Tuesday, June 5, 2007

UPDATE: Vincent Gallo

Last week we linked over to a fascinating story on RADAR about the Wolffe House, the spectacular and sexy John Lautner designed house that weirdo actor Vincent Gallo recently put on the market for $5,995,000. Your Mama was subsequently contacted by the Tooth Fairy who gave us some additional information about the unlikely real estate mogul and the Wolffe House.

The Tooth Fairy claims to have been inside and know the Wolffe house well. And although he would "rob a bank" to own the place, he does not feel it's worth risking prison for the current price. The Tooth Fairy tells us something that property records do not reflect: that the house traded several times in quick succession before Gallo got his mitts on the place. First at $3.8 million, then at $4.2 million, and then to Gallo at $4.6 million. We are unable to verify those purchases or those sale prices, so please, children, understand that we have not laid down the gospel there.

It appears that crazy eyed Vincent always intended to flip the property. After purchasing, he quickly had the place covered by the Mills Act. Not only does this give the house a certain validation of architectural importance, it also gives the homeowner a significant break in taxes, up to 50%, in exchange for restrictions on the sorts of alterations and modifications that can be made to the house.

Once the place was covered by the Mills Act, the Tooth Fairy tells us Gallo tried to flip the place for $5.2 million. But, there were no takers for the pedigreed property. So he took the place off the sales market.

But, the kooky artist/actor who notoriously tried to sell his baby making juice on the internet for a million bucks, then trid to rent the place for fifty grand a month, a price that included the uber expensive furniture and a housekeeper. There were no takers for the rental, but it is still being offered at that price, so if you've got money to burn and an unwavering need to live in a Lautner for a short peeriod of time, give Mister Vincent a call.

Then, as we all know, the house was put back on the market, but this time with an even higher asking price of $5,995,000. Time will tell if this place will find a buyer...we sorta thought it would as it's gor-gee-us and pedigreed, but it seems like the modernism buyers in Los Angeles are a bit wary of that huge price.

Now children, we're going to shift gears here and go over to the Sierra Towers apartment building, where it so happens that Miss Lindsay Lohan bunks down when she's not getting clean at one rehab or another. Poor thing, bless her little heart. Last year Mister Vincent received a lot of press for selling a 1 bedroom, 26th floor unit at the Sierra Towers to cosmetic surgery junkie Cher for a staggering $4,500,000. Remember that babies? Well, the Tooth Fairy tells us that was not the only unit Gallo owned in the building. According to a lady friend of the Tooth Fairy, who was doing the dirty with the well endowed actor at the time, Gallo owned two additional apartments in the celeb friendly building. And sure enough, property records reveal that Gallo owned two units on the 8th floor. Both of these units have also been sold.

We expect to be hearing more from this unlikely real estate tycoon and we'll do our best to keep all the children informed and educated and he works his way though the LA real estate scene like a money making typhoon.

25 comments:

Anonymous said...

Can someone explain to me how an actor who is known for making one of the worst films ever has this much money? Seriously. What gives? Has he ever been in any other film that anyone can name?

sierra165 said...

mama - once again thank you for filling me in on the goings on in my building! ... you know more than me ... i thought he only owned the apt. he sold to cher - certainly didn't see him around after he sold that place ... does he still own in the perry st towers? i never see him around there these days?

Anonymous said...

I can see why Gallo got a substantial price for Cher's Sierra Towers unit - although a 1 bedroom, it's the only 2 story unit in the building which places it in a class by itself there. I hear she's gutting it by the way, so who knows how many bedrooms it will have when completed.

As for the Lautner designed house he's trying to sell, while beautiful, it has NO lot to speak of which narrows it's market appeal considerably. Most people buying a home want at least a little yard for elbow room.

sierra165 said...

The Sierra Tower apt he sold to Cher ... It's not really in a class by itself - yes it's the only apt on 2 levels but many residents buy adjacent units & knock through - It certainly isn't one of the biggest in the building & having 2 floors is just a pain in the ass unless you need double height ceilings - in that case it's just a waste of space ...

Anonymous said...

Your Mama, Vincent Gallo ain't all that well endowed. Here's the URL for a collage of screen captures from his 2004 movie The Brown Bunny.

