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Might Jack Osbourne, son of legendary rocker Ozzy and talent judge Sharon, have lost his touch on the real estate market?
He made a nice profit three years ago when he flipped his Los Angeles home, raking in slightly more than $300,000 without having to lift a finger. The home, in the Los Feliz neighborhood, had been recently remodeled when he bought it.
Now he’s trying to replicate, unsuccessfully thus far, the real estate magic.
He plowed the Los Feliz profit into a brand-new mansion in the Colfax Meadows area of Studio City, paying $3.2 million for the home in 2014.
In late April, he put the Studio City home on the market for $3.45 million. But after a month with no acceptable offers, he cut the price of the five-bedroom, seven-bath home to $3,199,000.
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Described as a “magnificent East Coast Traditional family estate,” it measures 5,600 square feet and sits on a quarter-acre lot. That’s a large lot in this tony neighborhood where small bungalows are being replaced with lot-spanning luxury homes faster than you can say “supersize me.”
Perhaps it’s the lengthy security gate and lance-tipped iron fence the reality TV star added that give the property “estate” status.
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The bedrooms seem to be fit for royalty. The master suite has a fireplace, walk-in closet, kitchenette, terrace, and master bath. The elegant children’s bedrooms are fit for little princesses.
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Other features worthy of estate status are the chef’s kitchen with island, state-of-the-art home theater, coffered ceilings as far as the eye can see, and light wood flooring.
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The backyard, while not huge, has a saltwater pool and spa, grassy play area, and covered patio with fireplace.
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It’s not clear yet where the Osbourne family will choose to nest next, but it’s clear the rockin’ heir has been jetting around the world, working with his dad on the buddy travelogue series, “Ozzy & Jack’s World Detour” for the History Channel.
The post Price Slice in SoCal: Jack Osbourne’s Studio City Sale Hits Snag appeared first on Real Estate News & Insights | realtor.com®.
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