Palos Verdes estate sells for nearly half its $27M asking
The seller, Alexander Haagen III, also owns Coachella music festival venue
A real estate developer who also owns the property where the annual Coachella music festival is staged, has sold his home in Palos Verdes Estates for a whopping discount.
Alexander Haagen III, who owns the Empire Polo Club where the Coachella Valley Music and Arts festival is held, sold his home in the Malaga Cove section of Palos Verdes for $14.1 million, The Real Deal has learned. That was a little over half the $26.7 million Haagen first asked for the home in February 2017.
The buyer was Deborah D. Adkins.
The 8,847-square-foot home, at 2701 Via Elevado, has four bedrooms and six baths, boasts panoramic views of the ocean and city, and has a billiard room, massage room and wine cellar, according to its most recent listing. The private 3.3-acre compound, built in 1936, was owned by the Haagen family for more than 40 years.
After the listing, the price on the home was dropped to $18.9 million in May, more than a year later. David Konheim of Hilton & Hyland had the listing. Konheim did not respond to a request for comment.
Haagen III, along with his son, owns the 330-acre Empire Polo Club in Indio, east of Los Angeles, which plays host to the yearly Coachella festival. He inherited the Palos Verdes home from his father, the late Alexander Haagen, who developed and redeveloped almost 120 shopping centers in Southern California. The elder Haagen died in 2011.
The price drop was reflective of sluggishness that has been creeping into the L.A.-area real estate market market, where buyers in recent years have been overpricing high-end properties by as much as 50 percent, according to some industry executives.
Source: The Real Deal Los Angeles