curtis who sold the house in 1974 for about $750,000 to iconic music duo Sonny and Cher. The mansion eventually came into the hands of a wealthy carpet mogul and later a shadowy Syrian businessman before it was acquired in 2002 for an undisclosed amount by late subprime mortgage mogul Roland Arnell and his wife Dawn Arnell....MORE

That's a lot of land in Holmby Hills but still, as The Hollywood Reporter notes, nothing has been done to the property that would account for the double in the valuation.

Although we did not note Owlwood in 2016 we did catch this beauty, a Holmby Hills neighbor, just before Owlwood changed hands:
Real Estate: The $100 Million+ Don't Use A Blacklight Edition