Hot off the presses from the always hilarious Your Mama at the Realestalker comes an informative post about newlyweds Nick Lachey and Vanessa Minnillo settling down in the Beverly Hills of the San Fernando Valley otherwise known as Encino.
The happy couple spent $2,850,000 for an 8,134 sqft home on 0.5 acres consisting of 6 Beds/8 Baths which was built in 1981 located directly in front of the Encino Reservoir. The property boasts Rustic Tuscan themes (whatever that means) with a master suite, pool, spa, fire-pit, multi-camera security system, sound system, and wine cellar. The Property Records list the owner to The Lsn Revocable Trust with Kevin Judd as the Trustee.
Lachey recently sold his home in Bel Air for $5.5 million (with the same prop. record info as above) which he purchased in Feb 2006 for $5 million from Heidi Klum and Seal. That equates to a $500k profit not including taxes, real estate commissions, fees, and other costs. Not bad considering they purchased at the top of the market, although the property was originally listed at $6.8 million which shows that a large reduction was needed in order to make this deal work. As much as I like the SFV, I actually liked the Bel Air residence more because of the amazing views, mid century modern architecture, and the seclusion which is located next to Stone Canyon Reservoir. The Encino home looks like another fake McMansion with no style that you can find in Santa Clarita. But this is a free country and celebs can do however they please.
One possible reason for Lachey moving to Encino could be his prior history in the SFV. When he was married to Jessica Simpson they lived in Calabasas near the Calabasas Golf and Country Club where they filmed the infamous MTV reality show Newlyweds: Nick and Jessica (makes you wonder if Nick and Vanessa will do the same thing). Lachey and Simpson purchased this property in June 2002 for $1.685 million just before they got married and sold at the peak of the market for $3.4 million in Feb 2006 (due to their much publicized divorce) to another celebrity, Malcolm in the Middle actor, Justin Berfield. Without wasting anytime that is when Lachey purchased the Bel Air property and starting dating Minnillo.
Just like the rest of us at the bottom of the food chain that purchased at the peak of the market, Berfield could no longer commit to this investment and tried to offload starting in Nov 2007 for $3.75 million, then $3.995 million in April 2009, then $3.495 million in August 2009, and finally in May 2010 for $1.95 million before finally selling the home as a short sale in November 2010 for $2.1 million which was a significant $1.3 million loss not including all the other real estate expenses and assuming no additional loans were taken against the property which the bank was on the hook for or possibly, U.S. taxpayers. Real estate can be a dangerous investment.
One last thing, Lachey's brother, Drew, also lived in the SFV residing in the hottest place on earth, Woodland Hills. Drew and his wife Lea purchased their residence in June 2005 near the peak of the market for $1.44 million which they turned around and sold in December 2009 for $1.17 million which resulted in a hefty $300k loss not including other real estate expenses. Like I said before, real estate is a dangerous game. The two hightailed the SFV and Los Angeles altogether and moved back to their hometown in Cincinnati, Ohio.
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