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Kat Von D Finally Finds A Buyer For Gothic Victorian With Blood Red Pool

Blood-red pools may be hard to find, but apparently so is the discerning buyer for such a statement piece. Nearly a year after listed his gothic Victorian home for $15 million, tattoo artist/cosmetics entrepreneur/budding singer Kat Von D has found a buyer—though the final sale price was millions off the asking. Von D relisted her L.A. mansion for $12.5 million last summer before lowering the price two more times in recent months. Now, a sale has been finalized for $7.750 million. The home features 13 bedrooms and 10 bathrooms across more than three levels and 12,500 square feet of living space. Originally built in the 1890s, Von D purchased the home in 2016 for $6.5 million, before embarking on extensive, goth-inspired renovations. All the traditional spaces and touches you’d expect to find in a house of its age are still here: wood-paneled sitting room, seven fireplaces, a library, French-style ballroom, den, living room, dining room. There’s also a third-floor theater and a hidden speakeasy with hand-carved walls. Most striking, however, is the aforementioned blood-red pool and hot tub found out back. There is also a two bedroom/one bathroom carriage house atop a large garage. This historic property has recently undergone a meticulous restoration. The Victorian was moved to its current location in Windsor Square by J. Benton Van Nuys in 1915. Jamie Sher of the Sher Group held the listing along with Kirby Gillon of Aaron Kirman Group. Michael Bergin of Compass repped the unknown buyer. https://californialistings.com/2023/03/30/kat-von-d-finally-finds-a-buyer-for-gothic-victorian/

Hyatt fortune heir buys LA’s Garcia House for $12.5M

This Mulholland Drive manse is now off the market. One of Los Angeles’ most revered midcentury properties, known as the Garcia House, has found a new owner after listing for the first time in 20 years. Last sold in 2002, the dreamy “Jetsons”-esque John Lautner-designed gem has been purchased to the tune of $12.5 million, $3.5 million less than the $16 million it listed for in January. The buyer, sources told the Wall Street Journal, is Nicholas C. Pritzker, a member of the Pritzker family, whose multibillion-dollar fortune is significantly thanks to the Hyatt Corp. hotel chain. The property — which had a cameo in the 1989 buddy cop sequel “Lethal Weapon 2” — was built by the late great Lautner in 1962 and sits atop 60-foot-high stilts Although listing photos show that the interior remains a retro time capsule, longtime owners William Damaschke and John McIlwee (a Broadway producer and a Hollywood business manager, respectively) have invested more than $1 million toward renovations and restorations during the course of their two decades there. These changes include the addition of a privacy fence on the transparent, glass side of the house and, in 2008, the construction of a pool that was part of Lautner’s original design, The Post previously reported. The 2,600-square-foot home also features stained glass windows, a lava rock entryway, original terrazzo flooring and its iconic parabolic roof with a 30-foot-high curved ceiling and 55-foot walls of windows, some with stained glass. The maintenance of the uniquely shaped, elevated house as a historic time capsule is so important to the pair that it factored into who they decided to sell it to. “We chose to pass on other offers because we wanted someone that shared our common goal of preservation and integrity,” McIlwee told the Journal via email. “As for price, we feel like it was totally appropriate for the house and confirms architecture as art.” He and Damaschke purchased the three-bedroom, three-bathroom property from actor Vincent Gallo for $1.2 million. The listing was jointly held by Weston Littlefield, Aaron Kirman and Dalton Gomez of AKG | Christie’s International Real Estate. https://nypost.com/2023/03/21/hyatt-fortune-heir-buys-las-garcia-house-for-12-5m/

Free Webinar | April 20: Success Secrets of an Eight-Figure Real Estate Agent and Broker

Join our upcoming webinar with real estate entrepreneur, Aaron Kirman, as he shares his 20+ years of expertise and insights on how to master the art of selling properties. Aaron will cover the essential daily strategies and success habits you need to thrive. You will learn how to: 1.Find great listings 2.Gain client trust and respect 3.Manage your time effectively 4.Maximize your profits 5.Control operating expenses 6.Calculate startup costs Aaron Kirman, Founder and CEO of AKG | Christie's International Real Estate, is one of the leading real estate agents in the U.S. He has repeatedly been named as a top agent in Los Angeles, and most recently, AKG was ranked as the #1 Luxury Team in L.A. As an expert in the luxury real estate industry, Aaron has received international acclaim from the architectural and estate communities, and represented some of the most exclusive properties in the world. https://www.entrepreneur.com/starting-a-business/free-webinar-april-20-success-secrets-of-six-figure-real/448171

