The grass is always greener on the other side of the fence. So much so it caused a Seagram heir and his wife to move just across the street and into a whopping $30 million dollar La Mesa drive estate after renting on the south side of the same street for the last four years.
The Bronfmans’ new estate was never publicly offered for sale but sold in an off-market deal that has heads turning in the 90402 zip code. The 1.1-acre compound is completely hidden from the street by mature landscaping. The property features a 1920s Spanish Colonial-style mansion with about 8,000 square feet of living space. The two-stories with five bedrooms, seven bathrooms and overlooking the Riviera Country Club (initiation fee tops $250,000, and a long wait list to get in btw). There are “formal lawns”, a bocce court, a motor court with room for more than a dozen cars plus a three-car garage. Located out back is a croquet-ready flat lawn that leads down to a swimming pool and spa. There is a flight of stairs that leads down a steep hill to a tennis court pressed up against a Riviera Country Club fairway and green. The views take in the surrounding mountains and stretch out toward Pacific Palisades.
The estate was last sold in 2006 for $10.5 million. It was previously owned by fashion designer Moise Emquies and his former wife Carol Ann Emquies.
So, who are the new neighbors? Jeremy Bronfman is the grandson of the late billionaire Edgar Bronfman Sr., former CEO of Seagram which was once the world’s largest owner of alcohol brands. Bronfman is also the third of nine children born to Matt Bronfman, a Manhattan-based billionaire investor.
Bronfman co-founded Lincoln Avenue Capital, which boasts itself as “one of the nation’s fastest-growing developers, investors, and operators of affordable housing”. The company’s portfolio includes 47 apartment buildings and similar properties across 10 U.S. states, comprising upwards of 9,000 rental units.
DID YOU KNOW? Britain’s medicine regulator has approved a 20-second COVID-19 test that could be used in airports, sports venues, and businesses…..maybe real estate open houses too? The Virolens test, which is made by British start-up iAbra and TT Electronics, has been trialed at Heathrow Airport and uses swabs of saliva. Trials indicate the test had extremely few false positives…..and Amazon has received FDA authorization for its Covid-19 test (developed by STS Lab Holdco). It plans to use the test among its workforce, automatically signing up workers to get tested every 2 weeks, aligning with its goal of testing front-line employees on a routine basis.
DID YOU KNOW? Consumer spending—the biggest driver of economic activity in the U.S.—fell 1% in February, largely attributed by economists to cold weather and snowstorms that struck much of the country, shutting businesses, and keeping families indoors. Household income—including Americans’ wages, investment earnings and government aid—also fell, by 7.1%, though that drop, too, was temporary. Income and spending are set to rise in coming weeks as the $1.9 trillion federal stimulus package takes hold, setting up the economy for what economists forecast will be the strongest growth in years. The Fed projects annual inflation will reach 2.4% by the end of 2021 and then recede to the central bank’s 2% target in 2022. (WSJ)
In 90402 Real Estate news….
It is official, Spring has Sprung and brought with it 9 new listings over the last two weeks, one of which is already in escrow!
614 14th Street– Listed for $4,495,000. This livable 4 bedroom Spanish home has been a rental property for the last few years. It has a pool and will probably go to an owner-user looking for a fairly easy remodel. Last sold in 1998 for $983,000.
621 15th Street– Listed for $5,250,000. Practically the updated version of the listing above! Similar in size and location, also featuring a pool. The updating here has already been done for you! Last sold at the end of 2018 for $3,875,000.
451 16th Street– Listed for $5,250,000. A remodeled contemporary Spanish home with saltwater pool and guest house. Last sold at the end of 2019 for $4.4M.
601/607 Georgina Avenue- A trio of options to purchase these adjacent properties…
- 607 Georgina Avenue– For $10,995,000- A gorgeous California Craftsman on a sprawling 22,000+ sqft lot with pool and guest house.
- 601 Georgina Avenue– For $5,495,000- This 11,000+ sqft lot only currently has a studio/3-car garage on it making is prime for developers ready to hit the ground running.
- For $16,490,000- You get both! Creating a massive 34,000+ sqft of grounds and an incredible estate property just west of 7th.
Pence Hathorn Silver sold this property many years back when it was newly built
558 E Channel Road– Listed for $4,500,000. Charming SM canyon property surrounded by mature landscaping on a 6,275 lot. Previously a rental property, now being offered for sale.
615 12th Street– Listed for $2,995,000. This is prime for a bidding war. Classic lot value Trust Sale of a 7,476 sqft lot.
448 16th Street– Listed for $5,895,000. Built in 1998 (and therefore bigger and wider than can be produced now) this Jay Charles Traditional has a pool and guest house. Purchased as brand new construction in 1999 for $2,050,000…anyone have a time machine?
414 Euclid Street- Listed for $3,800,000. Back on the market after 2 failed escrows within a two-week period.
Seven properties went under contract-
519 Stassi Lane– Listed by yours truly for $5,250,000.
444 Sycamore Road– Listed at $4,385,000. In escrow after about a week and a half on the market.
522 9th Street– Listed at $5,325,000. Originally listed three weeks ago for $5,600,000.
332 Entrada Drive– Listed for $2,695,000. Was listed for just over a month before going into escrow.
309 9th Street– Listed for $5,695,000. Custom built for the current owners in 2015 this Traditional 4,000+ square foot home also has a guest house. Nice detailing and a classic floorplan. In escrow after about a week and a half.
428 Euclid Street– Listed for $7,195,000. In escrow after 20 days on the market.
307 19th Street– Listed for $3,800,000. 1926 Tudor with some historic designation. Being sold as-is on a 8,900+ sqft lot. This one received multiples.
Six properties sold-
727 21st Place- I listed, and my partner Charles Pence sold this single story traditional without having to come to market. Sold price $4,055,000. Call me for more details.
315 19th Street– I sold this house for $3,550,000, representing the winner bidder over multiple offers. Originally listed for $3,559,000.
544 Euclid– Sold for $5,250,000. Originally listed back in 2018 for $6,495,000!
535 E Channel Road– Sold for $6,250,000. Originally listed for $6,895,000.
340 Mesa Road– Sold for $2,700,000. Originally listed for $2,395,000. Listed, in escrow and closed in one month.
425 23rd Street– Sold for $6,460,000. Originally listed for $6,295,000. I think these sellers may have left money on the table.
Inventory is low! If you have had any thoughts of selling, please call me @ 310-924-4014