While Hamptons estate listings are plentiful during this white-hot real estate season, film producer Mike Medavoy is re-creating his own New England beach retreat in the good ol’ hills of L.A.
Sure, the sweeping Atlantic Ocean views are absent, but compared with the hefty price tags that accompany waterfront homes in the likes of New York, Massachusetts and Connecticut, his new 1.8-acre gated estate is essentially a bargain. Property records confirm that Medavoy and his wife, Irena, made the purchase in June for $8.2 million.
The 8,829-square-foot home’s prime location atop those celeb-studded hills allows for a view that is arguably just as spectacular as any oceanfront bungalow, with miles of canyons and even a view of the Pacific Ocean.
And with the unloading of his gated Bel-Air mansion (shown above) for $7.8 million, shelling out $8.2 million for the new 7-bedroom, 8.5-bathroom crib is basically a trade-in. Medavoy sold the 4-bedroom, 5-bathroom Bel-Air home in May, less than three months after the initial list date.
The Bel-Air listing description claims that the home underwent a two-year remodel. In March, The Real Estalker reported on this listing and described the renovation as being “extensive and costly,” which explains the mark-up from the $6 million Medavoy paid for the manse on April Fools Day of 2011.
Medavoy’s former home is not short of breathtaking views either. The property has a 180-degree panoramic view that includes mountains and the super-exclusive Bel-Air Country Club. The home’s sports court overlooks the Hannah Carter Japanese Garden, modeled after gardens in Kyoto. At night, the City of Angels lights up the sky.
Notable features of the home include open-beamed ceilings and french doors leading to expansive verandas and a private swimming pool. During Medavoy’s ownership of the house, he decorated his family room with memorabilia from his successful films.
Co-founder of Orion Pictures and producer of award-winning films such as “Black Swan” and “Shutter Island,” Medavoy is not new to the high-end house-flipping game. In 2011, the Wall Street Journal reported that he sold an extensively renovated mansion to tabloid favorite Charlie Sheen.
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