‘Million Dollar’ development
“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.
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.