Celebrity Real Estate: John Larroquette Lists Sherman Oaks Pad
[Update December 5, 2011]: This property sold on November 28, 2011 for $549,000 (representing a loss of $221,007 from original purchase) which was the last listing price but down from $659K which was originally listed on June 2010. This transaction took about 4 months to complete after being listed at $549K which is not too bad considering it was a short sale.
[Original Post]:
Back on August 15th, Ann Brenoff at AOL Real Estate posted that John Larroquette who made his mark in the popular 80's show, Night Court, has listed his home in the Sherman Oaks area as a short sale. Hence, the sole picture above and the reason for the lack of exterior and interior pictures which is common with short sales these days. I am not sure why Short Sales cant show more pics although I have seen some listings where it was better off not showing anything at all, but this is the way of the real estate world.
This property is currently under contract but was listed before back in June 2010 for $659K, September 2010 for $639K and now for the current asking price of $549K. This is known as chasing the market down and could even be lower when/if this deal is closed depending on what the negotiations bring out. Larroquette purchased this property back in 2005 for the random sum of $770,007. Yes, someone tacked on the extra $7 to make the deal happen. Another random tidbit is that the property records state either Justine D Baddeley or Diana Baddeley as owners on the property. Not sure who is Diana Baddeley but a search on the internet shows Justine Baddeley as a casting director for several movies at IMDB.com. I am not stating any facts here just random info I can find on the internet so this info needs to be confirmed.
The property consists of 3 Beds/2 Baths with 1,262sqft on a total lot size of 6,959sqft. In the home, you will find country style kitchen, separate dining area, original refinished hardwood floors, wondeful built-ins and cabinetry for additional storage throughout the home, brand new A/C and heater, tankless water heater, and remodeled bathrooms. For a celebrity, this is a rather humble place to call home that is walking distance to the busy and congested Van Nuys Blvd near the Sherman Oaks hospital.
I tried to search prior residences for Larroquette but all I could find is a home in Malibu above Zuma Beach that was suspossedly his residence during the 90's according to The Movieland Directory. This property is massive with 4 Beds/5 Baths on 4,535sqft of living space on almost 1.5acres. Dont know when and why he sold this property assuming he even owned it but this is like a castle compared to his current home.
The one interesting thing about this property is that its a short sale. It was obviously purchased at the peak of the market and Larroquette is underwater as so many other unfortunate homeowners. If the deal is agreed upon at the asking price, the bank will take a $221,007 (there's that extra $7 again) loss assuming its only one loan against the property. Something tells me that Larroquette can easily afford this property with his steady paycheck based on the amount of shows and movies completed every year listed at IMDB.com. But I am not privy to Larroquette's financial position so maybe something else is brewing in the background. At any rate, if the short sale is approved, he will walk away from this debt trap free and clear. This could be a good lesson for other underwater homeowners.
You can view more San Fernando Valley Celebrity R.E. here.
The one interesting thing about this property is that its a short sale. It was obviously purchased at the peak of the market and Larroquette is underwater as so many other unfortunate homeowners. If the deal is agreed upon at the asking price, the bank will take a $221,007 (there's that extra $7 again) loss assuming its only one loan against the property. Something tells me that Larroquette can easily afford this property with his steady paycheck based on the amount of shows and movies completed every year listed at IMDB.com. But I am not privy to Larroquette's financial position so maybe something else is brewing in the background. At any rate, if the short sale is approved, he will walk away from this debt trap free and clear. This could be a good lesson for other underwater homeowners.
You can view more San Fernando Valley Celebrity R.E. here.
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Marty Mcfly
Anything and everything about the San Fernando Valley. This blog will take you back in time when the valley was covered with dirt and orange groves to a leader in the space race to its current status as America's suburb. Come along and join me on this adventure, I guarantee you have been influenced/impacted by the San Fernando Valley in one form or another even if you have never visited or heard of the SFV.
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