SELLER: Sturmer Pippin Investments
LOCATION: Los Angeles, CA
SIZE: (approx.) 10 acres with 12,200-square-foot residence and extensive leisure complex
YOUR MAMA’S NOTES: Buckle your real estate safety belts because just 10 months after the historic Owlwood Estate in Los Angeles sold for a brain blistering $90,00,000 — at the time the second largest sale ever in Los Angeles County — the legendary Sunset Boulevard spread will officially return to the market on the first of August with a pearl-clutching price tag of $180 million.
The sprawling, approximately ten-acre estate currently has one existing residence, an ornately articulated Italian Renaissance villa designed by illustrious architect Robert D. Farquhar and built in 1936 for Florence Letts Quinn, ex-wife of department store magnate Arthur Letts, Junior. Subsequent owners of the conspicuously opulent 12,200-square-foot mansion include hotelier Joseph Drown, business partner of Conrad Hilton, 20th Century Fox founder Joseph Schenck, oil tycoon William Keck, and actor Tony Curtis who sold the house in 1974 for about $750,000 to iconic music duo Sonny and Cher. The mansion eventually came into the hands of a wealthy carpet mogul and later a shadowy Syrian businessman before it was acquired in 2002 for an undisclosed amount by late subprime mortgage mogul Roland Arnell and his wife Dawn Arnell.
Owlwood shares a long border with the northern edge of the posh Los Angeles Country Club and the park-like property is currently composed of three buildable parcels. One lot is vacant, a second includes the existing Farquhar-designed residence and a third has an extensive leisure complex that includes a swimming pool, a spacious poolside guesthouse and a sunken tennis court. Bob Shapiro, CEO of Woodbridge Luxury Homes and head of Owlwood’s current corporate owner Sturmer Pippin Investments, marshaled an A-list team of internationally renown architects, including Meyer Davis Studio and KAA Design Group, who oversaw an extensive redevelopment plan to convert the property into what marketing materials describe as “one of the greatest residential estates in the world.” Plus Development Group will oversee the development, which includes the option to subdivide the property into additional buildable lots. According to a press release announcing the listing, the storied estate received increased attention and market interest earlier this year, after Jay-Z hosted Roc Nation’s annual Grammy Brunch Party at the estate where attendees included Rihanna and Sean Combs.
The sale of Owlwood will be handled by Adam Rosenfeld, co-founder of high-end brokerage Mercer Vine, who also represented Sturmer Pippin Investments in the 2016 purchase of the property.