Celebrity Real Estate: Former Lisa Marie Presley Estate in Hidden Hills Flipped at $22 Million Asking Price

Fresh on the MLS is the former home of Lisa Marie Presley in Hidden Hills (where Jessica Simpson just acquired the Ozzy and Sharon Osbourne masnion for $11.5 million in March 2013) which has been just listed with a staggering price of $21,950,000. This is currently the highest list price in Hidden Hills with the next closest listed at $7.5 million. This is most likely the highest list price in the entire SFV and if sold near this price, could possibly make it a record. 

Lisa Marie Presley is the only daughter of Elvis Presley and Priscilla Presley who dont need any introductions.  Elvis is so damn popular that impersonator, Danny Uwnawich, built a mini Graceland in Northridge dubbed Melody land which unfortunately doesnt exist today but the home remains. 

But back to Lisa Marie who inherited Elvis' estate on her 25th birthday in 1993 which was estimated to be worth $100 million. In February 2005, Lisa Marie sold 85% of the estate's business holdings but retained 100% sole personal ownership of Graceland Mansion and its over 13-acre original grounds and her father's personal effects. Lisa Marie is also a singer-songwriter like her famous father and recorded three studio albums with the most recent, Storm & Grace, in 2012 which hit #45 on the US charts. 

Lisa Marie's personal life is quite busy as she has been married four times including former SFV resident, the late Michael Jackson (1994 - 1996), and Valley Girl movie star, Nicolas Cage (2002 - 2004). Lisa Marie was first married to Danny Keough (1988 - 1994) who they had had a daughter and son. She is currently married to Michael Lockwood (2006).

The former home of Lisa Marie was first purchased on December 15, 1993 for $2.6 million and first listed on February 14, 2010 for $8,999,000 million. Eventually it was sold for $5 million on November 24, 2010 representing a gain of $2.4 million before taxes, commissions, carrying costs, and any renovation expenses. This property was purchased by what appears to be a doctor based out of UCLA hospital. This doctor subsequently razed the entire property and started from the ground up as first reported by Your Mama at the Realestalker on June 20, 2011. I am not sure if anything from the original home was retained but looks like every damn structure and even the pool was razed which got me thinking something.

If a doctor can purchase a $5 million home, completely raze it and spend say another $5 million building a new estate, and then list it for $22 million hoping for a gross profit of roughly $10 million in two years time, we must be in another bubble. I have no idea what was wrong or lacking in the first property (shown below) but did it warrant a complete tear down? Maybe I am wrong but I am highly suspect that this home will sell for $22 million. If someone is going to pay $22 million in Hidden Hills, they will most likely pay that much in Beverly Hills or Bel Air. Good luck and I will be watching this property closely as all kinds of new precedents could be established with the sale of this estate. 

Above images courtesy Prudential California Realty

The home measures 8 Beds/9 Baths on 15,667 sqft on a total lot size of 3.01 acres built in 2012. The listing description states:

THE CROWN JEWEL OF HIDDEN HILLS! BRAND NEW, GATED AND SUPERBLY PRIVATE, COUNTRY FRENCH MASTERPIECE ON 3-FLAT ACRES. THIS SPECTACULAR ESTATE OFFERS A STUNNING MASTER SUITE WITH DUAL BATHS, RETREAT, STONE FIREPLACE, SKYLIGHTS, MIRRORED DRESSING AREA, ENORMOUS CUSTOM CLOSETS, GYM, STEAM SHOWER, SAUNA, AND A PRIVATE PATIO WITH SPA. THE STELLAR GOURMET KITCHEN WITH DUAL ISLANDS OPENS TO THE FAMILY ROOM WITH VOLUME CEILING, LARGE FORMAL DINING WITH FIREPLACE AND REFRIGERATED WINE STORAGE, GORGEOUS HOME THEATRE WITH UPHOLSTERED WALLS, GAME ROOM WITH SUEDE WALLS & STONE WET BAR, CUSTOM PANELED LIBRARY WITH HERRINGBONE FLOORS, CUSTOM OFFICE, LIVING ROOM WITH VAULTED TRUSS CEILING, BONUS ROOM, WIDE, ART GALLERY WALKWAYS WITH GROIN CEILINGS, 8 TOTAL FIREPLACES, STONE & WIDE PLANK HARDWOOD FLOORS, AND CONTROL 4 SMART HOME SYSTEM (MUSIC, LIGHTING, HVAC, T. V. 'S). THE WONDERFULLY PRIVATE GROUNDS INCLUDE 2 SWIMMING POOLS, 2 SPAS, 2 BBQ CENTERS, AN APPROX. 1,050 SQ. FT. ENTERTAINING PAVILION WITH FIREPLACE AND MUSIC, A SECLUDED POOL HOUSE WITH FIREPLACE AND BATH, 3 BUBBLING FOUNTAINS, "ROCK" SPEAKERS, SPORTS COURT AREA, 2 VINEYARDS, ROSE GARDEN, MATURE TREES, GATED COURTYARD ENTRY, AND OVER AN ACRE OF LAWNS. NOTHING LIKE THIS HAS BEEN CREATED BEFORE IN HIDDEN HILLS.