Zoltan Pali-Designed Bel-Air Mansion

California is home to some of the most incredible properties in the world. And we know you like to watch as much as we do, so each week we’re taking a peek inside famous homes and listings in our recurring feature—California Cribs. This week, we’re taking a peek into a Zoltan Pali-designed Bel-Air mansion. With mesmerizing views overlooking the city, ocean and rolling mountains, this contemporary oasis will certainly leave buyers speechless. Offered at $13,999,000, this property boasts four bedrooms and five-and-a-half baths across 7,180 square feet of living space. Perfectly located in the heart of Bel-Air, no expense was spared obtaining the finest materials to create this architectural triumph. Offering effortless indoor outdoor flow showcasing a moderns chef’s kitchen with professional grade appliances, elevator to all three floors, formal dining and living room—all lined with floor to ceiling windows that provide an abundance of natural light. The backyard features dining al fresco and a sparkling pool with spa that compliments the breathtaking scenery. Completing the seemingly endless places to entertain is a vast rooftop deck that allows one to fully appreciate the panoramic city and mountain views from sunrise to sunset. Aaron Kirman holds the listing along with Angelo Fierro of Compass, with more information found here. https://californialistings.com/2023/03/28/zoltan-pali-designed-bel-air-mansion/

AKG | Christie’s International Real Estate Enlists Industry Maverick Josh Ramirez to Lead New Division in Santa Barbara and Montecito’s Elite Market

SANTA BARBARA, Calif., March 29, 2023 /PRNewswire/ -- Aaron Kirman of AKG | Christie's International Real Estate, one of the nation's top-performing luxury residential sales brokerages, is delighted to announce the addition of Josh Ramirez to the brokerage. In his new position, Ramirez will serve as the driving force behind AKG's expansion into the prestigious neighborhoods of Santa Barbara and Montecito, California. Ramirez brings a unique blend of local expertise, global exposure, and innovative marketing prowess to the table. A Santa Barbara native, Ramirez is poised to elevate the brand's presence, leveraging his in-depth understanding of the area and cutting-edge strategies to forge new paths in these exclusive communities. "I'm thrilled to welcome Josh Ramirez to the AKG family," said Aaron Kirman, Founder and CEO of AKG | Christie's International Real Estate. "With his intimate knowledge of the Santa Barbara and Montecito markets we know he's the perfect fit to help us expand our reach in these coveted communities." Ramirez transitioned to the real estate industry following a successful career in marketing and technology. He joins AKG | Christie's International Real Estate following his departure from COMPASS, where he was responsible for the sale of noteworthy properties such as 900 Las Alturas, which sold for $3.5 million, 242 Ortega Ridge Road, which sold for $3.1 million and 1090 Shokat Dr., which sold for $10.25 million. "When AKG | Christie's International created a unique role to be the first agent to spearhead their presence in Santa Barbara/Montecito, I was beyond thrilled!," said Ramirez. "I refer to Montecito as the 'Monaco of America', due to its Mediterranean climate, coastal living and privacy that attracts royals, celebrities, financiers, (even the King of Spain spent time here) and people seeking a European lifestyle." After spending several years in Sydney, Australia working in the technology industry, Ramirez returned to the states and continued to make waves in the technology and marketing sectors for nearly a decade. As a Director at a renowned publicly-traded technology company, he collaborated with high-profile brands including Sugarfina, Avon, and Road Runner Sports, among others. In 2016, Ramirez's entrepreneurial spirit led him to co-found Princeton North, a dynamic creative marketing agency that has since partnered with an array of local and international businesses, such as Belmond, Deckers, and Hoka. To learn more about Ramierz please visit www.joshramirez.com. Ramierz can also be reached at josh@joshramirez.com or 805.455.9066. About AKG | Christie's International Real Estate Founded by Aaron Kirman and headquartered in Beverly Hills, CA, AKG | Christie's International Real Estate is one of the nation's top-producing residential sales teams with a total of over $14 billion in luxury real estate sales and over $1.6 billion sold in 2022. Dedicated to infusing innovation and disrupting the traditional real estate sector, AKG | Christie's International Real Estate is consistently ranked among the top 10 producing teams by Wall Street Journal and Real Trends, setting price-per-square-foot records throughout Southern California. To learn more about Aaron Kirman and AKG | Christie's International Real Estate, please visit https://akgre.com and follow us on Instagram at @akg.re. SOURCE AKG | Christie’s International Real Estate https://www.prnewswire.com/news-releases/akg--christies-international-real-estate-enlists-industry-maverick-josh-ramirez-to-lead-new-division-in-santa-barbara-and-montecitos-elite-market-301784611.html

