What is absolutely amazing; the couple divorced in 2005 yet their former mansion/love-nest still makes the headlines.
The owners of the home have placed the mansion on the market for $49,000,000. Yet with all my blogs there is always more to the story. Let’s begin with the $49,000,000 asking announced late last week and splashed across multiple channels.
From what I have scanned no one seems to mention the house actually came on the market almost two months earlier asking $56,000,000. The listing brokers say this was an estimate as the now officially listed residence has an asking of $49,000,000. Granted a $6M reduction or below $50,000,000 probably opened up options to many more prospective buyers.
Before I get into details, this is truly a mansion with an impressive provenance.
The home’s dates back to the 1930s when architect Wallace Neff, known for developing a signature “California Style,” designed the house for actor Fredric March and his wife, actress Florence Eldridge.
Another owner was Wallis Annenberg (philanthropist and heir to the media tycoon Walter Annenberg) who in turn sold it to entertainment lawyer Ken Ziffren, from whom Pitt and Aniston purchased the property. It sits next to the James Bond-style house that billionaire James Packer purchased which had previously belonged to actors Danny DeVito and Rhea Perlman (Cheers, where everybody knows your name).
Now about the Pitt/Aniston ownership:
When Aniston and Pitt bought the house for $13.5 million in 2001, they were Hollywood’s reigning royal couple. They spent two years and a reported $10 to $15 million renovating the 12,000-sq.-ft. French Normandy-style house including the addition of a tennis court and a guesthouse.
- 2001 Purchase: $13,500,000 or $19,500,000 in 2019 Dollars
- Renovation Costs: $12,500,000 or $17,360,000 in 2019 Dollars
- Total: $26,000.000 or $36,000,000 in 2019 Dollars
In 2005 the house sold for $22,500,000 ($29,400,000 in 2019 Dollars and if renovation estimates are correct for a loss) to hedge fund manager Jonathan Brooks. If Mr. Books receives close to asking, let’s assume $45,000,000 he will still have made a nice profit even counting for inflation. Assuming closing costs of 7.5% i.e. commissions, title and so forth or $3,375,000 Mr. Brooks will still walk away with a nice profit. I guess his hedge fund acumen extends to real estate as well.
For a peek inside the mansion: https://www.youtube.com/watch?v=jI2VX4yoHIs