The listing photos and description above are from the current listing. Below is the listing description and photos from the time that Lisa Marie listed in 2010 showing the original house prior to being demolished.

Above images courtesy Partners Trust

The previous home measures 8 Beds/9 Baths on 8,000 sqft on a total lot size of 3.07 acres built in 1981. This home was also discussed by Your Mama at the Realestalker. The listing description at that time stated: 

Behind the gates of the exclusive community of Hidden Hills is a truly private estate on just over 3 acres. At the end of Long Valley, this home is neighbor to the famous Ahmanson Ranch. Boasting almost 8,000 square feet, the main residence offers 5 bedrooms and 5.5 baths and is complimented by architectural details like pitched ceilings and beautiful archways. There is an enormous gourmet kitchen with custom cabinetry and stainless steel appliances. The master suite is truly exceptional with a catwalk to a private office and customized closet. The surrounding grounds include extensive rolling lawns, a large pool and waterfall, an orchard, and outdoor entertaining area for guests. Additionally, the property has a single bedroom guesthouse, recreational annex/studio with sound booth and second story guest unit above, and a 3-stall barn with a bedroom and private ~~ bathroom.

Just like any other big baller celebrity, Lisa Marie owned the property next door (shown below) for her first husband, Danny Keough and their two children. This home was purchased at the same time as the first home mentioned above on December 15, 1993 for $625,000 and first listed on February 14, 2010 (same as above) for $2,999,000 which was eventually sold for $1.2 million on February 24, 2011 representing a gain of $575,000 before any associated costs.

Images courtesy Partners Trust

The second home measures 4 Beds/3 Baths on 2,842 sqft on a total lot size of 1.47 acres built in 1954. The listing description at that time stated:

Reduced and Motivated! A truly rare opportunity to acquire property in one of the most desirable areas in Hidden Hills. Bordering the famous Ahmanson Ranch and sprawling high above the neighboring estates, this property offers incredible views and privacy. The 4 bedroom and 3 bath ranch home is situated on approximately 1.5 manicured acres with endless possibilities to renovate or build a custom estate.

The former homes of Lisa Marie Presley in Hidden Hills, larger home is shown at the bottom with the Ahmanson Ranch to the left. Image courtesy Google Maps

While Lisa Marie was in the process of selling her Hidden Hills homes, she and Michael Lockwood moved to East Sussex, England and purchased the historic Coes Hall estate. Lisa Marie Presley has surely been missed in the SFV as we hope she one day returns. There arent too many celebrities with a history like Lisa Marie Presley. 

And here is a bonus for all of the SFV die hard fans and those creepy like me who like to know every real estate detail of the rich and famous. According to celebrity location favorite site, Movielanddirectory.com, Lisa Marie Presley possibly lived at 18531 Wells Drive Tarzana, CA in the early 90's. That home measures 3 Beds/3 Baths on 2,806 sqft built in 1961. I tried to verify this location but no luck so take it with a grain of salt.

Additionally for the Michael Jackson die hard fans, Lisa Marie Presley rented a Canoga Park home prior to purchasing the Hidden Hills home mentioned above which was the location where MJ could first reach Lisa Marie Presley. According to the book, The Magic, The Madness, The Whole Story: Michael Jackson 1958 - 2009 by J. Randy Taraborrelli:

Michael decided to calm himself by calling the one person who could somehow help him forget that his career hung in the balance: Lisa. She had certainly been persistent in her pursuit of him. She left telephone numbers for a house she was renting in Canoga Park, California. She also left the number of the new three acre estate which had just purchased and was getting ready to occupy on Long Valley Road in Hidden Hills. Then, just to be sure, she left the number where she could be reached in Clearwater, Florida, where she was planning to spend time at the Scientology retreat. She even sent him party balloons with messages attached. Somehow, she could always put a smile back on his face, even if it was just her raspy voice proclaiming, “Oh, fuck them!” He found her in Canoga Park.

Unfortunately, I wasnt able to confirm this location especially since public records dont exist for rentals. Its possible that this home was located more in West Hills than Canoga Park because this was right around the time that West Hills separated from Canoga Park. I would love to find the location of that Canoga Park (or West Hills) rental but I doubt anyone has this info and Lisa Marie Presley probably forgot about this location if she was willing to divulge. 

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

1. Ozzy and Sharon Osbourne (music/reality) who just sold their mansion to Jessica Simpson for $11.5 million in March 2013.
2. LeAnn Rimes and Eddie Cibrian who purchased a $3 million short sale in December 2012.
3. 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. 
4. Billy Blanks (Tae Bo) who recently sold his mansion for $7.3 million. 
5. Ron Tutor (Construction) who previously leased to Britney Spears and is currently available for less than $10 million.
6. Beau Bridges (actor) who is trying to sell for under $3 million.
7. Drake (music) who recently purchased for $7.7 million.
8. Taylor Hawkin's (Foo Fighters music) purchase of a former Howie Mandel mansion for $2.7 million.
9. Morris Chestnut's short sale for $2.3 million.
10. Dwayne "The Rock" Johnson's (wrestling/acting) who recently sold for $4 million. 
11. Also, the Kardashians/Jenners live in this area. 

You can view more SFV Celebrity Real Estate here. 

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Write by: Unknown - Thursday, April 4, 2013