Real Estate Fact Sheet: Hollywood Awaits The Return

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Welcome to the real estate newsletter, which this week documents the Southern California market, where an unfinished mansion made a fortune and a university set a record for the sale of its president’s stately home.

The unfinished mansion belonged to none other than NBA star Kevin Garnett, who never completed the 11,000-square-foot exhibit that occupied his scenic Malibu neighborhood. However, this did not stop him from selling the house for $ 16 million.

And this record-breaking mansion was owned by the University of Southern California, which has used the famous Seeley Mudd estate for the past 40 years to house its presidents. The pandemic forced the school to make some cutbacks and the 14,000 square foot home had to be abandoned. The good news is that USC is paying off by selling it for $ 25 million and setting a record price in San Marino.

Two other estates have made headlines in the past few days. In the resort peninsula of Coronado, a 134-year-old Victorian hotel, reminiscent of the iconic Hotel del Coronado a few blocks away, sold for $ 24 million. And in the Arizona desert, action star Steven Seagal pulled out $ 3.55 million for his super-private compound in a gated community with bulletproof windows and lifelike statues.

As the post-pandemic thaw continues in the Los Angeles commercial sector, many eyes are on one of the city’s most recognizable neighborhoods: Hollywood. Several people have been affected in the area over the past year, including the Paley Restaurant and ArcLight Hollywood, but it is keen to make a comeback as foot traffic is slowly returning.

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An athlete walks past an unfinished house

Aerial view of a large white house with a swimming pool on a large lawn.

The seaside estate consists of three plots on seven acres, centered on an 11,000 square foot home.

(Hilton and Highland)

Basketball Hall of Fame Kevin Garnett won $ 16 million in Malibu, sale of a work in progress mansion that he has been shopping for the past three years.

That’s $ 3.9 million less than his asking price, but still a significant improvement over the $ 6.4 million he paid for the property in 2003.

When Garnett bought the waterfront property, it contained a six-bedroom villa. It now houses an 11,000 square foot exhibition space that is still under construction. The design itself is there, but Garnett left the interiors unfinished for buyers to complete in their own style.

USC Presidential Mansion Makes History

Photo of a large two-story house surrounded by grass and trees.

The seven-acre site is centered on a 14,000-square-foot American Colonial mansion surrounded by expansive lawns and English rose gardens.

(Compass)

The USC Presidential Mansion, which has been home to university presidents for over 40 years, exchanged hands for $ 25 million. That’s $ 500,000 more than the asking price, making this home sale the most expensive in San Marino history.

When the house went up for sale for $ 24.5 million earlier this year, it was the first time it had hit the market. Records show that the contract was awarded less than a month after listing.

Part of the history of Trojans is also part of American history. Named Seeley Mudd Estate after the man who commissioned it, the complex sits on seven acres of land donated by US Army General George Patton and railroad tycoon Henry Huntington, who founded the Huntington Library in San Marino, a few miles from the hotel.

It has served as home to the presidents of the University of Southern California since 1979, and the lawns and rose gardens that surrounded the 14,000-square-foot mansion have been home to many school lunches, galas, and holiday parties.

Victorian house built in 1887.

Photo of a large Victorian house with gardens and two palm trees.

The Victorian Queen Anne was built in 1887 with an architectural staircase leading through four levels of living quarters.

(Brenda Senkevich / Model Image Media)

One of the finest examples of Victorian architecture in San Diego County is on sale in the resort peninsula of Coronado, where Baby Del, 134, entered the market for $ 24 million.

The 19th century residence is built in the same style as the famous Hotel del Coronado, a historic beach resort that claims to be the second largest timber structure in the country and is located a few blocks away.

Queen Anne’s Victorian Palace was built by Harriett Livingston in 1887, a year before the Hotel del Coronado was built. It was in the Sherman Heights area of ​​San Diego until 1983, when architect Christopher Mortenson lifted it and transported it by truck and barge to its current location near the beach in Coronado.

One of the largest private properties on the peninsula, it has been declared a San Diego Historic Landmark and is enjoying a Mills Act tax cut.

A martial artist sells his dojo

Photo of a two-story mansion in a desert landscape

The 12-acre estate is a 9,000-square-foot home of stone, copper and glass.

(Stephen Garner)

Steven Seagal completed his mission in the Arizona desert, 12 acre bulletproof compound sale outside Scottsdale for $ 3.55 million. This is $ 150,000 more than he asked for.

The martial arts artist-turned-action star, whose works feature films such as Above the Law, Hard to Kill, Driven into Murder and Today You Die, owned the house for nearly ten years. Records show that he shelled out $ 3.5 million for the property in 2010 and brought it back to the market two years later, putting it up for sale every few years before finally finding a buyer.

This modern home is built on a hillside within the gated community Carefree Ranch Homesteads. For added protection, the floor-to-ceiling windows are bullet-proof and provide a clear view of the surrounding valleys and mountains.

Hollywood is preparing for a comeback

A man photographs a woman posing with a street performer as people walk behind.

Alex Cannon (left) from Houston photographs girlfriend Emily Williams from Victoria, Texas posing with a street performer dressed as Freddy Krueger on Hollywood Boulevard.

(Mel Melcon / Los Angeles Times)

Hours before Hamilton was due to open at the Pantages Theater last year, the Broadway hit performances were canceled as decrees aimed at preventing the spread of the highly contagious new coronavirus sparked a cascade of disaster in the Hollywood area. – writes Roger Vincent.

More than a year later, boom, bust and hope for a new boom tells the story of Hollywood today as the neighborhood struggles to recover from the pandemic and its economic fallout.

High-profile victims of the COVID era include the high-end Paley restaurant on Columbia Square on Sunset Boulevard and the ArcLight Hollywood cinema, which included the famous Cinerama Dome.

Many others remained standing. “Miraculously, many of the family stores survived,” said Chris Larson, president of the Hollywood Partnership Business Improvement District.

What we read

Want to know where all the houses have gone? Baby boomers have a lot of them, and they won’t let go. The New York Times reports that aging boomers, fearful of nursing homes, are holding onto their homes for much longer than the previous generation, causing inventory shortages and rising prices across the country.

Hearst Castle is still closed to the public, but if you really want to get inside, Airbnb offers virtual tours of the iconic estate. For $ 20, a California State Park guide will take you through a 75-minute walk through the grounds. according to CBS Los Angeles.



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