Friday, November 9, 2007

Nicole Richie Rejected

Put on your thinking caps children and see if you can follow us through knocked up starvlet Nicole Richie's recent real estate whirligig.

Miz Richie recently put her 2,246 square foot West Hollywood condo on the market for $2,300,000 and she's been shacking up at her baby daddy Joel Madden's recently renovated mini-manse in suburban Glendale.

Your Mama then read (but we can't remember where) that the expecting couple was on the hunt for a new home to raise baby in Calabasas or some other western suburb far from the maddening crowds on Robertson Boulevard.

Then all the news broke about Miz Richie's filthy rich daddy paid $1,200,000 for actor Dennis Franz's Century City condo as a gift for the unmarried parents to be. To be honest, Your Mama never understood this purchase unless it was meant as some kind of pied a terre for the Richie/Madden clan to hole up near her mother's Bel Air behemoth on Funchal Road and her father's newly built mansion on Copley Place overlooking the Los Angeles Country Club.

More recent reports have said that Miz Richie, clearly the muscle in that relationship, did not want to raise her baby in the valley and wanted to live closer to her parents, so the couple was eyeing a $7,000,000 Century City condo. Although we can not confirm (did you READ that numb skulls, we can not confirm), but Your Mama is pretty sure the photos above are the condo/house the Richie/Maddens had hoped to purchase. The four bedroom and 6 bathroom house on Century Woods Drive is on the market for $7,250,000. But alas...

Earlier today, 5 Eyes sent Your Mama a link to US Magazine who reports that the paparazzi magnets were "denied by residents who were concerned about photographers hovering near their homes." Dee-nied! A source told US that Miz Richie "was livid because she loved the house." Bummer.

Maybe the glossy gossip magazine favorites should consider buying Avril Lavigne's Mulholland Estates house that is currently on the market for $6,200,000 and sits just a few doors down from Miz Richie's childhood bff Paris Hilton's new pad.

21 comments:

RLT said...

I really like the look of that place, I don't blame her for being pissed. But, instead of Avril's ugly house - for exactly the same price - don't you think Nicole and Joel would be happier in this home:

http://homes.realtor.com/search/listingdetail.aspx?zp=90210&ml=3&mnp=53&mxp=52&typ=3&sid=f3a3616ac52342e0b765ca4cf972a076&lid=1088793747&lsn=2&srcnt=19#Detail

The listing said it's celebrity owned, and I know I've seen it here on your site - I just can't for the life of me remember who it belongs to.

I don't like that old fashioned tub, and I don't think Nicole would either, but that's a simple enough thing to fix. I just get the feeling that this house is both cozy and elegant. It just looks like a really nice home. What do you think?

Anonymous said...

I got a listing for a brand new construction in the BH flats on Walden just north of SM Blvd. from that link? Not a bad house but not baby friendly, and definitely not private enough to keep the paps from snapping pictures day and night.

Joey said...

lets get back to reality 5300 sqft mansion hollywood hills 1.5 MM not 10MM or 15MM....... 1.5 MM

Wednesday, September 20, 2000

Inman News

Actor Nicolas Cage, who stars in the upcoming movie "Captain Corelli's Mandolin," has sold his Hollywood Hills home, the Los Angeles Times report. The asking price was just under $ 1.5 million.

Cage, 36, started shooting the movie "Windtalkers" this month. He also stars in "Family Man," due out in December. "Captain Corelli's Mandolin" finished filming in August.

The Oscar-winning actor ("Leaving Las Vegas," 1995) put his Hollywood Hills home on the market in June, 1999, after he moved into a Bel-Air house that he bought in 1998 for about $ 7 million. Cage had owned the Hollywood Hills home since about 1990.

Built in 1928, the three-story walled and gated house, on a knoll overlooking the city, has five bedrooms, a circular library, a wine cellar and a humidor in slightly more than 5,300 square feet. There is a hydraulic lift in the garage to park an extra car.

Anonymous said...

The Walden Dr place is the 1st property off of Santa Monica Blv - if you want a quiet life then you would not get it here ... also, high profile celebs tend not to live in the B.H flats due to the paparazzi as the properties / streets tend not to offer the privacy & seclusion that the hills & canyons above sunset can.

They have a pretty healthy budget so I'm sure with $7M they'll find somewhere pretty decent - the market is saturated in L.A at the moment & many places just aren't shifting.

luke220 said...

That's John O'Hurley's house rlt and I think it is time for a price reduction.

Anonymous said...

joey, should those of us who make more money (salary) now than in 2000 also take salary cuts to 2000 levels? Should automobile prices be reduced to 2000 prices? Anything else?

