Friday, January 5, 2007

Andre Agassi Sells At A Loss

SELLER: Andre Agassi / Steffi Graf
LOCATION: Gilmartin Drive, Tibouron, CA
PRICE: $20,000,000 (sale price)
SIZE: 10,500 square feet (main house), 2,500 square feet (staff house)
DESCRIPTION: (modified from listing agent's website) 3.5 acres of landscaped, park-like grounds; Main house built in 1976, remodeled and expanded from 1988 through 1998. Two pools, three spas, hydrotherapy waterfall, hot-tub and cold tub, steam room, stream, outdoor fireplace, built in barbecue, level lawn for golf practice; Additional detached buildings include guest quarters/office and/or gym, tennis court and cabana, pool bar, four bedroom, four bath staff house with separate gated entry. Property offers 11 bedrooms, eleven full and 2 half baths; separate, contiguous half-acre view lot included in sale.

YOUR MAMAS NOTES: Now this is the sort of excess Your Mama has come to expect when considering the mountains of money professional athletes earn nowadays. Children, do not mistake this expectation for some kind of judgement, because Your Mama is not going there with this one. We do not begrudge the tremendous incomes of athletes any more than we do the income of any other stupendously rich person. Mr. Andre Agassi and his lady are a class act all the way and they have earned every penny they have. Their poor bodies are falling apart as proof.

It is said Mr. Agassi wanted to purchase this estate, called "Round Hill," back in the 1990s when he was all tied up with that long-haired Brooke Sheilds lady. But apparently the former Calvin Klein model/ack-tress hated this place and discouraged him from buying. Some years later, Mr. Andre has himself a new wife and family, and the property becomes available again. He snaps it up lickety-split paying a shocking $23,000,000. Paradise found.

However, much as Mr. Andre and Ms. Steffi love and enjoy this property, the busy schedules of he and the missus do not allow them to spend much time. Their financial advisors, accutely aware of the arm and leg it costs to maintain a little-used house, advise them to sell. So only about two years after purchasing, the house goes back on the market for $24,500,000. The listing agents claim there were a number of celebrities and other high-profile folks that came and looked but, "They didn't understand what was there and what could potentially be there." Hmmm. All due respect, that just seems like some realtor-rationalization to Your Mama Maybe these monied looky loos just did not like the house, the location, or the price.

Over the next 3.5 years, the asking price is lowered several times. Then, in mid-2006 the price is lowered to $21,000,000 and a few months later it finds a buyer. The new owner is reportedly San Francisco based hedge fund honcho Stuart Peterson, and the deal is supposed to close the first week in January 2007 for a purchase price of $20,000,000. This figure is substantially less than Mr. Andre purchased the house in 2001. That should tell you something about the annual cost of maintaining this property.

By some accounts, the decor and details of the house are a bit outdated, and this apparently deterred more than a couple potential buyers. But Your Mama thinks it's more likely the maintenance this property requires. We have to wonder why anybody might want or need two swimming pools, three spas and a hot tub, not to mention the cold plunge, a stream, and that hydrotherapy waterfall. Lahwd babies, what in the world is that anyway? It is no wonder this property has a gigantic house for staff. You probably need two full time pool boys just to maintain all the water features on this property.

Now that this property has sold, the Agassi/Graf clan spend the bulk of their newly retired time at their primary residence in Las Vegas where there is a school named after him and where the Andre Agassi Charitable Foundation is based. The listing agents over at super brokerage Decker Bullock created a big website for this property, but we expect it won't be online too much longer.

Sources: Marin Independent Journal,, San Francisco Chronicle, Decker Bullock

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