While slated to be foreclosed upon, again, next month, the courthouse auction for the infamous seven-bedroom home at 224 Sea Cliff Avenue was canceled the day after we highlighted it and the notice of default on the property, which was issued by a senior lender in February, has now been rescinded as well.
And having been on the market for $19.675 million back 2016, foreclosed upon by a junior lender last August and then returned to the market, having been quickly “cleaned up” and listed as a “beautiful blank canvas ready for renovation” with “HUGE potential” for $17.5 million this past September, 224 Sea Cliff Avenue has just been listed anew by a Southern California broker for $15.375 million, positioned as “an opportunity to create a JEVEL property worthy of go into Architectural Digest could it be 25 or 30 Million when done absolutely,” all verbatim, and touting: “Formerly had celebrity-resident.”
We’ll keep you posted and plugged-in.
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The property might be languishing due to pricing issues. It’s also possible that prospective buyers are turned-off by the association with the former celebrity-resident. He’ll be getting out sometime in the not-to-distant future.
I believe the celebrity is actually Cheech Marin of Cheech and Chong fame. Wikipedia states that is whom Brugnara bought the property from.
Lucian Brugnara has been out of prison since November 20th 2020. He returned to San Francisco trying to re-establish himself (hopefully in a career other than tax evasion, mail fraud, or endangered species poaching)…
Still up to his old tricks, actually: Brugnara Props. VI v. Internal Revenue Serv.
Could be the color
In Google street view it looks like they are in the process of painting it – cream white.
What the flock is a “JEVEL property?” I Googled and didn’t find anything.
I’d guess it is a typo and the writer meant “jewel”.
Apparently, the real estate commissions on a $15 million dollar home are insufficient to entice someone with reasonable English language skills or proofreading abilities.
“listed anew by a Southern California broker” –> means that the seller has selected a friend or perhaps a personal attorney as a broker. If the seller were interested in the best marketing they would have chosen a local broker.
At the same time, the property was unsuccessfully listed and marketed by local brokers (including Pacific Union, Sotheby’s, and Compass) in 2016, 2017, 2019, 2020 and earlier this year as well.
How many of those were short sale listings?
Not the color, but the address number. In Chinese, phonetically close to “easy death” or “easy to die.” Even the most ardent Chinese investor has to pause on this one. Now, had the address been full of 8s in various combos, overbidding for sure.
If your market depends on one ethnic group whose cultural norms don’t always mesh perfectly with the domestic norms where the transaction occurs, you might not have a sustainable market.
If your market is for oversized, fixer-upper bungalows of minor celebrities I don’t think sustainability is going to be your main concern, whether at 8 figures or anything else
It is: (8*28) Seacliff.
Nice try….(listing agent)
Hey I say list it in base-12 if it moves the property !!
🙂
According to numerology, this address IS 8: 2+2+4=8
UPDATE: Infamous Sea Cliff Mansion Could Sell For Less Than $5 Million Next Week, But…