I understand the concept of a real estate price adjustment, just have no clue why anyone thinks that prices have to be reduced that far..Unless of course the person talking is someone who is bitter that they couldn't afford to get in the market then, could have only gotten in recently with an interest only loan, and now can't get in at all.......

Joey said...

anon 6:36

The prices are where they are at because of fraud, nothing more, nothing less.

They have jumped up 500-1500% in 5 years ?
That same place nick cage sold was on the market for 5MM recently, the mansion he bought for 8MM he is now trying to get 35MM for it.

Fred Sands told agents at a conference they should start firing their clients if they do not bring their asking prices down.

The stock market went down 600 points this week, banks are writing off 11 billion dollar loans, what else do you need to see this market in RE and stocks is way off in value, are you telling me that we had a 1500% inflation increase in the last 5 years. Cars prices have gone up 5%, Job Salaries have gone up 5-10% products are up 5%, only housing has gone up past 500%

Why do you think that is ?

luke220 said...

Joey,

You also have to consider that the US dollar is off about 50% (hence stock market drop) so we are the bargain basement for foreign buyers. For the wealthiest buyers, there is a limited supply and that drives up prices at the high end.

Old Hag in a house said...

Blah blah blah blah......fart!

Aunt Mary said...

I don't like the hacienda style as a rule, but it's appropriate to southern cal. However, that sun dappled courtyard is very inviting.

Anonymous said...

Joey,

How is it fraud?

If Cage sold his house for 1.5m seven (not five) years ago, whomever owns it has every right to list it for whatever they want. Brokers don't have to take the listing if they don't think the seller is being realistic about the price. Buyers don't have to buy it if they think it is overpriced.

Perhaps you are using the wrong term. You may think the prices are "outrageous" or "unrealistic", but no one is commiting "fraud" by asking for more than (you think) the house is worth.

Anonymous said...

Joey,

Or perhaps the "fraud" being commited is the loan brokers who are financing people that they shouldn't. That has been happening for a long, long time.

When I bought my first home, my real estate broker was concerned I wouldn't qualify (I was young and didn't make a lot but had a decent down). He had a loan broker "friend" who he assured me could get me approved. Being naive to the process, I paid the guy a couple hundred dollars to be "approved". Turned out the house I bought was an REO and one of the conditions of the selling bank was that I at least give them the opportunity to finance me. They approved me and the shady broker ended up using some really foul language on the phone because I didn't take his loan. That was in January 1995!

Linda Hoof said...

We don't care honey!

Anonymous said...

Hoof it back to your barn beotch.

luke220 said...

I'm not quite sure how residents have the power to over-rule a condo offer, I thought that was only the domain of coop boards. That said, I believe that in spite of how attractive the property is, it is overpriced for the area. It is the most expensive property on the market in that zip code. I think that the neighbors did her a favor.

Anonymous said...

It's also in the most exclusive (and expensive) gated community in that zip code. The house next door sold in May 2007 for 6m even.

I also believe Century Woods Estates is considered a co-op, not condo.

luke220 said...

There is a big difference between $6 million and $7.25 million. Isn't that evidence that this home is overpriced?

Anonymous said...

No, one would have have more information (when remodeled, finishes, etc.) to make that determination. It is possible the house next door had not been updated since built in 1990 while this house (which sold a year ago for 4.25m) may have just undergone a complete renovation.

The point I was making was that looking by zip code is too broad in Los Angeles. Many neighborhoods have multimillion dollar homes in the same zip code as starter homes for under a million dollars.

There are very few free standing homes in 90067. Most (if not all) are the estates in Century Woods Estates. Most of the residential in Century City is condos & apartments in highrise towers. Century Woods is the exception. It is lowrise townhomes and the estates (of which one site says there are only 30).

luke220 said...

Wow- the house sold last year for $4.25 million and now they are asking $7.25 million. That's one heck of a flip. I didn't know that the housing dynamic was so strong there (it isn't).

I only stated that it seemed overpriced. Now I am more certain of it!

Anonymous said...

Lets see what it sells for. Last time I remember someone getting so adamant that a house was overpriced was the Segal House which Courtney Cox bought for somewhere between 11 & 13 million then listed for 33 million 5-7 years later. All the armchair "experts" said it was only worth 15-17m max. The sale recorded 7/31/07 for 27.25m....

The rules of real estate are different in Los Angeles.

luke220 said...

"The rules of real estate are different in Los Angeles."

Overpriced is overpriced in all markets! But I hope you are correct in your assessment. Thank you for your good natured spirit.