Michael Jackson was saved from foreclosure, but probably not for long. One celebrity lists her home, another takes a gander at it. The city council tries to prevent mansionization. These stories and more in this week’s real estate roundup.
Celebrity Real Estate
Christina Aguilera has placed her 5-bedroom Hollywood Hills home on the market. Aguilera bought another house in Beverly Hills from Ozzy and Sharon Osbourne last year, the same house in which the show The Osbournes was filmed. The Hollywood Hills home is listed for $7.995 million, nearly $3 million more than Aguilera paid for it back in 2003. Adding more celebrity intrigue, actor Jason Statham of Transporter fame has apparently taken a look at the house with the possibility of buying.
Danny DeVito and wife Rhea Pearlman have listed a condo in Encino for $750,000, a rare occasion where a piece of celebrity real estate is at least somewhat affordable. DeVito and Pearlman do still have another property on the market for just under $32 million, so they’re not all about helping the little man.
Michael Jackson might have another chance to save his Neverland ranch. Investor Colony Capital has purchased his mortgage from Fortress Investments, forestalling the foreclosure that was schedule for this week. Jackson still owes $23.5 million on the ranch, a sum which he will most likely find impossible to attain, meaning the ranch will probably still be foreclosed sometime in the future.
News
The Los Angeles City Council passed a new law last week in an attempt to limit mansionization of the city’s flatlands. The new law limits the size of remodeled homes to between 3,000 and 4,000 feet in most areas. In addition to that law, the council voted for the preservation of almost 19,000 units in residential hotels, many of which were under the threat of being turned into condos or luxury lofts, forcing their mostly poor residents out.
An inspection of a foreclosed house in Rancho Cucamonga by a bank employee discovered $4.5 million worth of marijuana. The house’s owner, Angel Wayhang Kou, has been arrested for the weed and for stealing an estimated $100,000 worth of electricity to grow it.
President Bush has stated his intention to veto Barney Frank’s bailout proposal should it get through Congress. Bush has thrown his support behind a Republican proposal to fix the current problems. Another housing bill, proposed by Los Angeles Congresswoman Maxine Waters, has made it through the House. It would give $15 billion to local governments for the purpose of staving off foreclosures.
LandSource, developer of a 21,000 home development in the Santa Clarita Valley, has defaulted on a $1.1 billion loan to fund the project. The default could result in up to 48,000 acres of property being taken over by the company’s creditors.
Estate of the Week
The estate at 9826 La Jolla Farms Way in San Diego is certainly stunning. With a super modernist look and floor-to-ceiling glass, the home has an unforgettable look. One question I have is about its mostly concrete construction. When did concrete become an über-luxury material to build homes out of? I have never met anyone who lived in a concrete home, but it seems a fair number of mega estates are made out of the stuff. This particular estate offers private access to Blacks Beach, as well as a pool in case the beach is too far away for your state of mind.
Events
The Old Riverside Foundation is hosting a tour of some of Riverside’s vintage homes on Saturday. Tickets to the tour are $15 in advance, $18 day of, and can be purchased on this website. The tour runs from 10 AM to 5 PM and covers 8 homes.
Next Tuesday marks the start of the Green West exhibition at the Los Angeles Convention Center. A huge number of green businesses and products will be on display at the exhibition, which runs through Thursday. There will also be conferences on green issues. Tickets are $70 for one day, $110 for 2, and $150 for all 3.
Christina Aguilera photo via Wikipedia
Estate of the Week photo via MLS listing
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