Celebrity Real Estate: Hillary Duff Hopes To Finally Sell Mansion in Toluca Lake
[Update August 27, 2012]: According to property records, this home finally sold on July 18, 2012 for $4,651,500 representing a decent gain of $1,151,500 not including expenses such as taxes, upkeep, commissions, etc. This home was originally on the market back in September 2010 for $7 million which has taken close to two years and multiple big reductions in order to sell. I am sure that the Hillary Duff clan are relieved to have this property off their books.
[Original Post]:
Back in September 2010 before the SFValleyblog was blogging about Celebrity Real Estate, the hilarious Your Mama at the Realestalker discussed the listing of the massive mansion of the Hilary Duff clan with an offering price of $7,000,000. There were no takers and the home was taken off the market only to appear again on September 12, 2011 with a big reduction down to $6,250,000. Mrs. Duff is currently facing some hurdles in offloading her property in the past year. Keep in mind this home is currently the second most expensive property on the market in Toluca Lake behind an ever grander and more expensive $8,200,000 mansion.
For those that arent knee deep in the celebrity real estate circle, Hilary Duff purchased another mansion in June 2010 with her hockey professional husband Mike Comrie in Beverly Hills for $3,850,000 which was also revealed by Your Mama at the Realestalker. It appears she no longer lives in this home and has fully moved onto her BH mansion but this is just a guess.
For those that arent knee deep in the celebrity real estate circle, Hilary Duff purchased another mansion in June 2010 with her hockey professional husband Mike Comrie in Beverly Hills for $3,850,000 which was also revealed by Your Mama at the Realestalker. It appears she no longer lives in this home and has fully moved onto her BH mansion but this is just a guess.
According to the online listing, the property in Toluca Lake boasts 5 Beds/6Baths on 9,277 sqft (property records state 8,827sqft) on 0.45 acres. The property was originally built in 1951 but appears to have definitely been remodeled with a gourment kitchen consisting of all the high end appliances, billiard room, pool and spa with adjoining outdoor living room, and a refined master suite with dual baths. The property is listed under a trust which was purchased back in 2004 for $3.5 million.
So Mrs. Duff is trying to make an easy double of her original investment (not factoring in all sorts of expenses for this property) in what are rather unprecedented economic times. Keep in mind that the rest of the common people's property values are somewhere levitating between 2002 and 2004 levels. So to sell a property at double the price level of 2004 is truly amazing but that is the way of the high end. This assumes that this house was the same in 2004 with no major upgrades since then. If so, then that obviously changes the valuation. So we wish Mrs. Duff good luck with trying to sell her property. She has already had it on the market for over a year and with major price deductions. Additionally, she has competition with other celebrities like Jason Priestly not to mention the many other celebrities selling their pads in the San Fernando Valley.
On a completely separate note, a review of the property records reveal a list of prior celebs that have owned this property. Assuming my research is correct, back in 1994, Adelaide Gail Zappa purchased this property in 1994 for $950,000 which as I mentioned earlier, not sure of the same renovations to this property existed at that time. You may recognize the Zappa name from the iconic and legendary Frank Zappa whose fame rose in 1982 with what can be quoted as the "San Fernando Valley Anthem", Valley Girls, which was originally written to be a novelty song of Valspeak to make fun of how Valley Girls spoke (and still continues somewhat today). This was his best selling single ever and was nominated for a Grammy. Much to his own success, Zappa never played the song live because he was irritated that he was known for his "novelty songs" rather than his music creating abilities with the album that accompanied this song containing many other challenging songs that were novelty. Frank and Adelaide who goes by Gail met in 1966 at the Whiskey a Go Go bar and married one year later in 1967. Frank passed away in 1993 with Gail now managing his assets under the Zappa Family Trust which also includes this property according to the property records.
Gail eventually sold this property on May 10, 2002 for $1,440,000 to producer Nile Niami who in turn sold the property to Hilary Duff for $3.5 million giving Niami close to double her investment not including expenses. So who is willing to give Duff a double of her investment? Any celebrities ready to live in Bob Hope land at the highly inflated value of $6 million or so?
So Mrs. Duff is trying to make an easy double of her original investment (not factoring in all sorts of expenses for this property) in what are rather unprecedented economic times. Keep in mind that the rest of the common people's property values are somewhere levitating between 2002 and 2004 levels. So to sell a property at double the price level of 2004 is truly amazing but that is the way of the high end. This assumes that this house was the same in 2004 with no major upgrades since then. If so, then that obviously changes the valuation. So we wish Mrs. Duff good luck with trying to sell her property. She has already had it on the market for over a year and with major price deductions. Additionally, she has competition with other celebrities like Jason Priestly not to mention the many other celebrities selling their pads in the San Fernando Valley.
On a completely separate note, a review of the property records reveal a list of prior celebs that have owned this property. Assuming my research is correct, back in 1994, Adelaide Gail Zappa purchased this property in 1994 for $950,000 which as I mentioned earlier, not sure of the same renovations to this property existed at that time. You may recognize the Zappa name from the iconic and legendary Frank Zappa whose fame rose in 1982 with what can be quoted as the "San Fernando Valley Anthem", Valley Girls, which was originally written to be a novelty song of Valspeak to make fun of how Valley Girls spoke (and still continues somewhat today). This was his best selling single ever and was nominated for a Grammy. Much to his own success, Zappa never played the song live because he was irritated that he was known for his "novelty songs" rather than his music creating abilities with the album that accompanied this song containing many other challenging songs that were novelty. Frank and Adelaide who goes by Gail met in 1966 at the Whiskey a Go Go bar and married one year later in 1967. Frank passed away in 1993 with Gail now managing his assets under the Zappa Family Trust which also includes this property according to the property records.
Gail eventually sold this property on May 10, 2002 for $1,440,000 to producer Nile Niami who in turn sold the property to Hilary Duff for $3.5 million giving Niami close to double her investment not including expenses. So who is willing to give Duff a double of her investment? Any celebrities ready to live in Bob Hope land at the highly inflated value of $6 million or so?
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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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