[Update July 22, 2012]: This home sold on July 2, 2012 for $390,000 which was $39,000 less than the most recent listed price and completed in roughly 4 months.
|Images courtesy Rodeo Realty|
The guitarist for Guns 'N' Roses, Richard Fortus, has just re-listed his Woodland Hills contemporary home for $429,000 as an approved short sale which we will discuss later. The always informative Lauren Beale at Los Angeles Times Hot Property first discussed this listing about 1.5 years ago on October 27, 2010 when it was listed at $549,000.
Richard Fortus joined GNR in 2001. Prior to GNR, Fortus formed the band, The Eyes and opened for the Psychedelic Furs (who were on the Valley Girl soundtrack) and formed Love Spit Love with the Psychedelic Furs after they split. He currently tours with GNR (next performance is on May 17th in Dublin) and played on the album "Chinese Democracy." Additionally, he has recorded film scores and toured with Enrique Iglesias and Rihanna.
According to the listing, this 3 Bed/2 Bath, 1,500 sqft home on 7,827 sqft built in 1955 states:
APPROVED SHORT SALE. .. Celebrity owned gated mini-estate. Stunning home with lush gorgeous landscaping. Pool-outdoor covered patio with built-in kitchen. 3 bedroom 1 3/4 bath - cherrywood plank flooring, copper-plumbing, double-pane windows, new AC, new roof - whole house filtration system. Open floor plan, large fireplace, new voc paint, new electric, new SS fridge and dishwasher, a must see! Beautiful S. O. B. location!
According to Blabbermouth.net back in 2010 when the home was first listed, Fortus is selling to be closer to his family in St. Louis where he was born and raised. Fortus last purchased this home on May 31, 2006 for $700,000. Based on the current asking price, Fortus stands to lose $271,000 not including taxes, commissions, and other related expenses. However, since this is an approved short sale, the bank(s) will be taking the loss instead of Fortus and has already agreed to this price so no haggling with this short sale. At any rate, this is a good chunk of change to lose. Based on nearby similar listings, this home appears to be the cheapest so there is a good chance that it sells relatively quickly.
The last time I discussed distressed properties by a celebrity was John Larroquette's property in Sherman Oaks, a foreclosure on Bryon Russells' home in Calabasas, and a foreclosure on Kristen Bell's Studio City home which demonstrates that celebrities are also taking a hit from the huge downturn in the real estate market.
On a separate note, this property has been sold 6 other times going back to 1989 which seems rather unusual to have this property change hands so often. I dont know if that means anything but wanted to point it out.
Speaking of GNR, I also discussed how the band recorded the Appetite for Destruction Album at the Rumbo Recorders in Canoga Park for further reading.
You can view more celebrity real estate here.