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The Encino, CA, home that once belonged to rock legend Tom Petty has been through fire, divorce, bankruptcy, foreclosure, tenants from hell, and even a SWAT team invasion. After all the drama, it recently staggered back on the market for $2.83 million.
The current homeowner is JPMorgan Chase bank, which is committed to selling the property in 90 days. However, listing agent Christian Stevens believes the place will be on the market for only a couple of weeks, even though it might be a bit overpriced and is known as a “star-crossed house.”
So what’s with this ill-fated house? The history will floor you. It started in 1987, when Petty and his family were eating breakfast and an arsonist lit the wooden staircase on fire. Almost everything burned down, except for the basement recording studio.
Because the property was in an exceptional location that was private and wooded, the family decided to rebuild, in a style Stevens calls “Big Bear cabin meets Trousdale Estates.”
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The style was eclectic, with secret passageways and nooks, and ladders and lofts. And as much as the rocker enjoyed it, his ex-wife, Jane, acquired it in their 1996 divorce settlement. She converted the basement studio into an apartment, and put the five-bedroom, eight-bath house on the market in 2013 for $3.58 million.
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However, the home remained unsold. According to Stevens, there were a number of reasons it never changed hands. At the top of the list was the fact that Jane owed considerably more on the house than what it was listed for.
Stevens says apparently no one had advised Jane on the concept of a short sale, which might have remedied the situation. With no sale on the horizon, the bank began to foreclose on the house. Jane then declared bankruptcy, immersing the property in legal entanglements for several years.
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While the legal wrangling was underway, the house was rented out to a professional party person, who held wild (and often illegal) bashes on the premises, with guests invited through social media and admission charged at the door.
“We’re not quite sure what went on at those parties,” says Stevens, “but we did find photos of pole dancers in the drawers in various rooms with names like Tiffany and Cartier.”
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Believe it or not, the story gets worse. When bank representatives went to evict the tenant, Stevens says, the guy wouldn’t allow anyone in, not even the sheriff. He posted a sign on the gate threatening violence and stating that trespassers would be prosecuted and subject to military law.
The police proceeded to storm the property with a SWAT team, helicopters, and black vans. The tenant was found hiding in one of the house’s many nooks and was hauled off to jail.
Which brings us to today. The listing pictures don’t reveal the home’s sordid past—but a full disclosure of the home’s history is available to all interested buyers. When they consider the luxurious home with canyon views and a stellar location, they might be willing to overlook the troubled history.
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Plus, actor Vin Diesel is reported to be living on one side and a 30,000-square-foot home is being built on the other side. All three properties are surrounded by large walls, gates, and mature foliage. That kind of privacy is rare in these parts.
Stevens predicts that if someone with a strong vision pays the asking price, overlooks the “creepy” history, and spends a million dollars on a renovation, he’ll have himself a “$5.5 million home.”
“The perception is that if it’s owned by a bank, it’s a good deal,” says Stevens.
A buyer who won’t back down could score quite a deal.
The post Learnin’ to Buy? Tom Petty’s Former Encino Home Has a Sordid Past appeared first on Real Estate News & Advice | realtor.com®.
from DIYS http://ift.tt/2ppg0A4
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