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