-
Posts
14969 -
Joined
-
Days Won
1
Content Type
Profiles
Forums
Store
Downloads
Recruiting - 2020
2019-2020 Football Season
Football
Entertainment
Sports
News and Business
Cloak Room
Transfer Portal
Recruiting
Events
Posts posted by Sbbruin
-
-
I don't think I could ever jump out of a plane.
-
7 minutes ago, RDCanecutter said:
Just checked it out. Sumbitches selling mountains of counterfeit US coins.
You can by stacks of fake bills for a couple of bucks. I am certain that's what a lot of those Vic FB posers use.
-
Highest priced sale in LA County history just went down. $110 mil for a Malibu estate. To a Texan no less.
QuoteThe priciest home on Malibu's famed Billionaire's Beach has found a bona fide billionaire buyer.
In what will be the most expensive home sale ever for Los Angeles County, hotelier Peter Morton has an agreement in place to sell his oceanfront property in Malibu's Carbon Beach, better known as Billionaire's Beach, to natural gas billionaire Michael S. Smith and his wife, Iris Smith, for $110 million.
ADVERTISEMENTIt's an astronomical sale even in the world of luxury real estate. The previous county record was $100 million, which was hit twice in 2016: for the sale of the Playboy Mansion in Holmby Hills, and for a mega-mansion built on speculation in the same neighborhood.
The Malibu sale, expected to close Tuesday, is the latest huge deal for the exclusive beachfront city, where two $85-million sales have closed in the last year and a half.
Long a local getaway for Hollywood's elite and, more recently, a favorite haven and investment area for tech entrepreneurs, Malibu continues to open pocket books. If only there were more of it to go around.
"There are never going to be that many giant sales [in Malibu], because there are only so many homes that have a lot of beachfront and multiple parcels," said Jack Pritchett, co-founder of Malibu-based brokerage Pritchett-Rapf Realtors. "We can say $110 million is a joke, but you can't find multiple-lot properties like Morton's."
Squeezed between two homes owned by Oracle Corp. co-founder Larry Ellison, the half-acre property on Pacific Coast Highway comprises two parcels with two structures and more than 100 feet of beach frontage.
Morton, 70, acquired the two properties over the last three decades in separate transactions totaling $5.6 million, public records show, and commissioned architect Richard Meier to design the compound.
Wrapped in rich teak wood, the main house and guesthouse combine to offer seven bedrooms, nine bathrooms and about 8,000 square feet of living space. Shutters and windows throughout the contemporary homes are automated, and wrap-around balconies are centered toward the ocean.
A swimming pool and a courtyard garden filled with native beach landscaping make up the grounds. Wood-plank walkways connect the structures while leading to the shoreline.
Hilton & Hyland agent Brandon Williams, who teamed with his wife, Rayni, to sell Morton's home, said the Hard Rock Cafe co-founder had no intention of selling property when Williams first broached the topic two years ago.
Morton was hesitant at first, Williams said, but the real estate agent knew the hotelier was spending most of his time in the Hamptons in New York.
"I'd worked with Peter before. This was my eighth or ninth deal with him," Williams said. "He trusted me."
Williams asked for a number; Morton came back with $110 million.
What followed was a two-year courtship of the buyers that included multiple showings and saw them leasing the property for an extended period of time. Barry Peele of Sotheby's International Realty represented the Smiths in the sale.
Smith is the chairman and chief executive of Freeport LNG Development, a Texas energy company that offers vacuum-insulated gas transfer lines, regasification services and storage facilities for liquefied natural gas. He previously served as president of both the Colorado Oil & Gas Assn. and Basin Exploration Inc.
Williams confirmed that the $110-million price is for the home only; furniture and artwork, negotiated items often used as deal sweeteners in the high-end market, were not included in the sale.
What will be the next big domino to fall in L.A.'s red-hot luxury market? There are plenty of candidates.
Four L.A.-area homes are currently priced at $110 million or more, according to the Multiple Listing Service, not to mention a handful of large estates and spec-built mansions circulating as pocket listings from $100 million to $500 million.
Atop the MLS list is the onetime Holmby Hills home of Candy Spelling that currently lists for $200 million. Known simply as the Manor, the 56,600-square-foot palatial estate is the largest single-family home in Los Angeles County. It has spent more than 17 months on the market since its current owner, Petra Ecclestone, listed it.
And still up for grabs is Billionaire, the larger-than-life compound developed by handbag mogul Bruce Makowsky. The amenity-filled compound was reintroduced to the market last week at $188 million, a 25% reduction from its original price of $250 million.
For those holding out for a market correction, a warning: Don't expect to see one soon, if it all.
"I would have thought we'd have another recession two years ago," said Jeff Hyland, co-founder of Hilton & Hyland. "Even if things start slowing down in other parts of the country, like Manhattan, where you can build another high-rise, you're not going to see that in L.A. because there's no land left."
A limited supply of homes on the market has continued to drive up price appreciation throughout the Southland. In March, median home prices in Southern California climbed 8.4% from a year earlier, setting a new all-time high.
