Wednesday, January 22, 2014

UPDATE: Frank Marshall and Kathleen Kennedy

Apparently, like the high profile owner before them, five-time Oscar-nominated producer Frank Marshall and his eight-time Oscar-nominated wife Kathleen Kennedy caught a good ol' case The Real Estate Fickle and decided not to build a custom estate on a vacant parcel of residential property in the rustic-luxe Mandeville Canyon area of Los Angeles that they picked up in November 2012 for $7.5 million. Thanks to the kindly and eagle eyed informant Mister Twister, we see they've now flipped the 2.53 acre parcel back on the open market with a significantly higher asking price of $9,750,000. Listing details are currently, at best, anemic and we don't have any inside intel regarding whether they did or did not have any plans drawn up but it appears on the surface that Mister Marshall and Miz Kennedy made few if any improvements to the property.

Avid celebrity property watchers will recall that the award winning movie makers purchased the property from fellow Oscar winner Reese Witherspoon who'd bought the property just over two years earlier for $6.9 million from Steven Seagal who does not have an Oscar but does have a Razzie (plus 8 more Razzie nominations).

At the time of Miz Witherspoon's purchase the property included a large main house and several outbuildings and equestrian facilities. She razed everything. Alas the she and husband Jim Toth opted not to move forward with construction of their own personal Xanadu and instead sold the lot and, instead, dropped $3 million on the house next door to her long time L.A. residence, a multi-parcel property in a discreetly wealthy gated enclave in nearby Brentwood.

Mister Marshall and Miz Kennedy quietly sold their previous residence, a very contemporary, hill-topping Gwathmey Seigal-designed mansion in Pacific Palisades' high-fallutin' Riviera 'hood, in a hush-hush off-market deal to Hollywood royals Tom Hanks and Rita Wilson in early 2010 for just over $26 million.

aerial listing photos: Coldwell Banker

10 comments:

Shopgirl said...

I love the pacific palisades home they sold to Tom Hanks. Wonder if they are sorry they sold it?

Anonymous said...

I really like that house, too, Shopgirl. Often referred to as Little Getty.

Wallace Ridge

West Bourne said...

I wonder what's wrong with the property in Mandeville Canyon? Do they start putting together plans and then realize some unforeseen expense?

Anonymous said...

well if the property was without permits and they got the permits the increase in price is warranted otherwise wth

lil' gay boy said...

Always loved the Gwathmey+Seigel house too; they must be kicking themselves by now.

Why is it there are now two different parties that have declined to build their "dream manses" in a ditch on a flag lot? Will three be a charm?

I think not...

Anonymous said...

FYI- Mandeville Canyon Road is in zip code 90049 which makes it Brentwood.

Anonymous said...

So, who really want to keep a flag property?

Anonymous said...

Shopgirl is one of my favorite movies of all time. LGB there must be something about this lot that makes it not worth to build on.

Anonymous said...

Looks like a very difficult lot to build on. Steep hill and narrow entry with a steep drive. leveling the lot would cost more than many nice homes. Smart money would just buy a house instead of dumping twice as much to build on such a lot.

West Bourne said...

Anon 11:26 - Flag lots are very popular with people who are in the public eye. They afford lots of privacy and when tour vans drive by with their loud speakers every 10 minutes it could help a lot with the sanity. Ben Affleck, Tom Cruise, the Beckhams and Ringo all have homes on flag lots.

After looking at this on the different map sites, I see that there is significant drainage coming down on to the property from the development above it. The city building permit people may be taking a very wise and conservative stance on dealing with it which may limit the design choices considerably. The old house didn't have this problem as it pre-dated the development and grading above it. New owners may not be able to build the kind of estate that this size lot would afford elsewhere.