When not saving the world from imminent danger on the big screen, it seems actor Bruce Willis has taken up real estate as a hobby. In the last two years, the actor has listed his Manhattan apartment, Idaho ranch and now has unloaded an elegant gated mansion in Beverly Hills. The Beverly Hills sale comes with a rather large reduction from Willis’ original ask for the home, however the actor still stands to make a hefty profit from the $16.5 million sale.
In 2004, Willis purchased the home at 1005 Benedict Canyon Drive for around $9 million from producer Alan Ladd Jr. Less than a decade later, Willis put the home up for sale for a reported $22 million in early 2013, but after languishing on the market for more than a year finally settled on a sale at its reduced price.
The 10,379-square-foot home is an updated antique, having been built in 1928 and undergone many rounds of renovation since then. The open and airy home features 11 bedrooms and 11 bathrooms and sits on almost a full acre of land in Beverly Hills. It was built in the Spanish style and features beamed ceilings, glass doors and several fire places to bring a cozy atmosphere into the elegant home.
Being the abode for a Hollywood action star, the home has plenty of features to keep its residents busy. The grounds include a tennis court, resort-style pool, cabana and outdoor kitchen. Inside there is a media and music room, chef’s kitchen and formal library.
Even on the beautiful West Coast, Willis shows an affinity for his homeland along the East Coast in the decor of the home. The kitchen’s backsplash has been done in the style of the Spring Street metro stop in New York City.
Star Finds Favorable Conditions in Beverly Hills Home Market
With market conditions in Beverly Hills being on the side of the home buyer, it seems Willis played the market right in being patient for the sale to come. According to Altos Research, a California-based real estate analytics company, conditions have been favoring home buyers just recently, which was perhaps the push the market needed to see some activity on the higher end of the price spectrum.
Altos reports on buyer and seller power in a market using a unique value known as the Market Action Index. This figure measures from a neutral standpoint of 30 whether trends are working their way up in favor of home sellers or down in favor of home buyers. With a current MAI of 28.26, Altos is indicating that Beverly Hills currently has more homes listed on its exclusive market than buyers that are interested.
With a current median single-family home value of $4,234,346, Beverly Hills is one of the more exclusive cities in the Southern California region. With an MAI under 30, it is likely this price will dip further in the coming months, which is not at all uncharacteristic for such an affluent market.
If you would like to learn more about Beverly Hills real estate, please allow our team of property experts to help you navigate this extravagant community.