WARNING: contains a couple graphic images so if you're under 18 or offended by such, don't go there.

http://magentaewoland.altervista.org/
_altervista_ht/immagini/vincent_gallo.jpg

Anonymous said...

sierra, re: Cher's Sierra Towers unit. The gal has been around the renovation block more than a time or two, and has an outstanding designer she's been working with for decades. Her Malibu home is stunning, and not an inch of the property is wasted space. For example, her garages are under the tennis court. Pretty innovative if you ask me. If her Sierra unit dosen't end up being a knockout, then her name isn't Cher.

Anonymous said...

I agree anonymous above me. Besides, Cher's real homes are her Malibu palace and the gorgeous pad she owns in London. She only bought the Towers unit to use instead of staying in a hotel when she's in L.A. for various functions. It's highly unlikely residents of Sierra will see much of her, if at all.

sierra165 said...

Anon 3:45 & 5:31

I never once mentioned the interiors of Chers Sierra unit & I don't doubt for a minute that it's amazing. It's the only unit that's 2 stories up & down instead of knocking through to increase space ... I stated that I'd rather knock through than have 2 stories - unless you want double height ceilings & in that case you're completely wasting the space of the unit above - I never mentioned anything about space at her malibu home - I know her house in malibu is stunning, I lived below it on malibu Road for ages ... As for seeing her about Sierra Towers - I haven't, but I live in N.Y most of the time so thats to be expected. Perhaps read posts thoroughly in future before jumping on the protect cher bandwagon ...

sierra165 said...

Also - where in London does Cher have a home? I grew up in London & my family still have a home there & i've never read in the press about her having a home in the city & she definitely doesn't appear to be in London all that much ... I doubt it very much but I'm willing to be proved wrong if you come up with an address ...

Anonymous said...

sierra, I did read your comment thoroughly, and had no badwagon motives planned at your expense. Sorry if you took it that way. Apparently, we are each applying different visions to her space. Two stories to you means catherdal ceilings with loads of wasted space. Two stories to me means 2 floors with a staircase connecting them, and/or perhaps an in home elevator. I don't think she's ever lived in a home that hasn't been featured in Architectural Digest at some point, so with any luck we'll get to see HER vision eventually. Peace :)

Anonymous said...

Good grief sierra.. who do you think you are? If you're interested, look into it yourself.

Anonymous said...

Open a Google search page. Type in: Cher's london home, and hit the Google Search button. The 4th entry down is titled: Famous residences buildings London. Click on that and read the article.

A quote from it:

"Naturally, many famous stars of literature, stage, screen, pop and politics also have their homes in London. Jeffrey Archer still maintains a magnificent penthouse on the river. Laurence Olivier and Alec Guinness both had homes in central London and many present-day theatre actors base themselves in the capital while appearing on the West End stage. Madonna (Holland Park), Tom Cruise (Dulwich) and Al Pacino (the Docklands) have all acquired properties in London. Mick Jagger, Elton John and Cher keep homes here."

Anonymous said...

And I apologize for getting short with you sierra, but an arrogant attitude is still a very unattractive trait no matter how many homes you own, or how much money you have. Best wishes.

sierra165 said...

"Apparently, we are each applying different visions to her space"

I know her space is NOT cathedral ceilings, I was stating that to increase space it's better to knock through into adjacent units unless you want double height ceilings!

"Madonna (Holland Park), Tom Cruise (Dulwich)"

That whole artice is rubbish. Madonna does not live in Holland Park & the idea that Tom Cruise would live in Dulwich in South London is just fantastic & ridiculous. I still don't think Cher has a London home.

"but an arrogant attitude is still a very unattractive trait no matter how many homes you own, or how much money you have"

Didn't realise challenging people was arrogant, especially when they're stating things that they can't back-up ... I didn't mention anything about money so it seems to be more an issue with you.

"the gorgeous pad she owns in London"

where? if you know it's a 'gorgeous pad' then where is it? what area? what article did you see it in? I still doubt she has a home on London & google provides no information at all.

Anonymous said...

I BET SIERRA165 IS A PHONY. SHE ALWAYS KNOWS BETTER AND CAN MAGICALLY GROW A HOME WHERE EVER SHE NEEDS ONE TO PROVE A POINT. SHE'S PROBABLY SOME SIERRA TOWER OWNER'S CLEANING LADY. PROVE YOUR NOT YA SNOOTY WANNABEE OR STUFF A SOCK IN IT.

