Monday, August 20, 2007

$22.5M!

While we watch the Jumbo loan market dry up (see the latest by "Mr. Mortgage"), here comes what must be the priciest listing ever in Santa Monica: $22.5M for this 6 bed / 7 bath, 10,000 sq.ft. house at 1605 San Vicente Blvd. (upper left in photo). It runs through from San Vicente (upper right) to the Riviera Country Club (lower left). (Click for larger Live Search image.) It's described as:

"Extraordinary view lot in premier location. Rare 76,000 sqft view lot with sweeping vus over the Riviera Golf Course to the mnts beyond. The impressive spacious traditional residence was custom blt in 1990 by Gordon Gibson for the present owners. Walled, gated & private this mostly all flat lot encompasses a separate guest hse, mature trees, fruit trees and vegetable garden. The custom designed pool & waterfall take advantage of the exceptional vus ..."

Showing how values have gone up since 1990, the County values it as a $4.2M house on a $3M lot. And if the sellers get their asking price, they'll owe something like $4M in capital gains taxes between the IRS and the state. Wonder where they're moving?

8 comments:

Mikey said...

I love paying taxes. All it means is you've made a lot of dough.

However, I'll note that once you start making a decent chunk of change, you will be in AMT (alternative minimum tax).

Thus, prop taxes, home mortgage interest... these things won't lower your tax rate (or won't lower it very much). Surprise.

Anonymous said...

At least it comes with fruit trees and a vegetable garden, the new owner can save some serious $$ on grocery bills!

speedingpullet said...

Plus, move in your entire extended family, and all their friends!

What else are you going to do with a 10,000 sq ft house...?

Anonymous said...

No doubt this beauty is owned by a hedge fund. LA assessor has it on the books for approx. $6.7 million (nice mark-up)! Depending on the debt this could be one of the biggest losers in Santa Monica.

Anonymous said...

To anon - "No doubt this beauty is owned by a hedge fund...." - you're an uninformed idiot. This is how rumors start. Hope this eliminates the "conspiracy theory."

The owners are Kenneth & Marcia Hoffer.

Kenneth J. Hoffer, MD, FACS, is Clinical Professor of Ophthalmology at the University of
California, Los Angeles. He is the owner of Eyelab, which sells computer software for IOL power calculations, including the Hoffer Programs and the Holladay IOL Consultant.

Anonymous said...

Let me tell you, I'd quickly figure out what to do with 10,000 square ft with 3 kids, a mother-in law, 4 cats, 2 dogs and really bad model train hobby

Mikey said...

I wish people would stop using "anonymous," as you can't tell who's who.

Just make up a handle. It's not like Ali G, which one is the best PIN or anything.

Anonymous said...

House is still on the market and they are asking 16.5 million. If you have seen the house, you'll realize why it hasn't sold. It's a horribly designed house with small rooms.