Friday, January 13, 2012

Celebrity Real Estate: Bryon and Kimberli Russell's Foreclosed Home in Calabasas Available on the Market

[Update March 6, 2012]: This home sold for $1,560,000 which was $210,000 more than the original list price in roughly two months. Depending on the condition of the house, this may have been a steal compared to other properties. Eric Davis is selling a similar home in the same community for less then $2 million. 

[Original Post]:

Fresh on the market is a foreclosed home which appears to be previously owned by Bryon and Kimberli Russell in Calabasas originally listed on January 5, 2011 for $1.35 million which appears to be a sweet deal based on recent sales and similar listings assuming this property is in a "move in" condition and updated.

You may be wondering who are Bryon and Kimberli Russell. For sports fans out there especially Basketball, Bryon played in the NBA from 1993 to 2006 for the Utah Jazz, Denver Nuggets, Washington Wizards and Los Angeles Lakers (which is when he purchased this home). He is unfortunately best remembered as guarding Michael Jordan at the end of Game 6 of the 1998 NBA Finals which Jordan made the winning shot. You can see it in the video below, it was one of those amazing moments in professional sports playoff history. Sorry Bryon. Also, Bryon is a local having been born and raised in San Bernandino and he attended Cal State Long Beach.


Bryon's wife, Kimberli (with an I), was featured in the VH1 reality series, Basketball Wives 2.  She is also a fitness coach, philanthropist, and is a member of WOVA, Women of Vision Alliance, which is a non-profit organization for women. She also co-hosts a radio show about WOVA on latalklive.com with fellow Basketball Wives 2 star, Juliannah Richmond (married to Mitch Richmond).  

According to the listing, this 4 Bed/5.5 Bath home on 5,819sqft on 1.31 acres built in 1992 states:
ALL OFFERS SHOULD BE HIGHEST AND BEST AND MUST BE SUBMITTED BY COB ON MONDAY, JANUARY 16, 1012!!!!!! Limitless potential!!! Almost 6,000 square feet at the end of a magnificent cul-de-sac on a 57,120 square foot lot in Mountain View!!! 4 bedrooms, 5.5 baths, tennis/basketball court, beautiful swimming pool and back yard. PLEASE see remarks section before showing.
The Russells originally purchased this home on May 28, 2003 for $1,995,000 which is close to what recent sales and nearby listings are going for. So it seems that this area has reverted back to 2003 - 2004 levels. According to Redfin, the property was foreclosed on June 10, 2010 for $2,229,314 which would suggest if I understand the real estate game correctly, that the Russells borrowed an additional $234,314 against the property sometime in 2008 based on the jump in property taxes. I am merely speculating at this point so dont quote me on this. I am a bit surprised that the Russells couldnt keep up with this home considering that during Bryon's career, he has made close to $25 million pre-tax and other related expenses. But who am I to judge when money made so quickly can disappear quickly especially when living the high roller lifestyle.

You can find more San Fernando Valley Celebrity Real Estate here

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