Real Estate Fact Sheet: Golden Palace Chases Record Price



Welcome back to the real estate newsletter. In the Southern California luxury market, not all that glitters is gold, but sometimes it is.

A newly built mansion decorated with Swarovski crystals and 24-karat gold went up this week in Newport Beach for $ 69.8 million – a price that will break the record for home sales in Orange County. Some homes strive for sophistication. This is not true.

In Los Angeles County, two athletes have gone badly off the field. NFL legend Tony Gonzalez has found a billionaire buyer for his Georgian-style home, and boxer great Sugar Ray Leonard has exhibited his long-standing Palisade estate for $ 46.5 million.

A battle is brewing for the future of Taix, the historic Echo Park restaurant, which is to be transformed into a six-story complex of residential buildings and shops. The tug of war pits heritage defenders and longtime patrons against the owner himself, who is supporting the renovation.

Whether you’re brave enough to buy or creative enough to conquer this historic seller market, we’ve got you covered. The Times dived into recent archives and unveiled 18 inspiring homes that boast both high-quality design and small footprint.

Find out about the latest news, come in and like our facebook pagewhere you can find real estate news and news throughout the week.

Golden Palace at OC

A two-story house with columns and a reflective pond in front.

The Palais de Cristal is a celebration of wealth in the Newport Beach community on the Newport Coast.

(David Heath from Western Exposure)

On the coast of Newport one of the most luxurious mansions in Southern California aims for highest price in Orange County history: $ 69.8 million.

Called Palais de Cristal, the newly built stunning Palladian-style facility is a celebration of wealth – a 15,500 square foot mix of gold, onyx and glass filled with quirky spaces and ostentatious amenities.

It belongs to the founder of Amini Innovation Corp. Michael Amini, who raised his furniture company into a lifestyle brand that sells products through over 3,000 retailers in 80 countries. If he gets his price, he will be the owner of the Orange County home sales record; the current brand belongs to a 19,000 square foot mansion in the same area. who exchanged hands for $ 61 million last year.

Amini outfitted the fully furnished estate with one-of-a-kind items and made sure that all the home furnishings – doorknobs, stair railings, etc. – were plated with 24-karat gold. In the foyer, a stained glass dome called “The Eye of the Phoenix” draws attention with gold pendants and an eye inlaid with Swarovski crystals in the center.

Boxer tries to knock out a sale

Mansion with a lawn.

The 1.8 acre spread is centered on a 16,700 square foot villa built by Richard Landry.

(Hilton and Highland)

Boxing legend Sugar Ray Leonard is trying to knock out a near-record sale in the Pacific Palisades, listing its grandiose Riviera villa for $ 46.5 million.

The current record was set this year when the media mogul Shane Smith sold his Mediterranean style home for $ 48.67 million.

This listing marks Leonard’s second attempt to sell the valuable property. He first offered it for $ 52 million in 2019. This was previously reported by The Times.

Covering 1.8 acres, green space is centered on a 16,700-square-foot home built by Richard Landry, an architect whose mega-mansions were home to stars such as Michael Jackson as well as Sylvester Stallone… He drew inspiration from Florentine villas for design, and Italian-style architecture includes large public spaces with arched doorways, dramatic beams, and custom art.

House with a two-storey outbuilding and a one-storey one with a swimming pool.

Almost 13,000 square feet of exhibit space includes seven bedrooms, 10 bathrooms, a swimming pool, tennis court, cockpit and underground garage.

(Simon Berlin)

NFL Legend Tony Gonzalez finds a wealthy buyer in Beverly Hills, selling his 13,000-square-foot mansion to billionaire investor Wayne Boych for $ 21.15 million.

Boich, who is the chairman and CEO of Boich Investment Group, got a decent discount on real estate. Gonzalez and his wife, former Beat Shazam DJ October Gonzalez, originally sought $ 30 million for the mansion last summer, and dropped the price to $ 28 million a few months later.

The Star Treasure paid $ 7.1 million for the property in 2016 and quickly demolished the traditional 1950s-style home, replacing it with a Georgian-style exhibition space designed by architect Philip Vertoch.

The Battle for Tykes’ Future

Building with "Taix" sign.

The French restaurant Taix, a favorite of Echo Park for generations of Dodgers diners and fans, is giving way to a mixed-use project. It will operate until construction starts and then open at a new facility.

(Gary Coronado / Los Angeles Times) #

Taix French Restaurant has been an Echo Park reserve for decades, an old-school gathering place for cocktails and “rustic French” cuisine, where birthdays, meetings and gatherings have been celebrated for generations after Dodgers games. by Emily Alpert Reyes.

But the debate was sparked by the developer’s planned project on Taix’s Sunset Boulevard, which will replace the old building with a new complex that will grow to six stories and will include housing and retail. Holland Partner Group says the new project will house a smaller version of the restaurant, which the owner dubs “New Taix”.

Historians and Taix fans want to protect the building. Owner Michael Tykes said it would jeopardize the cherished business itself.

The best of life in a small SoCal space

Two people and a dog in front of the house.

John Velasco and Ariel Gomez-Hernandez with their dog Lando, outside of East Los Angeles, they rent from Alexis Navarro.

(Jay L. Clendenin / Los Angeles Times) #

Living in a small space doesn’t mean you have to sacrifice style or give in to clutter. You just need creative thinking – writes Lisa Boone.

Do you live in an apartment, attic, bungalow, additional apartment building – or even trailer – a small life can give you the opportunity to think big and still live at a lower cost.

Homes in Southern California are known for their architectural diversity – Artisan, Spanish as well as Mid-century modern among them. Here are some inspiring homes from our archives that are notable not only for their design, but also for their small footprint.

What we read

By now everyone knows there is a housing shortage, but this report from the New York Times found that the California real estate market – at least in terms of supply – remains relatively stable. Of the country’s 50 largest metropolitan areas, only Riverside experienced a sharp drop, losing 64% of its listings in a year. Austin, Texas topped the list with a 73% loss.

In the seller’s market, getting a home above all of your competitors can mean offering it all in cash. According to CNN.25% of home sales in April were in cash, up 10% from last year. Some agents said that sometimes even a full cash offer was not enough.


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