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Hot Property: Former Lenny Dykstra house listed at $10.5 million

December 10, 2010 | 11:52 am

The Thousand Oaks estate that former ballplayer Lenny Dykstra lost to foreclosure auction last month has returned to the Multiple Listing Service Thursday at $10.5 million.

The property, once listed by Dykstra at $25 million, was marketed at $9,999,000 before its purchase by Index Investors. The winning bid of $760,712 does not reflect additional amounts owed for missed payments, taxes and the $12-million first loan held by JP Morgan Chase & Co.

Work is underway to restore the 6 1/2 acre-compound that Dykstra bought in 2007 from hockey great Wayne Gretzky, said Jeff Smith of Index Investors, a development firm.

"The pool is blue and beautiful, the fountains work and the remote control for the gates work," Smith said. He is currently re-sodding all the lawns at the cost of about $100,000. "Wayne had put about $1 million to $1.5 million into the landscaping and hard-scaping."

Smith anticipates it will take six months before the property is in turn-key condition. When asked about the listing price he said that would be for "as is" condition.

"Nobody paid any attention to it for a year and half," Smith said of its current state.

-- Lauren Beale

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Photo: Repairs are underway to return the home of former MLB player Lenny Dykstra to its former glory. Credit: John W. Adkisson / Los Angeles Times