The same goes for the luxury market, particularly in leading sub-markets such as Malibu, where an eroding coastline has been a topic of conversation for years.
Sales activity indicates that while some long-term investors are bearish on the consequences of climate change, others have no issue with it, according to Paul Habibi, a professor of real estate at UCLA.
When Hyland shows homes in Malibu to clients, he does so with a caveat: The property may not be here for your grandchildren. But even with potential issues down the line, he says most people aren't dissuaded.
"They're looking to enjoy themselves now," Hyland said.
For the rich and famous looking to enjoy themselves, Carbon Beach has long been an appealing address.
Ellison is perhaps Billionaire Beach's most well-known resident; over the last two decades, he's purchased at least a dozen properties in the beachfront area.
Other notable homeowners include film studio head Jeffrey Katzenberg and billionaire Eli Broad. Former Dodgers owner Jamie McCourt bought her Carbon Beach home a decade ago from "Friends" actress Courteney Cox. Oscar-winner Leonardo DiCaprio sold his longtime home in the area two years ago.
Meanwhile, median home price in the six counties consituting SoCal set a new record of $519K. It really is out of hand. My wife has been pushing for a new house, but no way. If I sold and rebought my own home, my property taxes would likely more than double. Taking a step up to a larger house is a non-starter.
-
3 hours ago, Ldogg53 said:
For sure.. I would have preferred it if the cop took a nightstick to his face rather than the taser.
-
Guitar Center on life support. Most of these companies were over-leveraged by VC acquisitions.
QuoteCould the world's largest instrument retailer be ready to sing bye bye, Miss American Pie"? That may indeed be the case for Guitar Center. The S&P recently reduced the retailer's corporate credit rating further into junk status. S&P does not see the retailer — with more than 250 stores across the U.S. — improving its credit metrics given high leverage and weak cash flow, especially as more than $600M in notes mature in April of next year, according to MarketWatch. Guitar Center remains in operation, just on a watch list with a host of other retailers in precarious positions. That means the retailer is susceptible to any shocks, including a recession or a sharper drop in guitar sales, Digital Music News reports. Lower guitar sales are also the source of guitar-maker Gibson's tribulations. Gibson is saddled with more than $500M in debt coming due this summer. “In both cases, these businesses have been unable to adapt to a precipitous slide in guitar sales. Younger buyers, who once drove the guitar surge, have now shifted towards [Electronic Dance Music], rap, and less guitar-driven indie music — even though interest in music itself has never been higher,” Digital Music News reports. The company has not announced any store closures; it recently announced a new store in Delray Beach, Florida, and a revamped store in Bloomington, Minnesota.
Read more at: https://www.bisnow.com/national/news/retail/is-guitar-center-hanging-by-a-string-87651?utm_source=MorningBrief&utm_medium=email&utm_campaign=20180424_los-angeles_morningbrief&be=phill%40worthe.com&email=phill%40worthe.com?utm_source=CopyShare&utm_medium=Browser -
14 minutes ago, High Plains Drifter said:
I actually like it when the group in front of me plays slow. Allows more time for me to get my drink on.
-
The younger dude was a complete prick. Why should they leave? Seems they really had done nothing wrong, and in my many rounds of playing golf, many times drinking excessively, pace of play is addressed politely and responded to accordingly. That whole thing was bullshit.
- 1
-
No electronics. Some clothes (great pair of snowboarding pants for like $20), other small housewares.
BTW, I am quite certain a lot of the shit sold through FB ads is just resold Wish shit. I've ordered a few things from other sellers and it comes packaged in some Chinese packaging a la wish.
-
26 minutes ago, XR4ticlone said:
How true are the ratings on products? Can you trust them at all?
No, and some of the stuff really is crap. But some is pretty good. Definite crapshoot.
-
You guys notice that Saltines (Original Premium) have changed recently? It's like they're not as crispy and less salty. I had to start buying the Keebler Zesta's instead.
I used to make a stack of saltine PB&Js as a snack all the time when I was a kid. -
20 minutes ago, jimmyjazz said:
<sorry for the culturoracism>
-
Lotta ageism up in here.
-
I buy shit on Wish.com all the time. Because it's so cheap I'd be crazy not to.
-
The payoff on that story was very low.
- 1
-
At the slip there's shore power. On the hook battery power which doesn't probably power a CPAP.
-
I sleep better right here by myself than I do at home with my wife. I guess it's being with my mistress.
- 1
-
Solo sail. Perfect day.
- 5
-
-
3 hours ago, DefinitelyNotHollywoodColt said:
definitely not
-
Rodney was truly the #1 star, and it's not even close.
- 1
-
What's with the horns. Please don't tell me she permanently glued them to her skull.
-
Is Hollywood Colt over here? Dude would be fishing some incredible spots on random weekdays.
Fishing season about to really get going out here.
-
-
All of you people.
Black female golfers have cops called for playing "too slowly"
in Daily Texan
Posted
So you're saying they were uppity?