An iconic and historically significant property in Los Angelesis 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 agoto Sturmer Pippen Investments.
The Owlwood estate surpasses a magnitude and level of beauty that any other property is incomparable to, says listing agentAdam 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 howthe property is primed for anupdate. Furthermore, the listing comes withtwo adjacent lotsthat weren’t part of last year’s sale, with the entire spread now totaling10 acres.
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 theseplans will be on the next owner’s dime.
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 in1936. It’s been home to Hollywood big wigs, from Tony Curtis to Sonny and Cher, as well asHotel Bel-Air founder Joseph Drown and TwentiethCentury Fox co-founder Joseph Schenck. Over the years, the estate has receivedplenty of publicity.
The largest residence in Los Angeles when it was built, the homeincludes nine beds, 10 baths, a swimming pool, pool house, and tennis court. The parklike setting boasts manicured gardens, paths, and fountains.
The ornate finishes includeintricate moldings, marble fireplaces, handcarved mantels, crystal chandeliers, and 24-karat gold bath fixtures.
Although the home was sold last year, this is the first time it hashit 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.