Can it flip that high?

Le­gendary Owl­wood sold last year for $90 mil­lion. It’s now listed at twice that.

Los Angeles Times - - HOT PROPERTY - By Rachel Spacek rachel.spacek@la­ Twit­ter: @rachelspacek

Just 10 months af­ter be­ing sold for $90 mil­lion, mak­ing it the sec­ond-largest sale ever in Los An­ge­les County at the time, the his­toric Owl­wood es­tate has re­turned to the mar­ket for dou­ble the price.

The 10-acre Holmby Hills prop­erty fea­tures a 12,000-square-foot 1936 Tus­can-style man­sion de­signed by ar­chi­tect Robert D. Far­quhar. Among its fa­mous for­mer res­i­dents: ac­tor Tony Cur­tis and, later, singing duo Sonny Bono and Cher.

Owl­wood con­sists of three build­able parcels. One lot is cur­rently va­cant, the sec­ond in­cludes the 1936 home and the third is home to a com­plex that in­cludes a swim­ming pool, a guest­house and a sunken ten­nis court.

The three parcels were com­bined in 2002 by the late bil­lion­aire Toland Ar­nall, founder of Ameriquest Cap­i­tal Corp., and his wife, Dawn.

Last year the sto­ried es­tate sold to Sturmer Pip­pin In­vest­ments. Bob Shapiro, head of Sturmer Pip­pin In­vest­ments and chief ex­ec­u­tive of Wood­bridge Lux­ury Homes, said that since the sale he has 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.”

The de­vel­op­ment will in­clude an op­tion to sub­di­vide a por­tion of the acreage for ad­di­tional homes that would be part of a gated en­clave with a pri­vate street.

“Nowhere else can you find 10 park-like acres in the mid­dle of Holmby Hills,” said Ty­rone McKillen, co-founder of Plus De­vel­op­ment group.

“It’s prob­a­bly one of the great­est sin­gle prop­er­ties in all of Amer­ica.”

One of the big­gest ques­tions: At $180 mil­lion, who will buy it?

Paul Habibi, pro­fes­sor of real es­tate at UCLA, said it is about find­ing a buyer who rec­og­nizes the prop­erty as a his­toric one-of-akind es­tate.

“Those streets in Holmby Hills have some of the high­est prices in the na­tion,” said Habibi. “

If there is a prop­erty that is go­ing to com­mand a price at $180 mil­lion, it is go­ing to be in that area.”

Habibi also said putting a $180-mil­lion price on the home could be a mar­ket­ing strat­egy to give the home more buzz.

Bret Par­sons, real es­tate agent and ar­chi­tec­tural direc­tor for Cold­well Banker, said Owl­wood’s sell­ers are smart to take ad­van­tage of a “strato­spheric” mar­ket where peo­ple will pay al­most any­thing for tro­phy homes.

“Owl­wood is a metaphor for the dra­mat­i­cally ris­ing prices of prop­er­ties in Los An­ge­les and South­ern Cal­i­for­nia, and peo­ple are tak­ing ad­van­tage of it,” Par­sons said.

Last year, for in­stance, two no­table Holmby Hills prop­er­ties were each sold for $100 mil­lion: the Play­boy Man­sion and a home on Carol­wood Drive pur­chased by in­vestor Tom Gores.

And shortly af­ter Owl­wood’s sale, the Manor — the for­mer Candy and Aaron Spell­ing es­tate in Holmby Hills — was listed for $200 mil­lion.

He added that it’s ul­ti­mately the buyer who de­ter­mines the value of a home: “Homes have no value un­til some­one is will­ing to pay some­thing for them.”

Plus De­vel­op­ment Group will over­see the de­vel­op­ment of the Owl­wood prop­erty. Adam Rosen­feld, co-founder of Mercer Vine, an L.A.-based real es­tate agency, is the list­ing agent.

Pho­to­graphs by Mercer Vine

THE 10-ACRE HOLMBY HILLS site has a 12,000-square-foot 1936 man­sion, whose res­i­dents have in­cluded Tony Cur­tis.

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