The A-lister Michelle Pfeiffer is done with yet another Pacific Palisades property. She and her producer husband, David E. Kelley, took a loss when they sold for $6.5 million.
The couple originally purchased the parcel for $7.7 million in 2018. Promoted for its prime location, the site offers panoramic Santa Monica and Pacific Ocean views.
However, the listing was marketed as a “perfect opportunity to tear down and build your dream home, or construct an amazing remodel.”
Suffice it to say, it’s far from move-in ready.
Rather than go down the road of an arduous renovation or makeover project, the Hollywood couple instead decided to flip the place. They tossed it on the market in November 2019 for $8,350,000, and then took it off again.
The listing bounced back on the market in January 2020 at the same price. But with no buyers biting, the price dropped to $7,300,000 in October 2021. The home finally changed hands last month at an even lower amount.
Built in 1951, the midcentury abode includes four bedrooms and three bathrooms, spread across 2,870 square feet. But there’s room to expand, or start over.
The acreage offers a “sprawling 125-foot-wide frontage,” and the listing notes that “the potential of this one of a kind property is limitless.”
The location is close to shopping, dining, as well as the beach and Rustic Canyon Park.
Dabbling in deals
The showbiz couple have kept busy dealing in posh properties.
They had better luck with another Pacific Palisades mansion that they snapped up in 2020 for $22.25 million, and then quickly sold for $25 million the next year.
A recent redesign, prior to their purchase, created a blend of Old World elements and modern convenience. Known as Napoli House, the Mediterranean-style villa includes 10 bedrooms,10,329 square feet, a neutral palette, walls of glass, and plenty of access outside.
The third-acre lot overlooks the Riviera Country Club. And the grounds include guest quarters, a four-car garage, an art studio, an infinity-edge pool, gardens, and grassy lawns.
The two also cut ties with their Northern California compound. They sold off their long-time horse property in Woodside, CA, for $22 million in 2020. They were also hoping to shed a 340-acre spread in British Columbia, according to Architectural Digest.
Pfeiffer most recently starred in “French Exit” and “Ant-Man and the Wasp.” She’s set to appear in the Showtime series “The First Lady,” as Betty Ford.
Kelley continues to produce hit-making television, most recently with “Nine Perfect Strangers,” “Big Little Lies,” and “The Undoing.” The former lawyer is also known for creating the shows “Harry’s Law” and “Boston Legal.”