This week saw a flurry of new listings hit the market, ranging from $17 million to $55 million. Sellers also dropped the prices of some older listings, the latest sign of a slowdown in the Los Angeles luxury residential market.
The former home of the late heavyweight champion Muhammad Ali is being marketed for sale for just under $17 million. Located in the Hancock Park neighborhood, the Italian Renaissance estate boasts seven bedrooms and seven bathrooms within 14,500 square feet of space. The most-recent sellers are Michael Lawson, a retired lawyer and chief executive of a national civil rights group, and Mattie McFadden-Lawson, a philanthropist who sat on President Barack Obama’s Advisory Committee on the Arts. Ali and his family lived there from 1979 to 1986.
John Kocinski, a former Grand Prix motorcycle racer-turned-developer, is looking to unload his Holmby Hills mansion for $30 million. Designed by architect Richard Robertson III of Robertson Partners, the Mediterranean-style home spans 9,000 square feet. It includes four bedrooms, eight bathrooms, a theater, library, swimming pool and 800-bottle wine cellar. Kocinski, who has been buying and selling real estate for the past two decades, previously sold a home to comedian Eddie Murphy for $15 million.
Developer-to-the-stars Nile Niami put his own home on the market this week. The 14,000-square-foot property, listed for $55 million, includes six bedrooms and 10 bathrooms. He included his his usual extravagant amenities, such as a cold-therapy chamber and gym. The modern-style mansion is located in West Hollywood.
A Pasadena mansion used to film the original “Dynasty” television show has been discounted to $19.5 million, down from an initial ask of $28 million. The 17,600-square-foot property, dubbed the Arden Villa, includes 10 bedrooms and 11 bathrooms on four stories. Built in 1913, the property was designed by Marston & Van Pelt. An entity registered to Guang “Geoffrey” Ren, who purchased the home in 2013 for $20 million from “Spring Breakers” producer David Zander, is selling the home. In addition to “Dynasty,” the property has been a filming location for “Terms of Endearment” and “Billy Madison.”
The price of the former home of the late producer-director Garry Marshall, the creator of “Happy Days,” also dropped, to $15.9 million, from $18 million. The 3,190-square-foot home has five bedrooms, four bathrooms and about 40 feet of beach frontage, the Los Angeles Times reported. Marshall bought the pad, built in 1965, from the late Debbie Reynolds. It was been featured in Marshall’s “Valentine’s Day” romantic comedy.
Source: The Real Deal Los Angeles