Inside a Legendary $16,000,000 Canyonside Mansion

Today Architectural Digest takes you up into the Hollywood Hills of Los Angeles to visit Garcia House on Mulholland Drive, a legendary mansion designed by architect John Lautner that was recently on the market for $16 million. TRANSCRIPT I'd like to welcome you to the world famous Garcia House built by the architect John Lautner. It's located at 7436 Mulholland Drive in sunny Los Angeles. Look at that house. It speaks for itself. The shape, the style, the uniqueness, the way it was built, the fact that it has the best views. It's not just a house. We believe it's a work of art, and it's all on the market for $16 million. It was meticulously restored by John. I'm John McIlwee and I'm the owner of the Garcia House. John Lautner was a master and the things that he did with his property, on the site really made it so incredibly special. Love to show you guys around. [gentle music] It actually took us about four years to build this pool. Two years to get the permits and two years to build it. What was kind of phenomenal about this is we had the original designs for the pool that John Lautner had come up with in 1960. The original loaners couldn't build it because the house was so far out that no bank would give them a loan. So we inherited the plans, and as you can see, decided to build them. It's one of my favorite places in the entire house because you get to see the entire green of the canyon and in the hills, especially in LA, it is sunny from 7:00 AM to 7:00 PM which is completely unique and totally valued for having a pool. What I also love about this pool and this was my decision, was it's salt water. [gentle music] So the staircase is actually kind of the heart of the house. It's this spiral staircase that comes down from the entrance, spills you right into the deck, and we've created this custom sitting area from an artisan in Silver Lake. One of the amazing things about this deck is it's hand poured terrazzo built in 1960. You can imagine, and knock on wood there's not one crack in the entire thing. [gentle music] So this is the living room, and John Lautner was kind of famous for creating and introducing one spectacular living space in each of his houses. It's got 30 foot high windows, which you know, in Los Angeles everybody wants a view. So we're in the Hollywood Hills, you can see the ocean and Catalina and so everybody kind of comes over and goes crazy. We wanted this actually feel like it was a tree house suspended in the air. The house is built on V-shaped struts. It's the same engineering as suspension bridges. There's some stained glass windows in here. There's a red one, a purple one, and a green one. The hardware and the hardscape is original. Unfortunately, people had painted over the original wood. They had taken and cut out part of the promontory there, the extension of the dining room space. We had to replace and rebuild a lot of the things and base it off the original designs that he had. One of my favorite features in this entire place is this lava rock. It's here in the fireplace. It's over in the kitchen on kind of linear walls. It was imported from Hawaii. One of the things that was interesting and we had the good luck to be able to actually meet the original owners. Russ Garcia was a composer. He needed to be able to work and compose his music and Gina, his wife, was a big entertainer, so she needed to be able to have a place where she could have hundred people parties and it would not affect his work. So literally that was the directive they gave John Lautner. It's actually two equidistance spaces under an arched roof. The house does not meet in the middle. It's completely open to the outside. So you can see we have this massive living room that you can hold a hundred people in here easily. If you look over here, this is the metal frame of the house. John Lautner was a master of engineering. He died glass straight through the wood, and so basically all of this glass detail, it's seamless. So the whole thing is on this crazy steel beam that runs through the entire length of the house. [gentle music] So if you can tell this is my baby. It's a fiddly fig that actually has gone crazy here. One of the reasons is it thinks it's outside. It's actually inside. So it's grown like exponentially, but it's completely protected as you can see. So there's this amazing relationship between the indoor and outdoor, and as you can tell it's completely covered by this roof. So you actually feel like you're outside when you're inside during the day. [gentle music] This is the kitchen. It's kind of become the heart of the house. I think with so many properties people tend to congregate in the kitchen, and it's one of the things that we just believe strongly in this house is I want people to come over. I want. [phone ringing] Hello? Actually, it's a wrong