Real estate newsletter: Trojan horse trainer needs a new home

Welcome back to the real estate newsletter. In a week that has seen a billion dollar deal and a deal to build nearly 20,000 new homes, why don’t we focus instead on a home search that hasn’t even had place. Just for fun.

USC dropped a bombshell last weekend when it announced Lincoln Riley was its new football coach, driving a University of Oklahoma program that was an eternal contender during the tenure of Riley.

Contract rumors immediately began to swirl – with a claim that USC had bought Riley’s homes in Oklahoma already debunked. A request for housing allowance of $ 6 million, however, is not quite exaggerated. Housing allowances are nothing new for high-level coaches. So naturally, we helped Riley get a head start in finding housing and found six homes for $ 6 million in Los Angeles County.

On the celebrity side, Dolph Lundgren has sold and Tyra Banks is trying to do it. The former unloaded his modern mansion in the Hollywood Hills for $ 3.71 million, and the latter offered a similar location in Pacific Palisades for $ 7.895 million. Banks is a veteran of the palisade market at this point; since 2018, she has knocked down four homes in the coastal community.

This week also saw the conclusion of a two-decade development battle about 70 miles north of Los Angeles, where Tejon Ranch Co. and environmental nonprofit group Climate Resolve agreed to build 19,300 homes. “Net-zero” near the Tehachapi mountains. The project was stalled for both environmental and economic reasons, but the deal addresses concerns by including 30,000 electric vehicle chargers and requiring funding for fire prevention measures.

Million dollar deals turn heads in the residential real estate world, but there’s nothing like a billion dollar business deal to put it in perspective. This week, ViacomCBS agreed to sell the CBS Studio Center – home to shows such as “Seinfeld” and “Gilligan’s Island” – for $ 1.85 billion. The massive deal is one of the largest ever for a Los Angeles TV studio complex and highlights the value and rarity of TV soundstages as companies create content for the growing number of TV services. streaming.

While keeping up to date, visit and love our Facebook page, where you can find real estate stories and updates throughout the week.

USC coach needs new turf

3230 Iredell Lane, Studio City, California 91604

(Berkshire Hathaway HomeServices Properties California)

Lincoln Riley, USC’s explosive choice to rebuild the Trojan football team, is soon moving from Oklahoma to Southern California, and he will have plenty of money to spend on a new location.

The details of the contract are still unclear, but he will surely earn more than the $ 7.672 million a year he earned at the University of Oklahoma, where he was the fifth highest-paid coach in the country, according to an analysis by USA Today in October. Riley led the Sooners to 55 wins in five seasons.

Rumors of a $ 6 million housing allowance seem realistic compared to other USC coaches. Steve Sarkisian dropped $ 8 million in a Rolling Hills home when he took over the team in 2014, and Lane Kiffin paid $ 5.5 million for a place in Manhattan Beach a few years earlier.

Even in a market as hot as Southern California, $ 6 million goes a long way. Riley can buy a quality home even in the most exclusive neighborhoods. Bungalows near the beach or mansions in the mountains are all within his budget.

Here’s a look at what $ 6 million is buying in six Southern California communities.

Action star cancels home sale

A two-story white building has floor-to-ceiling windows and a swimming pool at the side of the house.  It is shown at dusk.

Built in 2009, the square mansion combines a design palette of steel, concrete, stone and glass.

(The Oppenheim Group)

Dolph Lundgren won his fight against the Hollywood Hills real estate market, selling his modern, square mansion for $ 3.71 million.

The Swedish actor and martial artist – famous for playing Ivan Drago in “Rocky IV” and starring in other action films such as “Masters of the Universe” and “Universal Soldier” – had owned the property since 2018 .

Built in 2009, the hillside home combines a sturdy design pallet of steel, concrete, stone and glass over 5,230 square feet. A ficus garden marks the entrance, leading to a three-story floor plan that ascends to a rooftop terrace overlooking the city below.

Tyra Banks aims for a fifth

Modern and square, the three-story home rises to a rooftop terrace with a kitchen and hot tub.

Modern and square, the three-story home rises to a rooftop terrace with a kitchen and hot tub.

(Juwan Li)

While Ellen DeGeneres may be Southern California’s most prolific celebrity, Pacific Palisades is Tyra Banks territory. The model-turned-actress-turned-reality host has flipped four homes in the coastal community since 2018, and she is looking to sell her fifth and final property for $ 7.895 million.

If Banks gets her award, it will be a profit of $ 900,000 over what she paid in 2018. She’s made a few changes since then, adding several striking chandeliers and remodeling the kitchen with a breakfast cubicle and a tiled backsplash.

Located just east of Temescal Gateway Park, the modern, square home spans three floors with five bedrooms and six bathrooms over 6,160 square feet. Glass walls line the living areas and floor-to-ceiling windows offer views of the coastline.

Development battle ends with deal

The oak-dotted mountain peaks of the Blue Ridge Range at Tejon Ranch

The oak-dotted mountain peaks of the Blue Ridge Range at Tejon Ranch are pictured.

(Al Seib / Los Angeles Times)

One of Southern California’s oldest development battles ended Wednesday after two decades when an environmental group agreed to build a massive ‘net zero’ greenhouse gas community of 19,300. homes just off Interstate 5 on the southern slopes of the Tehachapi Mountains, writes Louis Sahagun.

The pact between Tejon Ranch Co. and the nonprofit Climate Resolve comes amid a severe housing crisis in California and possibly removes the largest remaining roadblock for the 6,700-acre Centennial project bordering the Kern County, approximately 70 miles north of Los Angeles. The project has been repeatedly stalled by environmental and economic challenges, even as other large developments have been approved in one of the last undeveloped sections of Los Angeles County.

The proposal got final certification two years ago from the LA County Board of Supervisors, and the company said it was justified. But earlier this year, Superior Court Judge Mitchell Beckloff rejected the county’s approval of the developer’s environmental impact report, blocking construction.

‘Seinfeld’ studio sells for $ 1.85 billion

The entrance to a parking lot says

ViacomCBS has entered into an agreement to sell CBS Studio Center in Studio City to Hackman Capital Partners and Square Mile Capital Management.

(Al Seib / Los Angeles Times)

ViacomCBS has reached a $ 1.85 billion deal to sell the CBS Studio Center complex in Studio City – home to iconic TV shows such as “Seinfeld,” “The Mary Tyler Moore Show,” “Gilligan’s Island,” and “It’s Always Sunny in Philadelphia, ”writes Meg James and Roger Vincent.

Real estate investors Hackman Capital Partners and Square Mile Capital Management have teamed up to win a tender for the 55-acre Radford Avenue property.

The sky-high price points to the value – and rarity – of TV soundstages in Los Angeles as content producers scramble to find space to shoot TV shows and movies to store their streaming services. ViacomCBS announced its intention to sell the property last summer.

The deal, announced on Tuesday, represents one of the largest real estate deals ever for a Los Angeles television studio complex. In addition to the real estate assets, CBS will divest its lucrative studio operating business, which includes stage rentals, facilities management and field production support services.

What we read

Just in time for Christmas, the iconic “Home Alone” house will be available for rent through Airbnb for $ 25. The house is in Chicago, but if you want to live like a McCallister for a night, reservations open Dec. 7 at 11 a.m. PT. NPR has the details.

Another day, another college housing snafu. Gov. Gavin Newsom set aside $ 2 billion for student housing during the pandemic, but California State University didn’t read the fine print, and it could cost the university system up to 3,000 new student beds unless state legislators intervene, according to a story from CalMatters published by the Daily Breeze.

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