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Celebrity Real Estate: Wayne Brady Moving Out of Sherman Oaks

[Update April 11, 2013]: This home finally sold for $1.8 million on March 29, 2013 after first being listed for $2.199 million way back on August 16, 2011. Talk about patience! Although the final sale price is $399,000 lower than the original price, Brady actually lost $750.000 from when he first purchased back on December 2, 2005 for $2,550,000.

[Original Post]:
Just posted at L.A Times Hot Property from the always informed Lauren Beale comes word that Wayne Brady, host of Let's Make A Deal,  improv legend on the TV series Whose Line Is It Anyway?, and had his own daytime talk show, The Wayne Brady Show, has just listed his mansion in Sherman Oaks for $2.199 million which has been on the market for 22 days at the time of this posting.

The 5 Bed/5 Bath on 5,468 sqft with a lot size of 0.46 acres was built in 2004. The home opens up to the living room with gourmet kitchen, large master suite, built in media center, customized walk-in closets, lavish spa style bathroom, whirlpool tub, home theatre, and a play area for the kids. 

Brady originally purchased this home in December 2005 for $2.550 million near the peak of the housing bubble which means that he will be taking a good sized loss of roughly $350K not including real estate commissions, fees, any renovations costs, and other expenses related to the acquisition of the property. As I have mentioned before, its amazing that the high end is trying to sell their properties for relatively minor losses or even minor gains in this difficult real estate market when the rest of the common folk are experiencing 30 - 50% losses. But I guess the high end is a different game and only for the privileged. 

While reviewing the property records, discovered that Brady purchased this property under a Trust from celebrity Melissa Joan Hart through her Trust which she purchased in April 2005 for $2.4 million and I guess had some major remorse with this property which she ended up listing back on the market about 6 months later which was sold to Brady in December. 

We recently discussed a previous home that Melissa Joan Hart owned nearby in the Encino area that is currently for sale by another celebrity, Heidi Saban Stills. So Hart purchased that property in April 2003 for $2.5 million, sold to Heidi's step father Haim Saban (its complicated, you will have to read the post) for $3.15 million in April 2005. Then, Hart purchased this property in April '05 for $2.4 million and selling at the end of the year for $2.55 million. So with a combined profit of $800k, Hart purchases back in Sherman Oaks for $2.8 million in November 2005 under a Trust. But it doesnt end there, Hart sells the property in July 2009 for $2.475 million which means she took a loss of $325k essentially returning back some of her gains. Reminds me of the movie Wall Street, where Gordon Gekko says its a "zero sum game." Did you catch all that? So after all that moving back and forth, I am not sure where the Melissa Joan Hart clan has currently laid down their roots. I am assuming its somewhere in Encino, Sherman Oaks, or Studio City based on the past residences. Based on the amount of time they spend in a house, they will be shortly due for a move so maybe some gossip will come out in the not so distant future of a new home purchase. 

So got way off tangent with respect to Brady who is also not fond of living in one residence for more than 2 minutes as he has had two other notable properties in the San Fernando Valley. Brady lived in Tarzana from 2000 to 2002 paying $580,000 for a 2,800sqft home next to Reseda Blvd and the Braemar Country Club back when home prices made sense. He sold that property in 2002 earning a decent $120k gain (on a separate note, that property succumbed to the R.E. woes and became a Real Estate Owned property in 2009) and buying in Sherman Oaks for $1.290 million for a 5 Bed/B Bath 5,488sqft home which appears to be similar to his current property which is actually walking distance. So I am not sure on the reason for the move but this property was sold in December 2005 for $2.15 million netting Brady a gain of $860k which led to his current property. So not sure where Brady is headed off too but once again my guess is somewhere in the celeb friendly parts of the SFV based on past residences.

In closing, we wish Brady the best of luck on the sale of his home as there are numerous homes available in this area including other celebs we have mentioned such as Persia White Joseph Barbera, and Anna Nicole Smith in Studio City; John Larroquette and Pink in Sherman Oaks; and Heidi Saban, Charlie Sheen's former home, and Tori Spelling in Encino. 

You can check out more Celeb 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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