number. That's a wrong number. Original birch cabinets were painted over with this weird gun metal gray. People want to have, when you do a renovation they want to have usable kitchens, usable bathrooms. So basically the architects that we use, Marmol Radziner, we worked with them to kind of like have their input and their advice about how to bring this into the modern day but also make it seem original. There's honed granite countertops. The original countertops were black formica. So we basically were able to use something that looked like black formica, was new, because we had to replace it anyway, and then basically gave us something that was contemporary yet seemed like it was original. The entire kitchen we did a project with the appliance company decor. And the appliances, it was this black graphite line that they had that completely worked with the style and the design of the house. It looks like it could be original but it's also new technology, and that was one of the things John Lautner was so adamant about. There's better technology, there's better resources, if there's better materials or systems, a hundred percent he wanted people to use it. So what's interesting about this space is when I say this was a broom closet, it was actually a broom closet. We were able to reconfigure the systems 'cause it was a water heater and air conditioner and drop them under the house. We had to source and find this lava rock from Hawaii and we added it on this plane, and if you can see, the window dies into the wall which was one of the things John Lautner was so famous for. We had to rebuild the deck out front. So we actually were able to find a terrazzo maker that had to reconfigure and find from scratch the composition for the original terrazzo because we had to re-pour it out there. When we built this space we decided to add this here and we were very very diligent with making sure that anything that was here that we put in looked like it could have been here. [gentle music] So this is the primary bedroom. Originally, Russ Garcia's piano was over here where he would compose his music. Lucite bed was made by Charles Hollis Jones. One of the favorite things I have about this room is we put in this wall to wall custom carpet by a company called Ed Fields. [gentle music] So this is the bathroom and obviously this is my favorite place to take a bath. The faucets were made by a company named Paul and Associates, originally designed in the eighties. The stone in this room is called honey onyx and we decided to use this throughout the lower level in this living space because we love it and at night it actually resonates and it glows. [gentle music] So this is what we decided to make our TV room. It's comprised of two original small bedrooms with a shared bathroom. So there was this kind of philosophy which was if something had been ripped out or ruined, you could take liberties to put something back that made more sense. We put the wall on the mullion. So you can see here, they're equidistant things. The original wall was where this piece was right here. It kind of didn't make any sense. So basically the guy, even though he kind of ruined it did us a favor because it allowed us to move a wall and make this really beautiful, very cozy TV room. Once again ,our friend Charles Hollis Jones, more Lucite. He made these incredible end tables. You know, one of the cool things about this room is that we needed to figure out some way to spatially make it feel bigger. So what we did is we added this mirror here and it I don't know if you can see it, but it's actually peach veneer. [gentle music] Wanna come down and see the outside? Follow me. [gentle music] So basically you come down from the living room and we created this walkway that goes all the way over to the pool. There's about 200 different species of plants. A majority of them are agave, aloe, and succulents. This is actually kind of a really rare species of cactus. It is a verde cactus. On one side, it's green, on the other side it's white. So basically, I don't know where you found this thing but it's this crazy monster that again is as happy as can be living at the Garcia House. [gentle music] Well, that's it. I hope you guys enjoyed the time and I hope I was able to give you guys some insight to our 21 year project. This is one of the most unique properties in the world. There's only three of them in the considered space age era. The two other houses are Hemisphere and Silver Top. This is the architectural triumph. There's nothing like this in the world. This is really a piece of art and they really brought back the house to its world class grandeur that it deserves, and it could never be built again. And it's all on the market for $16 million. https://www.architecturaldigest.com/video/watch/on-the-market-inside-a-legendary-16000-dollars-000-canyonside-mansion

