Celeb R.E.: The Jolson Estate in Encino Owned by Leeza Gibbons Is Close to Selling

Celeb R.E.: The Jolson Estate in Encino Owned by Leeza Gibbons Is Close to Selling

Tuesday, June 23, 2015 / No Comments

[Update November 30, 2015]: This property was purchased by Tina Drew, the mother of Jessica Simpson, on June 25, 2015 for $5,770,000. 

[Original Post]: 

Gibbons image courtesy IMDB

Images courtesy Coldwell Banker Previews International

Back on March 23, 2015, the always hilarious, Your Mama, at the Variety Realestalker, revealed that American talk show host best known for hosting Entertainment Tonight has listed her celebrity filled Encino estate for $5,995,000 on March 19, 2015 which went into a pending status on June 8, 2015.

The home was owned by a who's who of Hollywood stars including:

1. Al Jolson and Ruby Keeler lived here I believe sometime in the 30's and maybe 40's. Jolson was known as "The World's Greatest Entertainer" during his prime. Keeler was a tap dancer and successful actress. 
2. Don Ameche owned this property in the 1960's. For me, I best remember him in the movies Trading Places, Coming to America, and Cocoon. 
3. Steven Seagal supposedly lived here in the 90's but not sure on this one. Seagal is known for various action films and his latest reality show, Steven Seagal: Lawman.
4. Kirstie Alley and Parker Stevenson lived here sometime in the 90's. Kirsite is known for television hit show, Cheers, and the movie series, Look Who's Talking. Lately she shows off her fat on Kirstie Alley's Big Life. 
5. Katey Sagal and Jack White purchased from Kirstie Alley and Parker Stevenson in 1997. Sagal is known for "Peggy" on Married with Children. 
6. Charlie Sheen purchased from Sagal in June 2004 for $4,200,000 with Denise Richards living at the residence. Sheen is known for being "Sheen", words cant describe him. I personally remember him as Bud Fox on Wall Street. 
7. Michael and Patricia Jacobs purchased from Sheen in March 2006 for $6,620,000 which are the current owners. Michael Jacobs is a Broadway, Film, and Television producer.

The home measures 7 Beds/8 Baths on 8,522 sqft on a total lot size of 2.17 acres built in 1935. This property has had a lot of turnover as evidenced above and was first listed by Gibbons back on September 27, 2012 for $6.5 million discussed on the blog. The original sale to Gibbons which was not known at the time was also discussed on this blog. The current listing description can be found below:

The Al Jolson Estate. Exceptional property situated on over 2 acres of flat park-like grounds complete with apx. 8,500 sq. ft. main house, detached full guesthouse, resort-style pool, & various patios & amazing outdoor areas allowing great space for grand entertaining. Private, walled & gated, a long driveway leads through impeccable landscaping & beautifully manicured lawns to the spacious motorcourt. Originally built in 1935, this home has been fabulously restored & offers a wonderful combination of Old Hollywood charm & modern luxuries. Formal entry to large living room with fireplace, family room with bar, formal dining room, gorgeous lanai, & fantastic gourmet kitchen with adjoining butler's pantry & breakfast area. The entire second floor houses the opulent master suite, which features a sitting room, dual over-sized custom closets, & dual spa-like baths. Additional features include an office, screening room with bar, gym, & wine cellar. Truly a spectacular property.

Gibbons purchased this property from Broadway, Film, and TV producer Michael Jacobs for $5.2 million who sold at more than $1 million loss. With the current asking price, Gibbons stands to earn $795K not including expenses.

You can view more Celeb R.E. here

Celebrity Real Estate: The Former Al Jolson Encino Estate Hits The Market Again!

Celebrity Real Estate: The Former Al Jolson Encino Estate Hits The Market Again!

Friday, September 28, 2012 / No Comments

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

You can view more SFV celebrity real estate here. 

Celebrity Real Estate: Former Home of Al Jolson, Don Ameche, Kirstie Alley, Katey Sagal, and Charlie Sheen Listed For Sale in Encino

Celebrity Real Estate: Former Home of Al Jolson, Don Ameche, Kirstie Alley, Katey Sagal, and Charlie Sheen Listed For Sale in Encino

Thursday, July 7, 2011 / 1 Comment

[Update November 30, 2015]: This property was purchased by Leeza Gibbons who later sold to Tina Drew, the mother of Jessica Simpson on June 25, 2015 for $5,770,000. You can read more here. 

[Update December 6, 2011]: This historic home finally sold on December 2, 2011 for $5,200,00 which was significantly reduced from the original listed price in January 2011 from $6,495,000 representing a drop of $1,295,000. Moreover, the owners sold this property at a $1,420,000 loss from their original purchase at the peak of the market in 2006. Wow! This is such a massive loss, I am wondering if this became a short sale. Hard to believe the previous owners would take such a massive hit. And now the new buyers get to enjoy a piece of history and who knows, maybe they find some old crack pipes from when Charlie Sheen lived there. 

[Original Post]:

The SFValleyblog found an amazing property for sale while roaming the internet and couldnt believe what has been sitting on the market for several months now in Encino. The property has significant historical value that was owned by a multitude of A-List Hollywood Celebrities which we will discuss later on. 

The property for sale at $5,995,000 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:

Now lets talk about the owners because this is where it gets interesting. According to the Movieland Directory: 

1. Al Jolson and Ruby Keeler lived here I believe sometime in the 30's and maybe 40's. Jolson was known as "The World's Greatest Entertainer" during his prime. Keeler was a tap dancer and successful actress. 
2. Don Ameche owned this property in the 1960's. For me, I best remember him in the movies Trading Places, Coming to America, and Cocoon. 
3. Steven Seagal supposedly lived here in the 90's but not sure on this one. Seagal is known for various action films and his latest reality show, Steven Seagal: Lawman.
4. Kirstie Alley and Parker Stevenson lived here sometime in the 90's. Kirsite is known for television hit show, Cheers, and the movie series, Look Who's Talking. Lately she shows off her fat on Kirstie Alley's Big Life. 
5. Katey Sagal and Jack White purchased from Kirstie Alley and Parker Stevenson in 1997. Sagal is known for "Peggy" on Married with Children. 
6. Charlie Sheen purchased from Sagal in June 2004 for $4,200,000 with Denise Richards living at the residence. Sheen is known for being "Sheen", words cant describe him. I personally remember him as Bud Fox on Wall Street. 
7. Michael and Patricia Jacobs purchased from Sheen in March 2006 for $6,620,000 which are the current owners. Michael Jacobs is a Broadway, Film, and Television producer.

So back to the current listing price. This property has been on and off the market since 2008 according to Redfin. It was last listed in January 2011 for $6,495,000 and was reduced $500,000 in April 2011 to today's current price of $5,995,000. Keep in mind, this property was purchased in 2006 for $6,620,000 so the current owners will be taking a loss not including fees and commissions. The market has dropped some 30 - 40% since 2006 so I dont know how this property will come close to selling near its last purchased price in 2006. Maybe the rich are immune to the real estate woes but that doesnt explain why its not moving. On the other hand, this is a classic property full of history (how much is that worth?) that you cant buy anywhere else.  

You can view other Celebrity Real Estate listings here or the tab in the menu bar above. 

Sources:

Arizona Property Site

Move.com

Property Records at Blockshopper

CarProperty.com

Movieland Directory