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.