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An “iconic and historically significant” property in Los Angeles is this week’s most expensive new listing on realtor.com®. The wallet-busting price for the estate known as Owlwood? A rather sizable $180 million.
That’s twice what the property was sold for less than a year ago to Sturmer Pippen Investments.
“The Owlwood estate surpasses a magnitude and level of beauty that any other property is incomparable to,” says listing agent Adam Rosenfeld of Mercer Vine.
Nothing on the property has changed yet. But since last year’s sale, Bob Shapiro, head of Sturmer Pippin Investments and CEO of Woodbridge Luxury Homes, has teamed up with architects to demonstrate how the property is primed for an update. Furthermore, the listing comes with two adjacent lots that weren’t part of last year’s sale, with the entire spread now totaling 10 acres.
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“We have hired the best of the best to put together a redevelopment plan which will boost the property’s value while maintaining the architectural integrity of the home’s origin,” Shapiro said in a statement.
When the property was purchased last year, “it was undervalued,” Rosenfeld explains. The purchase “made a lot of sense as an investment in terms of both future potential development possibilities and from a ‘buy and hold’ perspective. We knew where the high-end luxury market was headed, specifically in Holmby Hills, Beverly Hills, and Bel Air, and now those market predictions are coming true.”
Those redevelopment plans come with the sale of the property. But the execution of these plans will be on the next owner’s dime.
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Located in tony Holmby Hills, the 12,201-square-foot gated estate on the property was built for Charles H. Quinn and his wife, Florence Letts Quinn, widow of Alfred Letts, the original Holmby Hills developer. The businessman had selected the land, but died before building began on the estate.
Designed by master architect Robert D. Farquhar, Owlwood was built in 1936. It’s been home to Hollywood big wigs, from Tony Curtis to Sonny and Cher, as well as Hotel Bel-Air founder Joseph Drown and Twentieth Century Fox co-founder Joseph Schenck. Over the years, the estate has received plenty of publicity.
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The largest residence in Los Angeles when it was built, the home includes nine beds, 10 baths, a swimming pool, pool house, and tennis court. The parklike setting boasts manicured gardens, paths, and fountains.
The ornate finishes include intricate moldings, marble fireplaces, handcarved mantels, crystal chandeliers, and 24-karat gold bath fixtures.
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Although the home was sold last year, this is the first time it has hit the public market. If it sells anywhere close to the asking price, it’ll prove to be one of the most fabulous flips we’ve ever seen.
The post Give a Hoot to This $180M Mansion—Owlwood Is the Week’s Most Expensive New Listing appeared first on Real Estate News & Insights | realtor.com®.
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