Hot Property: Peter Morton lists Beverly Hills view home for $22.5 million
By Ann Brenoff, Times Staff Writer
My answer to those who would argue that Los Angeles has no mavens of culture is Peter Morton, the creator of the first Hard Rock Cafe and those ubiquitous T-shirts. Admit it, you owned at least one.
Morton, whose papa, Arnie, was the founder of the legendary restaurant Mortons, wheels and deals high-end property no matter the economic climate. He just listed a house in Beverly Hills that he’s owned for about two years for $22.5 million.
What makes this property unique among the eight-digit listings is that it will only be shown only on clear days, according to the MLS/CLAW. The listing says the "extraordinary" view is from downtown to the ocean. And apparently they don’t really want you looking in the direction of the house, which is being sold for "land value," says the listing.
The listing offers few details about the property and notes there will be no inspections of the house. This suggests "teardown city" to those who read realty tea leaves. The two-story house on 4 acres was built in 1940, and we personally hate to see the old destroyed for the new. But the basics are: seven bedrooms, eight bathrooms in about 8,000 square feet.
The property has an extraordinary Hollywood ownership lineage as well. It once belonged to actress Marlo Thomas, who sold it to media mogul David Geffen, who flipped it over to radio tycoon Norm Pattiz, who then sold it to Morton for $18.5 million in 2006.
Mortons — the restaurant — was the subject of Julia Phillips’ 1991 book, "You’ll Never Eat Lunch in This Town Again" — the premise being that your ability to get a good table there was a barometer of your relative importance in Hollywood.
Photo: Peter Morton in his Beverly Hills office in 2006
Credit: Ken Hively / Los Angeles Times
This only really makes economic sense if you can subdivide.
Posted by: Pat | July 11, 2008 at 01:29 PM
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Posted by: CD | July 11, 2008 at 01:54 PM
Its being sold at land value??? WOW
pretty expensive lot. But it goes to show you that the truely wealthy (or megarich) are completely unaffected
by what we're been commenting on these blogs regarding this market. I can see the disparity line between average working Angelenos and the rich getting thicker and thicker
Posted by: Nelcisco | July 11, 2008 at 02:02 PM
Why pay $20 million for that when you could buy the White House for $100 million which comes with a crack staff of cooks, maids and 24 hour security guards for free?
It seems wealth and intelligence are mutually exclusive.
Posted by: MyLessThanPrimeBeef | July 11, 2008 at 02:04 PM
Indymac just failed:
http://www.fdic.gov/bank/individual/failed/IndyMac.html
Posted by: crispy&cole | July 11, 2008 at 03:22 PM
Since I can't qualify for the loan I wonder if Morton Jr. will carry the paper on this for me, and maybe agree to a percentage of my net after I try to put 20 Mcmansions in here. I think a 22plus million dollar tear down is some kind of record (not including the Belmont Learning Center)
Posted by: kosher krab | July 11, 2008 at 09:48 PM
".....who then sold it to Morton for $18.5 million in 2006...."
Whatever the condition, as it is a teardown, every moron including shockg knows that prices today are lower than the peak of 2006. This place is probably worth about $15 Million today.
He'll have to discount it by $7M , no biggie. Unless he has a mortgage on it for $18 Million from countrywide, or maybe Indymac RIP...
Posted by: Laker | July 12, 2008 at 03:33 PM
hello hows the properties in bevely hills
Posted by: prince mark anthony ray (prince rockefeller hughes) 307-80-8151 | July 21, 2008 at 08:25 PM