Celeb R.E.: Former Britney Spears Lease Previously Owned by Executive Ron Tutor in Hidden Hills Demolished And On The Market As A Land Purchase

Image courtesy Berkshire Hathaway Home Service

Images courtesy Bing Maps

Fresh on the MLS is the former leased home of Britney Spears in Hidden Hills that was demolished and made available as a land purchase on December 29, 2013 for $10,995,000 for a total of 3.39 acres. 

The home was previously owned by executive Ron Tutor who is chairman of Sylmar-based construction giant Tutor Perini Corportion. Ron Tutor is also known for leading an investment group including Colony Capital in the purchase of Miramax Films from Walt Disney Co. for $660 million in July 2010.

Britney Spears occupied the property reportedly paying $25,000 per month sometime in the beginning of 2011 and vacated at the end of 2011. The listing pictures and description of the property at that time can be viewed here. 

Tutor sold the home to a company called Safari View LLC on June 25, 2013 for $7,350,000 who later deeded the property to a company called Ashley Ridge Land LP on August 20, 2013. 

Surprisingly (or not), the new owners decided to demolish the 10 Bed/13 Bath on 19,107 sqft on 3.39 acres built in 1987 and made no improvements to the property aside from demolition (if that can be considered an improvement but the tennis court and pond remain) and listed the property 6 months later hoping for a $3,645,000 gross profit. So let me repeat here, the property was demolished with no new building erected or any other structure for that matter and listed at $3.7 million more than when a home actually existed on the lot. If this sells anywhere near the asking price, I need to get a job in high end real estate. 

However, to be fair and impartial, the housing market has supposedly recovered and Hidden Hills is a hotbed of activity with limited opportunities available especially land. Take note that Dr. Dre recently purchased 5 acres in Hidden Hills for $10.5 million in October 2012 discussed here. This is obviously a 1.61 acre difference but this was back in 2012 before the housing market rebounded significantly. So maybe the asking price isnt too far off and it just needs to come down $1 million or so. If any prospective buyer is not interested in building their own custom home, there is also the option of purchasing the former Lisa Marie Presley home measruing 8 Beds/9 Baths on 15,667 sqft on a total lot size of 3.01 acres that was demolished and built new currently asking $19.995 million and has been sitting on the market since April 2013 if that is any indication of how overly priced this area has become. The listing description is below: 

TRULY MAGNIFICENT 3.39 ACRE LOT WITH AN ENORMOUS FLAT PAD AND PASTORAL VIEWS, IN THE PRIME ASHLEY RIDGE SECTION OF HIDDEN HILLS. THE FORMER HOME ON THIS SITE HAS BEEN DEMOLISHED, TENNIS COURT AND POND REMAIN. FEATURES INCLUDE HUGE MATURE TREES, WONDERFUL PRIVACY, ALL UNDERGROUND UTILITES AND FINISHED ARCHITECTURAL PLANS! THE PLANS ARE APPROVED AND READY TO PULL A PERMIT FOR A GORGEOUS CUSTOM FRENCH ESTATE THAT INCLUDES AN APPROX. 18,800 SQ. FT. MAIN HOUSE WITH AN ATTACHED 3-CAR GARAGE, PLUS A 945 SQ. FT. DETACHED 4-CAR GARAGE, PLUS 800 SQ. FT. GUEST HOUSE, AND 1,200 SQ. FT. POOL/CABANA WITH INDOOR SPA, PLUS 727 SQ. FT. DETACHED 2-CAR GARAGE STUDIO. THE PROPERTY CONSISTS OF TWO LOTS (11 AND 12) THAT HAVE BEEN TIED TOGETHER. THIS IS ONE OF THE MOST BEAUTIFUL LAND PARCELS IN ALL OF HIDDEN HILLS, SURROUNDED BY SOME OF THE FINEST HOMES YET CREATED THERE. A ONE-OF-A-KIND PROPERTY.

Other celebrities with recent real estate transactions or listings in Hidden Hills include the following:

1. Music Producer/Writer Couple Adam & Nikki Anders list for $5.450 million on September 2013. 
2. Dr. Dre building new mansion in Hidden Hills for $10.5 million land purchase in October 2012.
3. The former Lisa Marie Presley estate flipped at $22 million in April 2013. 
4. Ozzy and Sharon Osbourne (music/reality) who just sold their mansion to Jessica Simpson for $11.5 million in March 2013.
5. LeAnn Rimes and Eddie Cibrian who purchased a $3 million short sale in December 2012.
6. Tamar Braxton and Vincent Herbert who purchased a Hidden Hills mansion designed by Ron Firestone on September 8, 2011 for either $3.4 million or $6.9 million who heaved it back on the market for barely one year later on October 11, 2012 for $7,595,000 and havent budged ever since. 
7. Billy Blanks (Tae Bo) who recently sold his mansion for $7.3 million. 
8. Ron Tutor (Construction) who previously leased to Britney Spears and is currently available for less than $10 million.
9. Beau Bridges (actor) who is trying to sell for under $3 million.
10. Drake (music) who recently purchased for $7.7 million.
11. Taylor Hawkin's (Foo Fighters music) purchase of a former Howie Mandel mansion for $2.7 million.
12. Morris Chestnut's short sale for $2.3 million.
13. Dwayne "The Rock" Johnson's (wrestling/acting) who recently sold for $4 million. 
14. Also, the Kardashians/Jenners live in this area. 

You can view more SFV Celebrity Real Estate here.