In the foothills above Hollywood the celebrity haunt which is the Outpost Estates neighbourhood would appear to be on the verge of losing a neighbour. Jeremy Scott is rumoured to have put his Outpost Estates property up for sale at a price of $1.875 million. While all signals point to Jeremy Scott for some reason everything seems to be hush-hush and there is no concrete evidence as yet. However, this is an area of Los Angeles in which it is extremely difficult to keep a secret for a minute let alone a few weeks.
In the foothills of Hollywood
The property up for sale has been specifically designed to adapt to the foothills of Hollywood and to be fair it is extremely eye-catching. At first glance you will be struck by the number of large windows which offer an unbridled view of downtown Los Angeles. In many ways the views from this property are as valuable as the property itself which says everything. There are celebrity and non-celebrity buyers queuing up to purchase a property like this!
The designer is said to a paid $1.057 million for the 8691 ft.² property in 2003 which would create a significant profit if sold anywhere near the listing price. The property itself has been significantly renovated while under the ownership of Jeremy Scott. The interior decor is said to offer a monochrome theme with white painted walls and ebony hardwood floors prevalent throughout the property.
While this may not be to the taste of everybody it is a generally neutral design and one which allows any future buyer to add their own stamp. It is also worth noting that the back of the property consists of “ceiling to floor windows” which further enhances the view of downtown Los Angeles.
Reducing real estate exposure
Over the last couple of years Jeremy Scott has invested heavily into real estate with an $11 million investment into a pair of “architecturally significant domiciles”. The first is located in the Hollywood Hills while the second is the 1969 Elrod house in Palm Springs. The second property is commonly known as the “James Bond house” due to the fact it had a role in the Diamonds Are Forever movie. This is the type of intricate knowledge which can add a few dollars to the cost of a property although an $11 million investment for two properties would already seem to allude to extreme confidence in the marketplace.
We can only imagine that any property situated in the foothills of Los Angeles, with a breathtaking view of downtown Los Angeles, will hold its value pretty well over the years. After all, scarce supply and growing demand for this type of property has offered support to prices for many years.
While the rumour mill is awash with questions about why Jeremy Scott has reduced his real estate exposure in Los Angeles, it makes sense to reposition your portfolio after an $11 million investment. The sale of the Outpost Estates property could potentially crystallise a gain in the region of $800,000 which is not huge but is still a decent profit. Some celebrity property investors are in the press for continually expanding their real estate portfolio when in reality sometimes you need to consolidate.