After more than a year on the market at declining prices, Megan Ellison at long last sold a sleek contemporary residence in the Mount Olympus neighborhood above Hollywood and Laurel Canyon for $4.07 million. Unfortunately for the software heiress-turned-powerhouse movie producer, the sale price was a scant 68% of the original $5.9 million asking price and, though she can certainly more than afford the loss, a staggering $1.18 million below than the $5.25 million she paid for the property in March 2015. The new owner is the newest cast member of “The Real Housewives of Beverly Hills,” Teddi Jo Mellencamp, daughter of 1980s rock star John Mellencamp.
Clad in vertical strips of wood with vast walls of glass and birds-eye views across Los Angeles to the Pacific Ocean, the 4,309-square-foot, five-bedroom and 5.5-bathroom residence sits across a shallow ravine from an 8.25-acre estate Ellison picked up in several transactions in late 2013 and early 2014 that totaled $30 million and sold all together in September 2017 for $35.7 million. The house is also, literally, just around the corner from a 2,918-square-foot Mediterranean-style residence that Mellencamp, who works as what she describes as an “accountability coach,” and her husband, home security entrepreneur Edwin Arroyave, purchased in late 2011 for $1.8 million and currently have up for sale at $3.195 million.
Finely finished with top-grade materials such as white marble floors and smooth walnut wood wall panels, the crisply rendered residence is custom outfitted with an imported designer kitchen, dual-zone heating and cooling, a state-of-the-art security system and telescopic floor-to-ceiling sliding glass doors that open automatically at the push of a button. Most rooms open to slender, glass-railed decks that overlook a swimming pool surrounded by Ipe wood decking.
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Ellison has now shed all of the property she once owned in the Mount Olympus neighborhood and decamped to an expanding compound in a plummy pocket of Beverly Hills where in December 2016 she paid Oscar-winning cinematographer Janusz Kaminski $15.5 million in an off-market deal for a 1.12-acre compound with a not quite 5,000 square-foot main house, a small guest or staff cottage and a semi-subterranean structure that housed a library and office space. About four months later, the three-time Oscar nominated producer shelled out another $6.895 million for the property next door which at the time include a vintage, 1957 Alfred T. Wilkes-designed mid-century modern residence with four bedrooms and five bathrooms in 4,351-square-feet. Ellison additionally keeps a multi-million dollar bolthole in a prime building in New York City’s SoHo neighborhood — a 1,750-square-foot unit with one bedroom, one bathroom, an open kitchen and a circular living room with a sky light topped domed ceiling — that she snatched up in the early summer of 2013 for $2.9 million.
Listing photos: Westside Estate Agency