Celeb R.E.: Kim Kardashian and Kanye West Purchase Former Rebuilt Lisa Marie Presley Mansion in Hidden Hills
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| Above images courtesy Prudential California Realty |
The celebrity real estate world broke into a frenzy yesterday when TMZ (and also E!, which must mean this rumor is legit since the Kardashian show is aired on that network) announced that Kim Kardashian and Kanye West just entered into escrow for the purchase of the former Lisa Marie Presley mansion in Hidden Hills for $20 million (shown above).
This is not the first time I blogged about the mansion as I first discussed it back on April 4, 2013 (click on link for more pictures and details) when the home first hit the market with a $22 million asking price which was purchased by a UCLA doctor/real estate investor who purchased from Presley for $5 million on November 24, 2010 and started the flipping process by completely demolishing and building new.
At the time that I wrote the post, I stated that this home would never sell for $22 million and as a result we had entered into a new R.E. bubble. I was partially right as 1) nobody purchased the home for $22 million and 2) nobody was interested in purchasing the home as it sat on the market for more than a year. So is it ironic that the only people willing to cough up that kind of money were Kim and Kanye who probably also wanted the luxury of being close to Kim's mom, Kris, located down the street. So was this a wise investment? Not sure but only time will tell. It is definitely a unique property and has more amenities than anyone could want. I am just wondering if Kim and Kanye's "desired" privacy will be impacted as this home sits right next to the Ahmanson Ranch which is widely used by hikers.
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| Images courtesy Rodeo Realty |
Speaking of privacy, Presley's former next door home (shown above) is also on the market which she purchased for her ex-husband to use for visiting the kids. Presley sold this home on February 24, 2011 for $1.2 million to an LLC that links back to the same doctor that purchased the Presley home. The good doctor almost started to renovate this home but I guess gave up on the idea although it appears that he is also offering up his conceptual drawings which are shown in the listing pictures. The current home measures 4 Beds/3 Baths on 2,842 sqft on a total lot size of 1.49 acres built in 1954 which means its one of the original Hidden Hills ranch homes which are quickly being demolished for updating. This home hit the market on July 1, 2014 for $2,950,000 which gives the good doctor a profit $1.75 million before any expenses without doing much to this property. If I were Kim and Kanye, I would buy this property for the sake of maintaining privacy they so desperately need or desire, otherwise, welcome new neighbors especially with this news breaking out.
And since we are talking about the Kardashians, it seems like the sisters are trying to out do each other with respect to purchasing real estate as Khloe purchased the former Justin Bieber mansion in March 2014 and Kourtney purchased the former Keyshawn Johnson mansion in January 2014 which are both located in the guard gated The Estates at the Oaks in Calabasas.
And since we are talking about the Kardashians, it seems like the sisters are trying to out do each other with respect to purchasing real estate as Khloe purchased the former Justin Bieber mansion in March 2014 and Kourtney purchased the former Keyshawn Johnson mansion in January 2014 which are both located in the guard gated The Estates at the Oaks in Calabasas.
You can read more SFV Celeb. R.E. here.
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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.
This is a great investment, Hidden hills is vapidly changing. Lots of ranch houses are being razed for Mega-mansions like this. This will definitely be a trophy property and great asset.
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