The current trend in the Beverly Hills home and real estate market shows some promise but lacks the depth. Those with a better understanding of the market are able to price properties correctly and find buyers within a reasonable time period. Fashion designer Vera Wang has recently bought a modern contemporary home in Beverly Hills, Calif., for about $10 million. Stephen Shapiro and Richard Ehrlich of Westside Estate Agency represented her and managed the deal. The seller Steven Hermann is a real-estate investor and designer and also an agent in the same agency.
The home in question is a mid century construction with four bedrooms, a home theater and walls of glass. The house also features a pool and spa. Steven Hermann had bought the property in 2008 for $5 million. He spent another $3 million on comprehensive renovation of the house. There was no comment forthcoming from Ms. Wang regarding the transaction. However, another property in Beverly Hills is still seeking buyers despite reorganizing the package of property for sale and scaling down the asking price.It can be called a celebrity home as  it is the former Hearst estate which was once listed for $165 million making it the most expensive US home listing.
Marion Davies and William Randolph Hearst once lived in the compound and Jacqueline and John F. Kennedy honeymooned on the estate. The current owner of the estate, Leonard Ross, filed for bankruptcy protection in September. He has listed the 3.7 acre estate for an asking price of $95 million. In the mean time he was able to rent out the premises twice this year for more than $600,000 a month. A Russian rented it in fall and a Middle Eastern family took it in July. The main house with its 21 bedrooms attracts the renters because of its history and security. The estate has three gates and a long driveway. Jeff Hyland of Hilton & Hyland, a Christie’s International Real Estate affiliate, has the listing.
Via: online.wsj
