I’ve been watching the closings like a hawk for word on 859 Picacho Lane, the 1927 Chester Carjola estate that was put up for auction late last year. The bidding ended on December 12, and my understanding was that all due diligence had to be done before then—so the lag in closing is a bit mysterious. (This is a good time to remind everyone that tips, anonymous and otherwise, are welcome: 917-209-6473, [email protected]) UPDATE 1/17: I hear it went for $5.3 million, although the closing price will be higher for technical reasons.
The comp would come in handy now that a nearby estate, 818 Hot Springs Road, is also about to go under the hammer. Designed by noted architect Lutah Maria Riggs in the early 1930s, with gardens by Lockwood de Forest, the 2.1-acre property has a Hollywood glamour—and a peachy exterior—reminiscent of the Hotel Bel-Air and Beverly Hills Hotel. It was listed in July for $13 million and cut to $12.5 million in October.
The auction is being handled by Concierge Auctions (which also did 859 Picacho), with listing agent Patricia Griffin of Village Properties. Bidding runs February 24-27, with slightly different terms from 859 Picacho. There’s no reserve, but the seller can call off the auction right up till the last moment. To participate, you put down a refundable $100,000 deposit. Should you win, you’ll get 12% of your initial bid credited back—an effort to discourage lowballing—and pay Concierge a fee of 12% of the final price. The seller, meanwhile, is responsible for a 2.5% commission payable to any broker(s) representing the buyer.
More photos—along with various background materials, including inspection reports—are available on Concierge’s site. Or stop by: the house appears to be open daily 1-4 p.m. or by appointment. And feel free to weigh in with a guess as to what it’ll go for….