Two Million Dollar Price Cut for Restoration Hardware ResidenceApril 17, 2017
Purchased by the CEO of Restoration Hardware, Gary Friedman, for $5.9 million in 2013, the Napa Valley estate dubbed “Eight Palms” at 347 South Crane Avenue in St. Helena was subsequently remodeled over the course of two years by the company’s design team and returned to the market last year, positioned as the first fully furnished “RH Residence” and priced at $10.5 million.
According to Friedman, the offering, which includes a 5,140-square-foot main home and a 630-square-foot guest house, was driven by a feeling that there was “a void in the market for fully designed and integrated homes that deliver the one thing that none of us can currently buy, time.”
And this morning, the asking price for the first, and perhaps last, RH Residence was reduced 19 percent to $8.5 million after eight months on the market.
Comments from Plugged-In Readers
Wonder if Gary’s Board of Directors were involved in any of this…hopefully he did not co-mingle any funds.
Hate to be churlish but the wine cooler is reminiscent of the old automats and those spike things hanging over the LR look like something out of the Spanish Inquisition.
Especially given that St. Helena IS seismically active!
“All of his colleagues at Restoration Hardware are mourning the loss of Gary, today, as he was gruesomely impaled during the weekend’s 5.7 temblor in the central Napa Valley.”
347 Crane Avenue Before (the renovation)
Thanks. Helpful perspective. $2.6mm seems like a better markup for the redesign and improvement in market conditions since 2013.
Lesson number one: Don’t underestimate the other guy’s greed!
Lesson number two: Don’t get high on your own supply.
as a showroom, the design team succeeded, not so much as a home.
The design symmetry is too much for me. It almost feels like they just put a giant mirror through the middle of the house.
Was just noticing that. The good news: if you divorce, you can just divide each room down the middle.
Even the soap in the bathroom is symmetrical.
A case study in bad taste.
the furniture looks familiar…
So. Much. Taupe.
A large shower for the soon-to-be-estranged couple. Cutting edge…
Don’t worry guys, buyers coming soon! Warren Buffett’s Homeservices just announced a push to attract wealthy foreign buyers to US real estate. There should be plenty of money sloshing around, since China’s real estate industry now makes up a whopping 25-30% of its GDP (compared to 15-18% in the US) and they are still seeing around 20% annual appreciation.
Looks like previous owner before Gary bought their furniture via Pottery Barn. So Gary upgraded the place to RH. One would hope the new buyer of an 8 million dollar home has enough taste to hire someone to come in and put in Holly Hunt level furnishing….
UPDATE: Clearance Sale for the Restoration Hardware Residence
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