[Update December 18, 2012]: This home sold for $2,150,000 on December 13, 2012 which was $745,000 less than the original asking price but still gave Hewitt a $455,000 profit before any expenses and was completed in roughly 5 months time from the original list date.
[Original Post]:
Hot off the presses from the always informative Lauren Beale at LA Times Hot Property comes word of not only a new Toluca Lake listing owned by the adorable Jennifer Love Hewitt but also a second property for lease.
Hewitt is an actress, producer, author, director, and singer-songwriter who has been in the industry starting in 1990 at the age of 11 on the Disney channel variety show Kids Incorporated. She would later move on to appear in numerous TV shows like Party of Five, Hot In Cleveland, The Client List, and The Ghost Wisperer as well as films like I Still Know What You Did Last Summer, Garfield, Cant Hardly Wait, and The Tuxedo to name a few. She still keeps busy after all these years with directing, producing, and song writing credits.
According to the listing, this 6 Bed/6 Baths on 5,921sqft on a total lot size of 0.25 acres built in 1952 states currently listed at $2,895,000:
Gated, gracious, inviting celebrity owned traditional home has a wonderful flow for living and entertaining. It is private and secure on one of Toluca Lake's most desirable streets. The floor plan is spacious and flexible and the outdoor pool area features a large patio complete with built-in bar. There are custom, quality features throughout that make this property a true haven to call home.
Hewitt last purchased this property on May 22, 1998 for $1,695,000 and is looking to earn a cool double before any expenses, taxes, commissions, etc. Based on the listing photos, this home looks unoccupied and it appears that Hewitt has not been living in this home which could also use some updating.
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| Above images courtesy Gibson International |
The second home is a Lease offered at $12,500 per month that is not too far from the home mentioned above. This home which appears to have been Hewitt's main residence was purchased for $5.5 million at the peak of the market on January 4, 2006. This home is almost half the size of the currently listed home but is located on the much coveted Toluca Lake.
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| Image courtesy Google Maps |
According the listing, this 4 Beds/4 Baths on 3,216 sqft on a total lot size of 8,763 sqft built in 1926 states:
Fabulous turnkey celebrity owned lease right on Toluca Lake. This updated four bedroom home is tastefully decorated and furnished for the fortunate lessee. Beyond charming Spanish home features an office with separate entrance, music room, gym, master bedroom viewing the lake and double master bath. The family room is an indoor/outdoor entertainer's dream that opens up to the patio overlooking private pool, spa and lakefront dock. Use of the owner's power boat and kayaks is also included with this stunning property. There is also a separate full kitchen on the lower level.
There is no mention of Hewitt's reasons for listing one home and the leasing the other. My guess is the second home was listed for lease because it would most likely sell for less than what she paid meaning she would take a good sized loss ($1 - $2 million) based on similar listings and sales. This is all speculation so dont quote me.
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| Above images courtesy Gibson International |
I am not sure where Hewitt is heading off to. The home for lease also looks to be unoccupied and could suggest that Hewitt has already moved on to a new location. My only guess is that she purchased another home nearby and is looking to downsize her total real estate portfolio. Once again, this is all speculation so dont quote me.
Speaking of real estate portfolio, a peak into the property records of each of the homes above, also shows another property that Hewitt may have owned in Toluca Lake and flipped. The 3 Bed/2 Batch 2,420 sqft property was purchased on February 25, 2004 for $1,375,000 and quickly sold two years later on February 28, 2006 for $1,650,000 representing a decent $275,000 gain not including other related expenses. Once again, this is all speculation so dont quote me.
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| Image courtesy Google Maps |
Toluca Lake is home to many celebrities partially due to its close proximity to the studios and Hollywood. The following list are celebrity homes in the Toluca Lake area discussed on this blog:
- Former Bing Crosby estate which sold on December 20, 2011 for $4.020 million.
- Hillary Duff mansion that has been on and off the market since 2011 with a current asking price of $5.5 million.
- Jason Priestly who tried to sell his home for $2.1 million and has been off the market at this time.
- Erin Daniels (L Word) who recently purchased in June 2012 for $1.5 million.
- Miley Cyrus clan lives in this area.
- Other residents include Ashley Tisdale, former Bob Hope, Kiefer Sutherland, Andy Garcia, Dweezil Zappa, valley native George Lopez, Brooke Burns, Lindsay Price, Jonathan Antin, Jennie Garth, David Leisure, Nile Niami, the late Roy Disney, Sean "Diddy" Combs, Jonathan Winter, Steve Carell, Kirk Fogg, Markie Post, and the Jonas Brothers to name a few (or several).
You can check out more SFV Celebrity Real Estate here.
