‘Mil­lion Dol­lar’ de­vel­op­ment

Los Angeles Times - - HOT PROPERTY - Neil.leit­ereg@la­times.com By Neal J. Leit­ereg

“De­vel­op­ment op­por­tu­nity,” “sell­ing for land value” and “as is” are phrases used in real es­tate list­ings to de­scribe tear­downs, those homes prob­a­bly des­tined for a to­tal over­haul or the wreck­ing ball. In this oc­ca­sional fea­ture, we’ll high­light tear-downs of note.

The Bev­erly Hills es­tate where late tele­vi­sion and Broad way pro­ducer Michael Filer man made his home is poised for a makeover wor­thy of re­al­ity tele­vi­sion.

At the end of a cul-de-sac on the star-lined Heather Road, the 1.33-acre prop­erty came on the mar­ket in Jan­uary for $5.5 mil­lion and sold Wed­nes­day for $4.8 mil­lion af­ter com­mis­sions and clos­ing costs.

The buyer, Josh Flagg, a real es­tate agent with Rodeo Realty and star of Bravo’s “Mil­lion Dol­lar List­ing,” is plan­ning a ren­o­va­tion and ex­pan­sion of the 5,000square-foot prop­erty. He plans to tear it down to the studs and re­build an East Coast-in­spired 8,000square-foot res­i­dence.

The project will in­clude a 120-foot in­fin­ity lap pool and a two-story gallery to house a col­lec­tion of an­tique books. Its in­te­ri­ors will be a con­tem­po­rary play on the Hamp­tons style, draw­ing in­spi­ra­tion from the Co­ral Casino Beach and Ca­bana Club in Santa Bar­bara.

“The 12-car mo­tor court is about the only thing that will stay in­tact,” Flagg said.

He in­tends to re­name the es­tate Fal­con Crest, a nod to ca­reer ac­com­plish­ments of the former owner. Filer man, who died last year at 75, was an ex­ec­u­tive pro­ducer on such se­ries as “Knots Land­ing” and “Fal­con Crest.”

Flagg is de­vel­op­ing the prop­erty for him­self. But he in­ti­mated that he would en­ter­tain of­fers in the $15-mil­lion range: “Ev­ery­thing is al­ways for sale.”

Among neigh­bor­ing prop­er­ties is the es­tate of Paul Mc­Cart­ney, for­merly owned by Court­ney Love, as well as the one­time home of the artist Prince.

Across from the Filer man es­tate is the Bev­erly Hills com­pound built for Bert Lahr, a famed prop­erty whose line of celebrity own­ers also in­cludes Don John­son and Ozzy Os­bourne. Cur­rent owner Si­mon Fuller, cre­ator of “Amer­i­can Idol,” has the res­i­dence on the mar­ket for $18.95 mil­lion.

Flagg rep­re­sented him­self in the sale. David Yocum of Hil­ton& Hy­land, an af­fil­i­ate of Christie’s In­ter­na­tional Real Es­tate, and Michael Collins of Cold­well Banker Res­i­den­tial Broke rage were the list­ing agents.

Pho­to­graphs by Marc An­ge­les

THE BEV­ERLY HILLS es­tate en­com­passes 1.33 acres at the end of a cul-de-sac on a star-lined road.

THE BUYER PLANS to tear down the prop­erty to its studs and build an East Coast-in­spired res­i­dence.

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