Will Buyers Give a Hoot? Owlwood Has $65M Price Cut

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Owlwood—one of the most glamorous and storied mansions in Los Angeles—has been owned by a luxury hotel founder, a movie mogul, an oil tycoon, a prominent leading man, and a pop duo.

Now it can be yours for a substantially discounted price. But before you break out the checkbook, let’s pause to review.

After landing on the market last year for $180 million, the 10-acre property with a 12,200-square-foot Italian Revival mansion is now back up for sale at a price of only $115 million. That’s a discount of over 35%—or 36.11% to be exact.

The Owlwood estate in Holmby Hills

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That drastic price cut may be attributed to the current owner’s legal entanglements. The owner is Woodbridge, a development company that was charged last year by the Securities and Exchange Commission with running a billion-dollar Ponzi scheme and defrauding thousands of investors.

Woodbridge purchased the property in 2016 for $90 million. Decades earlier, Sonny and Cher attended a birthday party at the estate, which was owned by actor Tony Curtis at the time. Cher fell in love with the property and ended up buying it from Curtis in 1967. She promptly redecorated it, and her efforts led to the home being featured on the cover of Architectural Digest in 1972.

Living room

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The mansion—called Owlwood in reference to the owls living in the towering trees on the property—has a storied past. Curtis had purchased the place from oil tycoon William Keck. Keck had bought it from movie mogul Joe Schenck, the first president of United Artists and chairman of 20th Century Fox. Schenck bought it from Joseph Drown, founder of the Hotel Bel Air.

The main residence was the largest home in Los Angeles when it was built in 1937 by architect Robert D. Farquhar. The nine-bedroom home features public rooms adorned with ornate finishes, including elaborate molding, rich paneling, coffered ceilings, marble fireplaces with handcarved mantels, crystal chandeliers, and 24-karat gold bath fixtures.

Master bedroom

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Morning room

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Sunroom

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The property includes three parcels: The main residence occupies one of the parcels; another parcels holds a sunken tennis court, pool house, and swimming pool. The third parcel features lush landscaping with manicured gardens, paths, and fountains.

Pool and pool house

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Tennis court

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Aerial view of the three parcels

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If it sells at its currently listing price, even after the hefty discount, Owlwood would be the priciest home ever sold in Los Angeles County, The current title holder is an oceanfront property in Malibu, which was sold last April for $110 million.

There are currently pricier properties in the area on the market, including the Billionaire mansion ($188 million) and the Beverly house ($135 million).

Owlwood is represented by Jade Mills of Coldwell Banker Residential Brokerage and Linda May and Drew Fenton of Hilton & Hyland.

The post Will Buyers Give a Hoot? Owlwood Has $65M Price Cut appeared first on Real Estate News & Insights | realtor.com®.

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