Currently, the ultra-high-end Los Angeles real estate market is rather peculiar. A few days ago, “The One,” a nearly finished 100,000 square foot home, went into default on its construction financing and was compelled to enter receivership because it was unable to find a buyer. Football legend Joe Montana cheerfully spent $7 million (one-third of his total NFL earnings) on a 1,400-square-foot, three-bedroom mansion in Malibu.
Down the block from Joe’s new beach shack you’ll find Pierce Brosnan’s absolutely stunning 13,000 square-foot multi-structure beachfront compound. Pierce removed it off the market after more than a year of trying to sell it for his $100 million asking price and failing to find a buyer despite the fact that it was flawless.
Thus, it costs $100 million to complete the project, which will likely cost an additional $20–50 million.
MLS, Zillow, Hilton & Hyland, and
In the picture up top, you can see a 4 acre property that is actually divided into two lots of land.
Ian Livingstone, an English billionaire, is the seller of both shipments. Ian and his brother Richard parlayed a successful chain of eyeglass stores into a combined net worth of $4 billion built on an impressive real estate company they co-founded called London & Regional Properties. London & Regional is one of the biggest privately-owned real estate investors in Europe, despite its uninspiring name. Despite the extraordinary secrecy surrounding L&R’s holdings, it is estimated that the corporation has global assets worth over $10 billion. Some of their recognized assets are:
Jamie McCourt sold the properties to Ian. The houses were purchased from the producer Babyface in 2004 by Jamie and her then-husband Frank McCourt for $21.3 million. They then invested $14 million in different repairs. Jamie and Frank both acquired their riches in a quite mundane manner. Parking lots in Boston were the source of their first riches. Following a failed attempt to purchase the Boston Red Sox, Frank and Jamie paid $430 million for the Los Angeles Dodgers in 2004, primarily through borrowed debt. the significant relocation from Boston to Holmby Hills.
Evan and Miranda’s home is directly across the street from the Playboy house. The estate of Evan and Miranda is shown in yellow below. Hugh Hefner owned the Playboy house at the time it was circled in red:
So ya. Evan and Miranda’s new estate is off the charts even in its current mid-construction form.
Maybe for that reason, $100 million in this situation was appropriate. And even if they spend an additional $50 million (or more) on the project’s completion, they’ll probably still come out ahead. They don’t concerned about money because Evan currently has a net worth of $13 billion.
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