The former Al Jolson Encino estate which has been owned by other A-List celebs like Steven Seagal, Kirstie Alley and Parker Stevenson, Katey Sagal, and Charlie Sheen and Denise Richards has hit the market with an asking price of $6.5 million.
This property was last discussed on this blog last year in detail when Michael and Patricia Jacobs sold it for $5.2 million to an undisclosed buyer in December 2011 representing a loss of $1,420,000 from their purchase price at the peak of the market in 2006 for $6,620,000. They originally tried to sell it with an asking price of $6,495,000 in January 2011 which languished on the market for roughly a year before they succumbed to a more realistic price of $5.2 million.
What makes this new listing astonishing is that the home is currently listed for close to the 2006 bubble price when just last year the previous buyer couldnt sell this home nowhere near the $6 million figure let alone barely above $5 million. I am not sure how this home has gained in value by 25% in less than a year when most homes in my neighborhood are selling at 40 - 50% discount from the peak price to justify this higher price unless there is gold hidden in one of the bedrooms. To put this all into perspective, the former Shirley MacLaine mansion which is smaller in living sqft feet but double the size of this lot last sold in June 2012 for $3,450,000 which is half the asking price of this home. But I have been proven wrong before and thats why they call it a market. Something tells me this will be sitting on the market for at least a year unless there a major price reductions.
|Above images courtesy Keller Williams Beverly Hills|
The property sits on 2.25 acres with 8,522 sqft of living space built in 1935 and includes 7 Beds/7.75 Baths. The property contains park like settings with a private gated driveway that leads to the residence, guest house, and a separate pool house complete with fireplace, kitchen, and bedroom. The main house consists of office/library, gym, wine cellar, theater room with bar, and staff quarters. This house has it all and no expense was spared. To get an idea of how massive this property is, check out the aerial view below:
|Image courtesy Bing Maps|
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