Anonymous said...

http://en.wikipedia.org/wiki/Cher

UNDER THE 'PERSONAL WEALTH' SECTION:

She is noted for her expansive collection of real estate and maintains a primary home in Malibu, California, valued at US$25 million. It was reported in April 2006 that Cher had purchased a condominium in the Sierra Towers in West Hollywood, California, for US$4.5 million.[46] In May 2006, she sold her Florida mansion for US$8.8 million. In addition, she owns homes in Aspen, Colorado, and London.

Anonymous said...

haha very entertaining. wikipedia is pretty reliable so I guess we can all sleep better knowing cher has a place to lay her surgically preserved self to rest wherever she is haha.

Sierra165 said...

"I BET SIERRA165 IS A PHONY. SHE ALWAYS KNOWS BETTER AND CAN MAGICALLY GROW A HOME WHERE EVER SHE NEEDS ONE TO PROVE A POINT. SHE'S PROBABLY SOME SIERRA TOWER OWNER'S CLEANING LADY. PROVE YOUR NOT YA SNOOTY WANNABEE OR STUFF A SOCK IN IT"

Classic! I've had this username on this blog for months & months & months prior to mentioning I have an apt. in Sierra Towers so your theory is crap - nice try though!

"In addition, she owns homes in Aspen, Colorado, and London"

Still don't think she has a place in London - anyone can edit Wikipedia so I'm still waiting on a London area / address ... If she did have a place the address would be common knowledge but there is no address anywhere, whereas you can find Madonna, Gwyneth Paltrow etc... address pretty easily ...

Anonymous said...

:::Tosses seirra a light bulb::: Screw it in baby. It's got to be brighter than yours.

Anonymous said...

Excuse me for butting in, but I think I can be some help because I'm from London. While I can't provide an exact address, Cher has long owned a penthouse apartment in the London docklands on the Canary Riverside. Robert De Niro lives there too.

To give you an idea of the area, the famous 'U' bend in the River Thames borders the Isle of Dogs with the tallest building in Britain, Canary Wharf. Much of the London docklands area is concentrated around the Isle of Dogs.

Anonymous said...

Oh, and a post script. Cher is in London quite a bit actually. Like most stars, her comings and goings are reported in the daily rags when she's around.

Anonymous said...

Well Thank YOU and a hat tip whoever you are. Perhaps a certain someone will confine her comments to the properties being presented rather than critiquing the comments of others. Oh wait, don't tell me. Our own little Sierra Towers cleaning lady once owned a home by the Isle of Dogs too, and it's not true because she knows better than you.

sierra165 said...

What a bunch of petty idiots! ... I was interested in where Cher had a home in London & nobody has come up with anything believable - I grew up in London & know that she wouldn't live on the Isle od Dogs - thats east london, not central & not where an A list celebrity would live & anyone who knows London will know that.

":::Tosses seirra a light bulb::: Screw it in baby. It's got to be brighter than yours."

I guarantee I'm brighter than you, personal attacks just make you look bad - not me ... I haven't said anything ridiculous - just defending myself, I apologise that I have a backbone ... something you clearly haven't got.

sierra165 said...

"Our own little Sierra Towers cleaning lady once owned a home by the Isle of Dogs too, and it's not true because she knows better than you"

No, I grew up in a nice part of London ... I wouldn't step foot in east London - that's why it's not believable that Cher would live there. She lives in my building so next time I see someone connected to her I'll just ask if she has a home in London b/c clearly here nobody knows what they're talking about & just acting like a bunch of jealous asses - big deal if I live in a building that has like 2% celebrity residents - hardly glamorous but it's fine that I get chastised for it - I've bn used to jelaousy all my life ... f*cking retards!!

sorry mama for this turning into something so ridiculous, never realised your audience was solely teenagers ...

Anonymous said...

Who calls themself Sierra? Sounds like a tired old stripper. I can just hear the DJ now. "Gentlemen get your nickles and dimes ready, now please welcome to the stage See-Air-Ra."

sierra165 you seem very simple and sad. Cheer up sweety i'm sure you have more to offer this great world then just your address. If you dont want people to ridacule you for where you live. Then dont say where you live.

Mama I have never posted on your blog before. Keep up the good work.