Buy it like Beckham! As Brooklyn and Nicola say they’re ‘saving’ for their dream LA home, POLLY BRINDLE from Selling The OC picks the mansions on the market that just might fit the bill

Newlyweds Brooklyn and Nicola Peltz Beckham have announced that they intend to settle in Los Angeles and are looking to buy their dream marital home. While Brooklyn has a net worth of around £7 million and heiress Nicola is the daughter of a billionaire, the celebrity couple claim they are 'saving' for the right one. Brooklyn, 24, and Nicola, 28, bought a £7 million five-bedroom, five-bathroom house in Beverly Hills in 2021. However, they sold it less than a year later, planning to move to Florida — a decision Nicola now admits was 'silly', since all their work is in LA. Now the pair are on the lookout for somewhere to call home and, suffice to say, the usual two-up, two-down starter home most 20-somethings make do with won't cut it. Luckily for them there's no shortage of suitably fabulous LA mansions on the market. £10.5 million: Sauna made of healing Himalayan salt Five bedrooms, nine bathrooms Listed by Alex Huerta, Peter Cornell and Emma Hernan at The Oppenheim Group At first glance it may resemble a multi-storey car park, but, in fact, this is a modern masterpiece set high in Beverly Hills. Just off the master suite is what the agents call a 'private glam room', which features a hair salon, his 'n' hers dressing rooms and a glass-fronted shoe display room. And although they seem more snakes and ladders people, there is a huge sculpted chess board on the lawn of the main garden. Worth £40 million between them, the couple could snap up this beauty and be mortgage free. Polly says: 'This house has a sleek, chic and modern zen vibe, and I've never seen such a large spa inside a private residence. There's even a Himalayan salt sauna, with the walls made out of salt bricks which have healing properties.' £47.8 million: Smart house with bathrooms to spare Eight bedrooms, 21 bathrooms Listed by Shawn Elliott at Nest Seekers and David Parnes at The Agency This 'modern Spanish masterpiece' has eight bedrooms and 21 bathrooms, so even if the whole Beckham clan came to stay there'd be no banging on the door for the loo in the morning. Situated in Bel-Air, the house also has state-of-the art 'circadian rhythm' lighting that adjusts automatically to project just the right amount of light for the time of day, its own 36-seat cinema, two pools and a professional basketball court. £121 million: Chef's kitchen for a cookin' whiz Nine bedrooms, 14 bathrooms Listed by Aaron Kirman at AKGRE Inc The price tag is a little hefty so Nicola may have to ask her billionaire daddy for a loan, but this Bel-Air mansion has 360-degree views of LA and Beyoncé as a neighbour. All nine bedrooms are en-suite and there are five spare bathrooms thrown in, too. There's a huge chef's kitchen, fitted with Miele and Gaggenau appliances, that's big enough to host Brooklyn's film crew for his Cookin' With Brooklyn YouTube show. Better still, the separate staff accommodation features a 'prep kitchen', where a maid or butler could peel a carrot or butter some bread should Brooklyn be too busy to do so himself. Polly says: 'This footprint of this house is enormous. It's like a resort and allows you to have eyes over the city, but without having to leave home.'

This real estate agent to the stars (clients reportedly have included Rihanna, JLo and Justin Beiber) says you should be ‘hyper-focused’ on this when house hunting

