Here’s more evidence that the Los Angeles luxury market remains hot: Vice Media co-founder Shane Smith sold his Pacific Palisades estate for $48.7 million, nearly his asking price, and just over two months after listing it.
It’s also the second-priciest deal in Los Angeles County this year, behind the $51 million sale of Beverly Park’s Villa Firenze earlier this month. Villa Firenze, which sold at auction, was also originally listed for $165 million. The Los Angeles Times first reported on Smith’s deal.
Overall demand for housing has climbed over the last year in L.A., and inventory has shrunk. A recent report also found that over half of homes in Los Angeles that sold in March closed for more than their listing price.
Also Vice Media’s executive chairman, Smith listed the estate for $50 million earlier this year, and the closing sale is reportedly the priciest ever recorded for a home in Pacific Palisades, according to the Times.
He bought the 3.4-acre estate, known by some as Villa Ruchello, for $23 million in 2015. He also bought a smaller property nearby a year later for about $3.8 million.
Villa Ruchello sits on Pacific Palisades’ southeastern border with the city of Santa Monica, and is one of the largest spreads in the neighborhood. Its exterior was pictured in the film “Beverly Hills Cop” and HBO series “Entourage.”
The estate has a total of 13 bedrooms and 12.5 bathrooms, which is split between the 1930s-era Mediterranean-style mansion, a guesthouse, and a gatehouse. Those structures total about 14,000 square feet.
The leafy grounds span lawns, gardens, and citrus groves. There is also a 74-foot swimming pool, a pool house, private water wells and an onsite power generator.
[LAT] — Dennis Lynch