A gold palace aims for an Orange County price record, and two athletes make moves during a busy week of luxury real estate deals.
â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â [Los Angeles Times] Real Estate June 5, 2021
[View in browser]( By Jack Flemming Welcome back to the Real Estate newsletter. In Southern Californiaâs luxury market, not all that glitters is gold â but sometimes it is. This week, a newly built mansion outfitted with Swarovski crystals and 24-karat gold surfaced for sale in Newport Beach at $69.8 million â a price that would smash the home sale record in Orange County. Some houses aim for subtlety. This one doesnât. Up in L.A. County, two athletes made big moves off the field. NFL legend Tony Gonzalez found a billionaire buyer for his Georgian-inspired home, and boxing great Sugar Ray Leonard put his longtime estate in the Palisades up for grabs at $46.5 million. A battle is brewing for the future of Taix, the decades-old Echo Park restaurant set to turn into a six-story complex with housing and retail. The tug of war pits historic preservationists and longtime patrons against the owner himself, who supports the redevelopment. If youâre brave enough to buy or crafty enough to build in this historic sellerâs market, we have you covered. The Times dove into the recent archives and came out with 18 inspiring homes that boast both high-end design and a small footprint. While catching up on the latest, visit and like [our Facebook page]( where you can find real estate stories and updates throughout the week. A palace of gold in O.C.
[Two-story house with columns and a reflecting pond in front.]
Palais de Cristal is a celebration of wealth in Newport Beachâs Newport Coast community. (David Heath of Western Exposure) In Newport Coast, [one of Southern Californiaâs glitziest mansions]( is aiming for the highest price in Orange County history: $69.8 million. Dubbed Palais de Cristal, the newly built Palladian-style stunner is a celebration of wealth â a 15,500-square-foot concoction of gold, onyx and glass filled with over-the-top spaces and ostentatious amenities. Itâs owned by Amini Innovation Corp. founder Michael Amini, [who grew his furniture company]( into a lifestyle brand that sells products through more than 3,000 retailers in 80 countries. Heâll own the Orange County home sale record if he gets his price; the current mark belongs to a 19,000-square-foot mansion in the same neighborhood [that traded hands for $61 million]( last year. Amini outfitted the fully furnished estate with one-of-a-kind pieces and made sure all the homeâs hardware â door handles, stairway railings, etc. â was coated in 24-karat gold. In the foyer, a stained glass dome named the âEye of the Phoenixâ draws the eye with gold pendants and a Swarovski crystal-encrusted eye at the center. ADVERTISEMENT
Boxer tries to knock out a sale
[A mansion with a lawn.]
The 1.8-acre spread centers on a 16,700-square-foot villa built by Richard Landry. (Hilton & Hyland) Boxing legend [Sugar Ray Leonard is trying to knock out a near-record sale]( in Pacific Palisades, listing his grand villa in the Riviera neighborhood for $46.5 million. The current record was set this year when media mogul [Shane Smith sold his Mediterranean-style compound]( for $48.67 million. The listing marks Leonardâs second attempt at selling the prized property. He first offered it up for $52 million in 2019, [The Times previously reported.]( Spanning 1.8 acres, the leafy spread centers on a 16,700-square-foot house built by Richard Landry, the architect whose mega-mansions have been lived in by stars such as [Michael Jackson]( and [Sylvester Stallone](. He took inspiration from Florentine villas for the design, and the Italian-style architecture includes grand public spaces with arched doorways, dramatic beams and custom art. Billionaire buys a football starâs home turf
[A house with a two-story wing and a one-story one, with a pool.]
The nearly 13,000-square-foot showplace includes seven bedrooms, 10 bathrooms, a pool, tennis court, cabana and subterranean garage. (Simon Berlyn) NFL legend [Tony Gonzalez found a deep-pocketed buyer in Beverly Hills]( selling his 13,000-square-foot mansion to billionaire investor Wayne Boich for $21.15 million. Boich, who serves as chairman and chief executive of Boich Investment Group, got a decent discount on the property. Gonzalez and his wife, former âBeat Shazamâ DJ October Gonzalez, originally sought $30 million for the mansion last summer and trimmed the price to $28 million a few months later. The star tight end paid $7.1 million for the property in 2016 and quickly tore down the 1950s traditional-style home, replacing it with a Georgian-inspired showplace designed by architect Philip Vertoch. ADVERTISEMENT
A fight for Taixâs future
[A building with a "Taix" sign.]
Taix French Restaurant, an Echo Park favorite for generations of diners and Dodgers fans, is making way for a mixed-use project. It will operate until construction begins, then reopen in the new facility. (Gary Coronado / Los Angeles Times) Taix French Restaurant has been an Echo Park standby for decades, an old-school gathering place for cocktails and âcountry Frenchâ cuisine that has seen generations of birthday parties, meetings and gatherings after Dodgers games, [writes Emily Alpert Reyes.]( But a debate has been sparked by a real estate developerâs planned project on Taixâs Sunset Boulevard site that would replace the longtime building with a new complex that would rise to six stories and include housing and retail. Holland Partner Group says the new project would house a smaller version of the restaurant, which has been dubbed âNew Taixâ by its owner. Historic preservationists and Taix fans want to protect the building. Owner Michael Taix said doing so would jeopardize the cherished business itself. The best of SoCalâs small-space living
[Two people and a dog in front of a small house.]
John Velasco and Ariel Gomez-Hernandez, with their dog Lando, outside the East L.A. ADU they rent from Alexis Navarro. (Jay L. Clendenin / Los Angeles Times) Small-space living doesnât mean you have to sacrifice style or succumb to clutter. It just requires creative thinking, [writes Lisa Boone.]( Whether you live in an apartment, loft, bungalow, accessary dwelling unit â or even [a trailer]( living small can be an empowering opportunity for you to think big while living with less. Southern California homes are known for their architectural variety â [Craftsman]( [Spanish]( and [Midcentury Modern]( among them. Here are some inspiring homes from our archives that are noteworthy not just for their design, but for their small footprint. What weâre reading By now, everyone knows thereâs a housing shortage, but [this report from the New York Times]( found that Californiaâs real estate market â at least in terms of supply â has remained relatively stable. Of the nationâs top 50 metropolitan areas, only Riverside saw a dramatic drop-off, losing 64% of its listings year over year. Austin, Texas, topped the list with a loss of 73%. In such a sellerâs market, landing a home over all your competitors might mean making an all-cash offer. [According to CNN]( 25% of home sales were all-cash deals in April, up 10% compared with last year. Some agents said even an all-cash offer sometimes wonât be enough. ADVERTISEMENT
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