Celebrity Real Estate: Boyz N Tha Hood Star Morris Chestnut Short Sales in Hidden Hills for $1 Million Loss

Celebrity Real Estate: Boyz N Tha Hood Star Morris Chestnut Short Sales in Hidden Hills for $1 Million Loss

By Marty McFly - Wednesday, May 2, 2012 - No Comments

Image courtesy Prudential California Realty

Hot off the presses from the always informative Lauren Beale at Los Angeles Times Hot Property comes word of Boyz N the Hood star, Morris Chestnut's, short sale in Hidden Hills for $2,300,000 on April 25, 2012.

Morris Chestnut is an american actor who gained fame as the high school football star, Ricky Baker, who was destined to hit the pros and take his family out of the ghetto for good. Unfortunately, he is murdered from gang violence which devastates the whole family. In the movie, his brother was Ice Cube who is also a San Fernando Valley resident with a home and condo in Encino. Morris Chestnut also starred in The Best Man (1999), The Brothers (2001), and also appeared in three films with Steven Seagal; Under Siege 2: Dark Territory, Half Past Dead, and Prince of Pistols. He recently starred in American Horror Story (TV Series) and Think Like A Man.

Another detail of significance to San Fernando Valley fans is that Morris Chestnut attended CSUN where he studied finance and drama. This reminds me of another CSUN attendee that recently sold their home in Sherman Oaks. Any guesses???.......Paula Abdul. 

According to the listing, this 6 Bed/6.5 Bath, 5,522 sqft home on 2.37acres built in 1974 states:

SHORT SALE, SUBJECT TO LENDER APPROVAL. HUGE REDUCTION! NICELY REMODELED AND EXPANDED, TENNIS COURT HOME ON A BIG, APPROX. 2.4 ACRE LOT WITH POOL, SPA, BBQ CENTER, COV. PATIO, 5-STABLES, MATURE TREES, AND PASTURE AREA. HOME FEATURES A NEWER GRANITE KITCHEN WITH STAINLESS STEEL APPLIANCES, OPENING TO THE THE SPACIOUS FAMILY ROOM WITH BEAM CEILINGS, FRENCH DOORS, STONE FLOORS AND FIREPLACE. ALL ONE STORY EXCEPT FOR A TEEN SUITE WITH SEPERATE ENTRANCE. SITED ON A VERY GENTLE KNOLL WITH CIRCULAR DRIVE, GATED COURTYARD PARKING, NICE CURB APPEAL, AND LOT'S OF PRIVACY. ALL IN A GOOD, CENTRAL HIDDEN HILLS LOCATION. LOT'S OF LAND FOR A FRUIT ORCHARD, GARDEN, EXPANSION, OR MORE.

Morris Chestnut last purchased this property for $3.3 million on May 30, 2007. Since this was a short sale, he sold at a loss with the bank(s) taking a hit on this transaction instead of Morris Chestnut to the tune of an amazing $1 million not including commissions and other related expenses. Some would say this is a prudent business decision or others would say this is not living up to your obligations. Take your pick. Morris Chestnut did try to sell this property a few times in the past starting in May 2009 for $4,495,000, $3,195,000 on April 2011, $3,095,000 on July 2011, and lastly $2,595,000 on January 2012. Its been quite the ride for Morris Chestnut. 

Celebrity foreclosures and short sales are becoming common these days as evidenced by the following in the San Fernando Valley alone:

1. John Larroquette's (actor) short sale in Sherman Oaks
2. Bryon Russells' (basketball) foreclosure in Calabasas
3. Kristen Bell's (actress) Studio City foreclosure
4. Richard Fortus' (GNR music) short sale in Woodland Hills

Since we are in Hidden Hills, here are the latest Celebrity transactions that I know of in that locale:

1. Billy Blanks (Tae Bo) who recently sold his mansion for $7.3 million. 
2. Ron Tutor (Construction) who previously leased to Britney Spears and is currently available for less than $10 million.
3. Beau Bridges (actor) who is trying to sell for under $3 million.
4. Tamar Braxton and Vincent Herbert (music) who recently purchased for close to $7 million.
5. Ozzy and Sharon Osbourne (music/reality) who are trying to sell for close to $13 million.
6. Taylor Hawkins (Foo Fighters music) purchase of a former Howie Mandel mansion for $2.7 million.

Prior to this home, Morris Chestnut owned a 5 Bed/5 Bath Calabasas mansion in the Mountain View Estates (which is also home to Eric Davis' current property listinge and Bryon Russells' foreclosure discussed above) not too far from his Hidden Hills home which was purchased for $1,449,000 on June 14, 2002 and  sold on May 23, 2007 for $2,100,000 representing a decent gain of $651,000 not including taxes, commissions, renovations, etc. Surprisingly (or not) this home was foreclosed to the new buyers in Oct 2009 and sold in Dec 2009 for $1,548,000 which was barely more than what Morris Chestnut purchased for in 2002. 

Image courtesy Pinnacle Estate Properties, Inc.

Previous to the Calabasas home, Morris Chestnut owned a 5 Bed/5 Bath on 3,779 sqft on a total lot size of 1.52 acres built in 2000 in Granada Hills that he acquired on May 3, 2001 for $707,000 and sold one year later for $720,000 on July 31, 2002 coinciding with the purchase of the Calabasas home mentioned above. 

Image courtesy RE/MAX Olson & Associates

I am not sure where Morris Chestnut is heading to but there is probably a good chance that he may continue to live in the San Fernando Valley based on his prior residences.

You can view more celebrity real estate 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.

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