02/10/2022

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Why Hasn’t Anyone Bought Sugar Ray Leonard’s Knockout Pacific Palisades Home?

Why Hasn’t Anyone Bought Sugar Ray Leonard’s Knockout Pacific Palisades Home?

Right after a few many years on the industry and 1 price cut, a grand estate in Pacific Palisades, CA, owned by previous world championship boxer Sugar Ray Leonard is nevertheless hunting for a purchaser.

Leonard and his spouse, Bernadette Robi, outlined their house of about two a long time for $52 million in 2019. Previous year they reduced the price to $46.5 million.

We spoke with a few of actual estate gurus about the causes why this magnificent 16,700-sq.-foot mansion is even now on the market.

Personalized generation

Set on “exquisite grounds,” the 1.7-acre parcel is 1 of the biggest tons in an unique place acknowledged as the Palisades Riviera.


The homeowners tapped architect Richard Landry to create their custom made eyesight. Immediately after the home’s construction, the couple even married in their flower-crammed backyard in 1993.

Now empty nesters, the pair advised Architectural Digest final calendar year that they are ready for a modify.

Whoever ends up buying the house will purchase rather a compound.

It attributes seven bedrooms, 12 loos, a wine room, a guesthouse, and a tennis court.

The pair tailored the interiors with European antiques, and highlights include a two-story loved ones area with glass doors to the outside the house, a formal dwelling area with a hearth, a roomy dining place with doors major outside the house, and a chef’s kitchen adjacent to a relatives area.

Why Hasn’t Anyone Bought Sugar Ray Leonard’s Knockout Pacific Palisades Home?
1.7 acres in the Palisades Riviera

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Formal living area

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Dining area

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Loved ones home

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A solarium with a wooden-beamed ceiling is a serene placing for relaxed dining. There are also glass doorways that open to the gardens.

Solarium

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Interesting architectural factors all through the household include beamed ceilings, fireplaces, and elaborate chandeliers.

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The structure also characteristics an business office, bar, and screening home. The main suite comes with a fire, a private balcony, and wander-in closets.


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Bed room with fire

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The tennis courtroom is lighted and will come with a viewing location. An oval pool, putting eco-friendly, and four-vehicle garage complete the residence.

Oval pool

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In a video clip made very last yr for Architectural Digest, the joyful owners described the picturesque home as ideal for them.

The place is loaded with mementos from the boxing legend’s storied profession, but he has a most loved location.

“I adore the health and fitness center,” he claims in the movie.

Overpriced or inadequately staged?

Supplied the home’s pedigree and prominence, why has it languished on the market place for a few many years?

As generally, bucks perform an concern, in accordance to 1 agent.

“The point that it was on the market throughout the hottest true estate market place above the last two decades, in which we saw plenty of movement in the uber-luxury place, and it did not market is surely telling about the inquiring selling price,” claims Cara Ameer, an agent with Coldwell Banker licensed in California and Florida.

She points to the $52 million selling price tag in 2019 as overly formidable.

“Although attributes in this price tag place are absolutely discretionary purchases, consumers hunting in these ranges have a lot of intangible as nicely as tangible demands, and they have to really feel it is ideal for them.”

Ameer adds, “Customers also have a good deal of alternatives as $46 million is in the assortment of a good deal of estates just up the street in Montecito if they are hunting for heaps of land and privacy.”

Arvin Haddad with The Agency, who also critiques luxury true estate on TikTok, thinks the inquiring price isn’t really out of move with the current market. But the search is.

“It’s not that insane of a value. It is not that negative of a cost for that considerably land, for the location. The architecture is gorgeous,” he says.

“In my impression, the No. 1 factor why it has not offered: It is a traditional household with conventional decor and furnishings inside,” he adds. “I think the decor tends to make it experience like men and women are stepping into a Tuscan villa in Italy, which is good, but not how folks want to live day-to-day.”

The listing images ought to mirror what present-day consumers want, he explains.

“All the other bedrooms and all the residing parts should be staged in a transitional decor to soften the classic Mediterranean architectural features,” he states.

A additional up to date appear could tempt a purchaser to produce a knockout offer—even at the present-day selling price, according to Haddad.

“In advance of decreasing the value, you need to phase the property. Dropping the price should be a final resort,” he claims. “Mainly because there are comps that would help that price tag.”

The submit Why Hasn’t Any individual Purchased Sugar Ray Leonard’s Knockout Pacific Palisades House? appeared initially on Actual Estate Information & Insights | real estate agent.com®.