$14.1 Million Razor No Kitchen
You’ve never seen a kitchen photo, have you? Hat tip to JS for sending this in, from the U-T:
A luxury bankruptcy home in La Jolla once featured in TV commercials has been sold for almost a third of its original asking price of $45 million, based on details from the property’s listing agent on Wednesday.
PHOTOS: http://hurwitzjamesco.com/property.php?lng=en&id=9
Beverly Hills-based Bob Hurwitz said “The Razor” property, considered by designers as an architectural marvel, has closed escrow. The buyer, an East Coaster, paid $14.1 million in cash, added Hurwitz, of the Hurwitz James Company. More details are expected to be released on Thursday.
Public records show about $34 million was spent building the 11,000-square-foot estate, which has never been occupied. Construction began in 2002 and was completed in 2008. The original sale price was set at $45 million but has consistently been slashed according to the market and even more when it became a bankruptcy property.
The Razor house, 9826 La Jolla Farms Road, was originally set to be sold at a Sept. 27 auction, but that was canceled because there were no qualified bidders.
The auction was then rescheduled to Nov. 10, with the starting bid shaved to $13.9 million from the $16 million set in September. The property again could not be sold because none of the bidders came close to what the bank would accept, at least $17 million, according to the listing company.
The oceanfront home is the bankruptcy estate of Jimmy Donald Cooksey Jr., according to public records. It is the work of San Diego-based architectural designer Wallace E. Cunningham, named one of Architectural Digest’s Top 100 Designers.
Oh cool. If I drip any oil while doing my own changes it won’t show much on the black concrete.
Banks are mornonic….they won’t take less than $17mm, until they take less than $17mm. And they wonder why people just low ball the heck out of them.
As an example, on behalf of a client/borrower we just funded a discounted payoff of $20mm 1st position loan for $8mm. The borrower had offered them $11mm a year ago and they turned him away…now they called him and proposed $8mm…fools. However, happy to write that new 1st loan at $6.5mm, so thank you banks!!!
Who originally financed this $34-million home? That’s what I want to know…
without too much digging it looks like the guy was a developer (?) i.e. La Jolla JDC Properties
First national and Pacific Western is listed at the assesor office
“The buyer, an East Coaster, paid $14.1 million in cash…”
Must be either an investment banker or a politician.
GameAgent, don’t discount professional athlete. Seems like the kind of place a flashy pro athlete would like. Doesn’t strike me as a politico’s home, but I can definitely see someone in the financial industry living there.
Perhaps Mitt doesn’t want to wait for his other La Jolla pad to get remodeled?
haha @ Mitt. I think 14 mil is a screaming deal for that pad.
Me too, I hope he adds the kitchen and flips it!
You can see the kitchen area in this video:
http://lxtv.com/openhousela/video/8901
At 1:37min, there’s a dishwasher and later a refrigerator.
For those on a budget, this wouldn’t have been a bad alternative:
http://www.sdlookup.com/MLS-110043729-8538_Ruette_Monte_Carlo_La_Jolla_CA_92037
The alternative home virtual tour DOESN’T work. LAME!!!!