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Megan Ellison Takes Million Dollar Loss on Beverly Hills Flip (EXCLUSIVE)

SELLER: Megan Ellison
LOCATION: Beverly Hills, CA
PRICE: $12,500,000
SIZE: 5,603 square feet, 5 bedrooms, 8 bathrooms

YOUR MAMA’S NOTES: Though she hoped to pocket closet to $1.5 million on a fixer-upper estate she picked up in a plummy pocket of Beverly Hills in April of this year for $13.5 million and flipped back on the market less than two months later at $14.995 million, in the end mega movie producer Megan Ellison took a jaw-dropping million dollar loss, not counting carrying costs and real estate fees, on the Hollywood pedigreed .88-acre estate that was sold, per property records on other online resources, for $12.5 million.

Miz Ellison, the fortunately born daughter of software mega-billionaire Larry Ellison, purchased the house, described in listing details as a “sprawling one story Mid-Century Hawaiian Ranch style home built in 1955” with five bedrooms and eight bathrooms in 5,603 square feet, from Lynne Wassserman, daughter of late and legendary movie industry pioneer Lew Wasserman and mother of entertainment and sports management executive Casey Wasserman.

So the Platinum Triangle real estate scuttlebutt went at the time of her purchase the prolific producer, who has more than half of a dozen high-profile film and television projects on her plate including an as-yet untitled David O. Russell TV series staring Oscar winning A-listers Robert De Niro and Julianne Moore that will air on Amazon, planned to do a quickie renovation on the house and shack up there while she overhauls her multi-residence mountaintop compound in the Mount Olympus neighborhood that she bought between late 2013 and the spring of 2015 in a handful of transactions that cost her about $35 million. Miz Ellison additionally maintains a modestly sized but still unquestionably expensive and decidedly idiosyncratic one-bedroom and one-bathroom pied-a-terre in a storied Beaux Arts building in lower Manhattan — it has a circular, dome-ceilinged living room that is 31-feet in diameter — that she acquired in May 2013 for $2.8 million.

Photo: Bing

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