Real estate bulletin: Hollywood plans a comeback

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Welcome to the real estate newsletter, which this week documents a Southern California market where a half-finished mansion made a fortune and a university set a record by selling its president’s stately home.

The half-finished mansion belonged to no one other than NBA star Kevin Garnett, who never managed to complete the 11,000-square-foot storefront that occupied its scenic expanse in Malibu. That didn’t stop him from selling the place for $ 16 million, however.

And the record-breaking mansion was owned by the University of Southern California, which has used the famous Seeley Mudd estate to house its presidents for the past 40 years. The pandemic forced the school to cut back, and the 14,000 square foot house had to disappear. The good news is that USC got their money’s worth, selling it for $ 25 million and setting a price record in San Marino in the process.

Two other areas have made headlines in recent days. On the seaside Coronado Peninsula, a 134-year-old Victorian who looks like the iconic Hotel del Coronado a few blocks away has been put on the market for $ 24 million. And in the Arizona desert, action star Steven Seagal raised $ 3.55 million for his ultra-private resort in a guarded community with bulletproof windows and lifelike statues.

As LA’s commercial sector continues its post-pandemic thaw, many eyes turn to one of the city’s most recognizable neighborhoods: Hollywood. The area has taken a few casualties over the past year, including Paley Restaurant and ArcLight Hollywood, but it is aiming for a comeback as foot traffic slowly returns.

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The athlete walks past a half-built house

The Coastal Estate combines three plots over seven acres, centered on an 11,000 square foot home.

(Hilton and Hyland)

Basketball Hall of Fame Kevin Garnett scored $ 16 million in Malibu, selling a half-finished mansion he had toured in the past three years.

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

When Garnett bought the coastal area, there was a six bedroom villa. Now it houses an 11,000 square foot showroom which is still under construction. The structure itself is there, but Garnett left the interiors unfinished to allow buyers to complement it with their own personal flair.

USC presidential mansion makes history

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

The seven-acre land is set in a 14,000 square foot American Colonial-style mansion surrounded by expansive lawns and English rose gardens.

(Compass)

The USC presidential mansion, which housed the presidents of the university for more than 40 years, traded hands for $ 25 million. That’s $ 500,000 more than asking price, making it the most expensive home sale in San Marino history.

When the residence went on sale earlier this year at $ 24.5 million, it was the first time it had hit the market. Records show he entered into a contract within a month of enrollment.

The piece of Trojan history is also a piece of American history. Named Seeley Mudd Estate after the man who commissioned it, the resort sits on seven acres of land donated by U.S. Army General George Patton and railroad magnate Henry Huntington, who established the Huntington Library of San Marino a few miles away.

It has served as the residence of USC Presidents since 1979, and the grassy lawns and rose gardens surrounding the 14,000-square-foot mansion have been the setting for many dinners, galas, and holiday celebrations.

A Victorian built in 1887

A photo of a large Victorian house with gardens and two palm trees

Built in 1887, the Queen Anne Victorian has an architectural staircase that winds through four levels of living spaces.

(Brenda Sienkiewich / Model Image Media)

One of San Diego County’s finest examples of Victorian architecture is up for grabs on the Coronado Peninsula, where 134-year-old Baby Del was marketed for $ 24 million.

The 19th-century residence is built in the same style as, and is a few blocks from the famous Hotel del Coronado, a historic resort that claims the title of the second largest wooden structure in the country.

The Queen Anne Victorian was built by Harriett Livingston in 1887, a year before the Hotel del Coronado was built. It was located in the Sherman Heights neighborhood of San Diego until 1983, when architect Christopher Mortenson picked it up and moved it by truck and barge to its current location near Coronado Beach.

One of the largest privately owned properties on the peninsula, it has been declared a Historic Landmark in San Diego and benefits from property tax cuts thanks to the Mills Act.

A martial artist sells his dojo

A photo of a two story mansion in a desert landscape

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

(Stephen Garner)

Steven Seagal completed his mission in the Arizona desert, selling a 12-acre bulletproof complex outside of Scottsdale for $ 3.55 million. It is $ 150,000 more than what he was asking for.

The martial artist-turned-action star – whose credits include films such as “Above the Law,” “Hard to Kill,” “Driven to Kill,” and “Today You Die” – owned the house for about a year. decade. Records show he shelled out $ 3.5 million for the property in 2010 and put it back on the market two years later, suspending it for sale every few years before finally finding a buyer.

Built into a hillside, the modern home is secure in the guarded community of Carefree Ranch Homesteads. For added protection, floor-to-ceiling windows are bulletproof with an unobstructed view of the surrounding valleys and mountains.

Hollywood is preparing a comeback

A photo of a man taking a photo of a woman posing with a street performer with people walking behind

Alex Cannon, left, from Houston, photographs his friend Emilee Williams, from Victoria, Texas, posing with a street performer dressed as Freddy Krueger on Hollywood Boulevard.

(Mel Melcon / Los Angeles Times)

Hours before the opening of “Hamilton” at the Pantages Theater last year, performances of the Broadway hit were called off as edicts aimed at preventing the spread of a highly contagious novel coronavirus sparked a cascade of woes for the Hollywood neighborhood, writes Roger Vincent.

Over a year later, boom, bust and hope for another boom tell 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 upscale Paley restaurant in Columbia Square on Sunset Boulevard and ArcLight Hollywood, the movie complex that included the famous Cinerama Dome theater.

Many others clung. “Somewhat miraculously, a lot of mom-and-pop stores have survived,” said Kris Larson, president of the Hollywood Partnership’s business improvement district.

What we read

Wondering where all the houses have gone? Baby boomers have lots of them and they just keep going. The New York Times reports that aging baby boomers, wary of nursing homes, are clinging to their homes much longer than the generation before them, causing inventory shortages and price hikes across the country.

Hearst Castle is still closed to the public, but if you can’t wait to get in, Airbnb offers virtual tours of the iconic estate. For $ 20, a California State Park guide will take you through a 75-minute field walk, according to CBS Los Angeles.

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