Wednesday, July 9, 2008

Peter Morton Flipping Out in Beverly Hills

SELLER: Peter Morton
LOCATION: Angelo Drive, Beverly Hills, CA
PRICE: $22,500,000
SIZE: 8,110 (as per assessor), 7 bedrooms, 8 bathrooms
DESCRIPTION: The single best view lot in prime location. Sold as land value, no inspection on home. View is from downtown to ocean and trees of Beverly Hills & Holmby Hills. This is an extraordinary view property on 4 acres. Will be shown only on a clear day.

YOUR MAMAS NOTES: According to listing information, only on a clear day, and only on a clear day children, will well heeled house hunters will be allowed to have a peak at and a prowl around the big Bev Hills mansion that billionaire biznessman Peter Morton just flipped onto the market with an asking price of $22,500,000. Not only will interested parties be free to see the place on a cloudy day, listing information makes it crystal clear they will also not be allowed to have inspections on the property which is being offered at land value only. Land value?

For all the children not familiar with its ownership history, let Your Mama provide a wee bit of background information on this prime piece Beverly Hills dirt. Back in the early 1980s (or maybe the late 1970s, Your Mama ain't quite sure), man luvin' mega mogul David Geffen scooped up the Angelo Drive estate from That Girl super star Marlo Thomas. However, Mister Geffen, a man with a passion and a properly plump pocketbook for high profile properties, didn't stay long before he packed up his porn and moved to the legendary and even more impressive Jack Warner estate which is also located on Angelo Drive and across the street the (in)famous Saperstein pile. Records show Mister Geffen sold the stately estate to radio tycoon Norm Pattiz and his wifey Mary. The Pattiz pair owned the house until September of 2006 when prop records reveal they sold it to Mister Peter Morton for $18,500,000.

Property records also show that just a few months later, in December of 2006 to be exact, Mister and Missus Pattiz pocketed another $3,500,000 for an adjacent parcel which included a tennis court and 2,080 square foot guest house/tennis house/screening room/recreation pavilion. This part of the great estate was accessed from the main house by funicular...yes children, that's right, fuh-nik-u-ler, a fun little folly only affordable by the very rich.

Current listing information for the 7 bedroom and 8 bathroom house is on the slim side, but thanks to Our Fairy Godmother in Beverly Hills Your Mama was able to view older listing information which indicates that the main house includes at least five bedrooms including a master suite with fireplace, sitting room and dual bathrooms with an additional bedroom is located in a pool house. Your Mama also understands that at the time Mister Morton purchased the property other rooms and amenities included living and dining rooms, a gor-may kitchen, media room, office, library/study, a family room, gym, sauna and, natch, a heavy doody security system.

Your Mama hears from a well connected source whom we'll call Posh Pete that Mister Morton had grand plans for the property. However, according to Posh Pete, Mister Morton has simply changed his fickle real estate mind. You can do that even in a sagging market when you have a billion dollars, right? If Your Mama has said it once, we have said it until we're black and blue in the face, who are we to make sense of the property peregrinations of the rich and famous?

Records show that in addition to owning several spectacular properties sprinkled along Malee-boo's Carbon Beach, Mister Morton also owns a 13,423 square foot manse on N. Carolwood Drive in a prime part of the Holmby Hills as well as a much more modest 5,533 square foot house on Woodruff Avenue in the nearby Little Holmby neighborhood.

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