As most real estate fanatics are probably aware by now, the estate of the late Bob Hope has finally hit the market as rumored back in December 2012. I provided some historical and factual info at that time in anticipation of this historic home becoming available to the public. I also naively predicted that the estate would be listed with an asking price of $14 - $20 million which I was completely wrong with the current asking price listed at an astronomical $27.5 million on September 23, 2013. I would bet that this price is coming down as it seems a bit over reaching for the Toluca Lake area although this property is extremely unique as there are only 22 properties in LA County that are more than 5 acres owned by a single owner. So who knows what any wealthy individual will pay to acquire this historic and amazing property.
The listing description states:
The Hope Estate. Exceptional Toluca Lake Compound consisting of 4 parcels totaling apx. 5.16 acres including apx. 14,876 sq. ft. main house, 2+2 gsthse, 2+1 staff quarters, offices, indoor pool & spa, outdoor pool, patios, motorcourts, sprawling lawns with 1-hole golf course, & pristine gardens. Built in 1939 for beloved comedian Bob Hope, the original English Traditional main house was designed by architect Robert Finkelhor & then remodeled in the 1950's by architect John Elgin Woolf. Walled, gated, & completely private. Formal reception & foyer to vast formal living rm with walls of glass overlooking the grounds & Post & Beam patio. Office, family rm, bar, billiard rm, formal dining rm, family dining rm, & chef's kitchen. Upstairs 4 family bdrm suites & remarkable master wing with his & hers bdrms, bths, closets, & shared study. This iconic estate represents a rare opportunity for an incredible compound, unmatched in its prestigious history, unbelievable grounds, & incredible beauty.
I have no idea what Bob Hope originally paid for this property in addition to the amount spent renovating and maintaining over the years but whatever it is, I wouldnt be surprised if its a fraction of the current asking price as Bob Hope was a savvy real estate investor and the Hope family stand to generate a significant return. His daughter Linda has been busy winding down the estate assets with a garage sale held back on November 29-30, 2012 and a Juliens auction for the more lucrative and sought after items held on September 20-21, 2013.
One of the contingencies for acquiring this property is that it cannot be subdivided for 5 years which makes you wonder if it will be subdivided after 5 years passes especially when you start to factor in maintenance and utility expenses for this massive property. If that day ever happens, it will be a sad day as another piece of SFV history is lost.
|Images courtesy Coldwell Banker|