Wednesday, July 11, 2007

UPDATE: Michael Madsen

LOCATION: Victoria Point Road, Malibu, CA
PRICE: $7,800,000
SIZE: SIZE: 3,424 square feet, 5 bedrooms, 4 bathrooms
DESCRIPTION: Lender owned foreclosure! Reduced over $2,000,000 from last listed price due to recent foreclosure sale. Great beach front location on private cove in prestigious Broad Beach area. End of cul-de-sac location on private, gated street. Large 5 bedroom Cape Cod style home with lots of charm, hardwood floors, vaulted beamed ceilings, sunroom and deck. unbelievable ocean views from this private, scenic cove. Enjoy the Malibu lifestyle!

Let's go back to the middle of May when Your Mama discussed the ocean front house in Malee-boo that actor Micahel Madsen was trying to sell lickety split before his bank started foreclosure proceedings. Madsen's kinda shabby house was one the market for $9,950,000 and he was looking to have someone take the house off his sad little hands almost immediately, before the bank foreclosed on the house.

We're sorry to say that there was no quick sale at a high price, the bank foreclosed, and the house is back on the market for a $7,800,000, a substantial price reduction, and probably a more realistic price.

Your Mama has no idea why Mister Madsen, who is the brother of Oscar nominated actress Virginia Madsen, did not have the money to make his mortgage, particularly when his IMDB resume is littered with recent projects that surely brought in a substantial amount of dough. Sad.

As you may recall, this house once belonged to Ted Danson, before he moved up in the world of Malee-boo real estate and purchased a home in The Colony in the year 2000. The couple have recently placed the house on the market, again, at $18,500,000.

Anyhoo, Your Mama wisher Mister and Missus Madsen well as they search for and move into a more affordable home.

Source: Internet Movie Data Base

12 comments:

Anonymous said...

Oh, that's sad for him. Last thing I knew he did was a book of poetry or something. Not a lucrative thing at all.

Anonymous said...

How embarrasing for him, too!

Can someone please explain the white lattice panels covering the entire first floor? What's that about?

Anonymous said...

The current price is still to high - this is the worst part of broad beach ... in fact, i wouldn't even call it broad beach

Anonymous said...

Anon #2:

The lattice hides a hot tub and an "outdoor gym."

Phoenix said...

I generally like authentic Cape Cod style, and it's certainly appropriate for a beach home, but the exterior of this place looks like a tenement building to me, and the interior dark, drab and dreary. I empathize with Mr. Madsen's financial woes, but find it hard to believe he'll miss this place.

Anonymous said...

I agree with phoenix - while the view and proximity to the water are wonderful, the house just looks like a mess from the outside. Those lattice panels just make it look worse, #2 was right. There are classier ways to hide a hot tub! I hope someone can fix it up and make it incredible.

Mavis said...

it was featured on MTV CRIBS, it sticks in my mind because it was one of the shittest house I ever seen featured and it wasn'nt a joke. If I remember this home was in the 1960's early 70's Keith Moon , the WHO rock group , home.

Anonymous said...

I don't get it...if he bought it from Ted Danson in 1999 for $1,995,000...and even though he had a mortgage that exceeds the original purchase price and defaults, etc...why wouldn't he try to get rid of it (he couldn't have possibly owed the original asking price of $9,950,000 or the now foreclosed price of $7,800,000--that's a lot of money!) and make some sort of profit at the peak of the market, than none at all?

I hope it all works out for Mr. Madsen (no one likes to hear about these things), but I'm sure he's glad it's out of his life. The price is still too high, considering work needs to be done. However, it IS Male-boo!

Anonymous said...

Wow. I think that listing needs the line bring your contractor, decorator or bulldozer. There seems to be some potential, but right now that is the ugliest beach house I've ever seen.

Anonymous said...

If one must have the lattice (I personally would have just done without, why block the ocean view from the hot tub?), they should have at least painted it the color of the house so it would have dropped out. Not that I care for the blue paint either.

I'll give them 1.2m for it...

Anonymous said...

Look, you don't have 1.2 mill to give and you don't know the area, it is not one of the worst locations at broad beach. The house has a horrible layout and was not kept up but it has potential, it's all a matter of the purchase price. i agree 7.8 is steep but I promise you it will sell in the sevens. There is already two offers on the place. Don't talk if you have nothing to say.

Anonymous said...

What a bunch of snobs on here! Try living in a trailer! It looks like a beautiful home to me.

BTW Keith Moon had the house built in 1976. When he died in 1978 Keith's ex wife Kim, their child Mandy and Kims new husband moved into it to sell it.