You might have seen Los Angeles-based realtor Aaron Kirman of the Aaron Kirman Group (AKG) at Christie’s International Real Estate on CNBC’s “Listing Impossible.” Or seen his name in print, as his team frequently lists celebrity homes (clients reportedly have included Rihanna, Justin Bieber, Jennifer Lopez and Nicki Minaj, as well as royals from Qatar, Saudi Arabia and Kuwait). Or just heard his name around town: Annually, he and his team sell more than $400,000,000 of real estate, according to real estate news outlet The Real Deal. So we decided to ask Kirman: Even if a buyer doesn’t have a ton of loot to drop on a home right now, what should they know about the market? Here’s what he told us. If you’re planning to buy a home, even if it’s not a mega-mansion, Kirman, 44, says it’s important to consider interest rates (see the best mortgage rates you may get now here), inventory and housing prices — as well as these 4 things. 1. Go deep into the comps “Comps are readily available and fully transparent. Active or pending sales don’t dictate the market, actual sale prices do, so you should be hyper-focused on sales prices in your research,” says Kirman. When looking at comps, realtors suggest taking the neighborhood, square footage, features and amenities into consideration to make sure you are making as much of an apples-to-apples comparison as you possibly can. See the best mortgage rates you may get now here. 2. Try to take the emotion out of the purchase This may be easier said than done, especially if you form an attachment to a home after you’ve toured it and fallen in love with it. “I realize homes can be an emotional purchase because it’s where we live, but at the end of the day, everybody wants to make a sound financial decision. It’s crucial that your decisions are based on good economic sense that will be good for your financial future,” says Kirman. Pros say that once you’ve submitted an offer, make sure the house checks out during inspections and don’t talk yourself into overlooking minor issues, especially if they’ll cost a significant amount of money to fix. Know your spending limit, draw a line and try to wait until after the home is officially yours before you really fall in love with it. 3. Do your diligence on potential real estate agents “[This person should be] an adviser you trust and respect. They should be looking out for your best interest and not their own,” says Kirman. Said another way, the realtor you’re working with shouldn’t be showing you properties you can’t afford or those that may close in their favor, unless they’re financially sound for you. Consider interviewing at least three realtors to get a sense of what each can offer you. And don’t be afraid to ask questions during the interview process about what your relationship with them will look like, what their familiarity with the area is like and what their buying and selling process is like. 4. It’s very hard to time the market “There’s really not a right or wrong time to buy as we’re not smart enough to time the market, so buy when your finances are in place and the time is right for you,” says Kirman. That said, this market has made it tough for many to buy. “Many first-time buyers will likely be on the sidelines until interest rates and housing prices begin to calm down. However, as we head into spring, I do believe housing prices will begin to level off,” says Kirman. https://www.marketwatch.com/picks/this-real-estate-agent-to-the-stars-clients-reportedly-have-included-rihanna-jlo-and-justin-beiber-says-you-should-be-hyper-focused-on-this-when-house-hunting-78a11d61

Special Report: Residential Real Estate Agents – Agent of Change

Aaron Kirman had a busy 2022. He was one of the agents behind the sale of The One, a Bel Air mansion that sold for $141 million at auction, shattering the previous record for a home sold at auction. Then, at the end of the year, he left brokerage Compass for Christie’s International Real Estate. He spoke with the Business Journal about his record-breaking year, new brokerage and thoughts on the industry. How was 2022 for you? How did it compare to other years? Last year was absolutely incredible. We had a record-breaking year. We sold about $1.4 billion, so as you can tell, we had a record-breaking year with some of the most significant luxury sales in the nation, including the sale of the famous “The One,” at $141 million. We represented a ton of celebrity clients, including Robby and Ida Williams, Ariana Grande and Nicki Minaj. We also represented the Sugar Ray Leonard house. A highlight for sure was when we opened up our own brokerage with Christie’s International Real Estate to make the leading luxury brokerage in the country. Has leaving Compass for a new home impacted your business? Yes, leaving Compass was an incredible decision for us. We opened our own brokerage in partnership with Christie’s International Real Estate, which has been unbelievable. Oftentimes, when you open a new company it’s slow, but not with Christie’s. We’ve had buyers, sellers and agents from around the globe wanting to be part of our new brokerage. Since launching, we’ve listed some of the most amazing estate and architectural homes across the country, including Stradella Court for $150 million, the Davis Castle for $87 million, and some of the most significant architectural properties around the globe, including the Invisible House and the Garcia House. Was 2022 a buyer’s or a seller’s market? It depends on the timing of 2022. The first two-and-a-half quarters were definitely a seller’s market, with the last two quarters transitioning into a complicated market, which leaned into a buyer’s market. However, there were variations to the rule based on neighborhood, house, location, etc. We saw the uber-high end was relatively unaffected. What was the most challenging aspect for you as an agent this past year? It was such a weird year. It was so powerful in the beginning, and then it changed so quickly. We’ve never seen a real estate market change so fast. Going from the hottest market in the world to what became quite soft very quickly. The biggest challenge was inventory. We did not have a lot of inventory, and still do not. The second biggest challenge is having the demands of sellers and buyers met because the buyer expectation and the seller expectation is on a very different plane. Has Measure ULA, also known as the mansion tax, impacted the way people are viewing real estate? Do you anticipate it doing so this year? I think Measure ULA caught a lot of people off guard, and it feels like a very unfair measure that never should have passed. It’s written terribly and does not account for variations between commercial and residential properties, wins, and losses, and it will absolutely have an effect on the Los Angeles marketplace and should be repealed immediately. What kinds of property are buyers investing in in 2023 and beyond? Currently, it’s a bit all over the place. We are still seeing a remarkable demand for vacation destinations. We’re also seeing a lot of foreign money come back into the space, while also noticing a lot of stateside money being spent abroad. What is ‘hot’ right now and selling well? In the luxury real estate market, the hottest properties right now are the ones that are either done, newly constructed or have been newly remodeled. People are still feeling the effects of the Covid-19 pandemic, and as a result they are valuing their space, privacy, security and the ability to work from home. What is the outlook for first-time buyers? With interest rates as high as they are now and with the lack of inventory, a lot of first-time buyers will likely be on the sidelines until interest rates begin to come down. What is your outlook for the rest of the year? I am cautiously optimistic about the outlook this year. The big challenge this year will be inventory, which I think will stay low. However, I am remaining hopeful that in Q3 interest rates will decrease, driving movements back up again. — Hannah Madans Welk https://labusinessjournal.com/real-estate/agent-of-change/

