Billionaire developer Jay Paul bought the 12,000-square-foot fixer mansion at 2901 Broadway for $28.25 million in December 2012. The former Decorator Showcase property had been on the market for six years and was originally priced at $55 million.
Under wraps ever since, the interior of the mansion has been gutted and all the circa 1927 systems have been removed and replaced. Everything inside is being redone, including a new dedicated room for art in the basement and theater on the first floor, and the home’s exterior stucco and all windows will be replaced. And then there’s the new subterranean swimming pool and spa.
Yes, the former tennis court behind the home has been demolished, around a third of the rear yard was excavated up to 30 feet, and a 1,500-square-foot pool and spa room, with 28-foot-high walls and skylights above the pool, is being added to the property.
Thanks to Proposition 13, the annual property tax bill for 2901 Broadway was running around $7,800 prior to the 2012 sale. The property tax bill for the under-construction mansion was $333,636 last year.
There’s no official word on whether or not Jay Paul, or rather 2901 Broadway, LLC, plans to occupy the mansion once it’s finished or will attempt to flip the property. But as always, we’ll keep you posted and plugged-in.
Keep in mind that a contractor had estimated that the substructure and engineering work for the home could break seven figures alone, and that was before the plans for the pool were revealed.