Wednesday, December 7, 2011

Ol' Blue Eye's Party Pad Hits The Market!

Frank Sinatra's Chatsworth, CA estate, known simply as Farralone, is coming to market. It is the first time the celebrity compound has ever been publicly listed for sale. Coldwell Banker Previews International will represent the listing, priced at $12 million. I think when Planet My Town hits, I'll throw the launch party here... and then buy it.

The interior of the guest house where Marilyn Monroe stayed

 From Yahoo; "If walls could talk, this house has had more celebrities in it than just about any other house in Los Angeles," says Lynn Teschner, a Coldwell Banker Previews International Realtor and Farralone’s listing agent. Indeed the estate’s ties to glitterati span decades, from Judy Garland and Vincent Minelli’s wedding to Paul McCartney's experience being shooed off the home’s piano.

The estate also boasts a 1,000-sqaure foot, one bedroom guest house with a small pool of its own. Sinatra used to sublet the guesthouse to his friend: a blonde actress by the name of Marilyn Monroe. The swimming pool happens to be the site of the blonde bombshell’s last photo shoot, and more interestingly, the guesthouse served as the alleged meeting spot for the late Monroe and President Jack Kennedy’s notorious reported affair.
Given the tantalizing history of the house, the current owners have updated, restored and decorated the living space to embody that time period. Farralone's grounds encompass 14 acres that include a fledgling vineyard and parking for up to 200 cars. The compound sits behind a gated entry and visitors must drive up a winding private road to the top of a hill, where the mansion sits perched. Surrounding the compound is 3,000 acres of nature preserve. “You would have to be in a helicopter to see the house,” explains Teschner.

 Monroe also had her last photo shoot here in the pool just before she died

Farralone's potential allure doesn’t end there. Sure, its history might make it the ultimate trophy home for Ol' Blue Eyes or MM collectors, but the hilltop home is also quite the investment property. Television and movie watchers may find its pools and glass walls familiar as the house has hosted oodles of location shoots for films like Swordfish, Dreamgirls and Ali and TV shows like Mad Men, Californication, and next year’s Savages series from Oliver Stone. Usher’s “Burn” music video was shot in the pool as well. All those property cameos mean money for the owner.
"One of the big draws of this house is if someone wanted to use it as an income producing vehicle that generates several hundred thousand a year in location shoots," says Teschner. She notes that the house has pulled in as much as $2 million annually in previous years from location shoots. If the future buyer chooses to continue renting the estate out to production studios, they would have little to do except plan a vacation around shoot dates: Farralone comes with a property manager who acts as a liaison with the studios, paid for by the studios. The main house also boasts a lower level production studio equipped with conference room, edit bays, private office and a separate entrance, all paid for and maintained by the studios.

"If this property was in Bel Air it would be a $100 million listing," asserts Teschner. She expects that either an architecture-loving celebrity or international trophy home collector will snap it up. Whomever does will likely be someone who enjoys throwing lavish parties since it was, after all, built for that very purpose.
Teschner suspects that Farralone has the potential to sell quickly, likening its appeal to the Walt Disney estate in Los Feliz, CA, which sold after one week on the market earlier this year.

 If you look closely, you'll see an enormous painting of Heath Ledger as The Joker. I hope that's included!

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