Pritzker Family Heir Buys John Lautner’s Garcia House for $12.5 Million

The Garcia House, a Los Angeles home designed in the early 1960s by the famed architect John Lautner that appeared in the 1989 movie “Lethal Weapon 2,” has sold for $12.5 million, just over two months after coming on the market for $16 million. The buyer is Nicholas C. Pritzker, according to a person familiar with the matter. Mr. Pritzker is a member of the Pritzker family, which made much of its multibillion-dollar fortune through the Hyatt Corp. hotel chain. Mr. Pritzker couldn’t immediately be reached for comment. The property came on the market for $16 million in January. It dates to the 1960s but has since undergone a $1 million renovation. The interiors feature glass walls juxtaposed with lava rock and gray terrazzo floors. A stairway separates the living and sleeping areas. There are three bedrooms. The sellers are Hollywood couple John McIlwee and Bill Damaschke, who purchased the house from the actor Vincent Gallo for $1.2 million in 2002, property records show. Mr. McIlwee is a business manager in the entertainment industry, and Mr. Damaschke is a Tony Award-winning Broadway producer. In an email, Mr. McIlwee declined to comment on the identity of the buyer, but said that he and Mr. Damaschke were thrilled to have “found the next custodian to carry on the John Lautner Garcia House legacy.” “We chose to pass on other offers because we wanted someone that shared our common goal of preservation and integrity,” he said. “As for price, we feel like it was totally appropriate for the house and confirms architecture as art.” The almond-shaped house, which is elevated 60 feet off the ground on concrete caissons, looks like something straight out of “The Jetsons,” and is widely regarded as one of L.A.’s most significant Midcentury homes. When it came on the market earlier this year, architect Leo Marmol of Marmol Radziner, whose firm helped restore the house, called it “a beautifully exuberant, graceful structure.” The house was originally built in the early 1960s for Russell Garcia, a film composer and conductor, and his wife Gina Garcia. It spans around 2,600 square feet with three bedrooms and sits on 1.2 acres overlooking a canyon. It has a large balcony. A central outdoor staircase separates the bedrooms and the living areas, which have glass walls juxtaposed with lava rock and gray terrazzo floors. Messrs. McIlwee and Damaschke worked with Marmol Radziner on a more than $1 million renovation of the property after purchasing it. The renovation included repairing the roof and rebuilding the terrace. They also dusted off Mr. Lautner’s old plans for an ellipse-shaped pool that no previous owners had built. Weston Littlefield of AKG | Christie’s International Real Estate shared the listing with Aaron Kirman and Dalton Gomez. Nichole Shanfeld of Carolwood Estates represented the buyer. https://www.wsj.com/articles/pritzker-family-heir-buys-john-lautners-garcia-house-for-12-5-million-75980ee6

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