LOS ANGELES, Sept. 16, 2016 /PRNewswire/ -- Mercer Vine, an innovative leader in Los Angeles luxury real estate, announced today the sale of the historic Owlwood Estate in Holmby Hills for $90 million. The buyer, Sturmer Pippin Investments, LLC, closed the deal on Sept. 16.
Built in 1936 at 141 South Carolwood Drive, the 12,200-square-foot, Tuscan-style home was designed by architect Robert D. Farquhar and has a long list of celebrity and influential owners, including Tony Curtis, Sonny & Cher, Hotel Bel-Air founder Joseph Drown and 20th Century Fox co-founder Joseph Schenck. The current property comprises two additional adjacent lots that were not part of the original estate and now totals more than 10 acres.
"Rarely has there existed an estate that combines a truly legendary past with even greater future potential," said Mercer Vine founding principal Adam Rosenfeld, who represented the buyer in this transaction. "Mercer Vine's goal was to reach a deal that gave the buyer the financial flexibility and profit potential needed to reimagine the Owlwood Estate. After months of careful planning and negotiation, this deal ensures that the estate will remain part of Los Angeles real estate history for years to come."
Those thoughts were echoed by Bob Shapiro, head of Sturmer Pippin Investments and CEO of Woodbridge Luxury Homes.
"The Owlwood Estate has been the unchallenged symbol of uber-luxury since being built during the Great Depression, and we will keep it that way for another 80 years," Shapiro said. "We fully intend to honor this property's legendary past by ensuring it remains the absolute definition of luxury living for wealthy buyers from around the world."
Woodbridge Luxury Homes, which is known for increasing values across luxury neighborhoods by modernizing classic estates while carefully respecting their rich histories, will oversee any future plans for the estate. Those details have not been finalized.
About Mercer Vine
Mercer Vine is an emerging, Los Angeles-based real estate firm created to elevate how luxury homes are bought and sold in Southern California. The firm's non-traditional brokerage model focuses on creating a collaborative environment between clients, agents and colleagues alike. Mercer Vine's agents are dedicated to serving as more than advisers, instead acting as ideal neighbors who have an innate understanding of the areas in which their clients want to build their lives. For more information, visit mercervine.com or connect with us on Twitter, Facebook, Instagram and LinkedIn.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/holmby-hills-historic-owlwood-estate-sold-for-90-million-300329587.html
SOURCE Mercer Vine