{"id":814,"date":"2022-07-22T20:42:07","date_gmt":"2022-07-22T20:42:07","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2022\/07\/22\/why-hasnt-anyone-bought-sugar-ray-leonards-knockout-pacific-palisades-home\/"},"modified":"2022-07-22T20:42:07","modified_gmt":"2022-07-22T20:42:07","slug":"why-hasnt-anyone-bought-sugar-ray-leonards-knockout-pacific-palisades-home","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2022\/07\/22\/why-hasnt-anyone-bought-sugar-ray-leonards-knockout-pacific-palisades-home\/","title":{"rendered":"Why Hasn\u2019t Anyone Bought Sugar Ray Leonard\u2019s Knockout Pacific Palisades Home?"},"content":{"rendered":"

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Getty Images \/ Realtor.com<\/p>\n

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After three years on the market and one price cut, a grand estate in Pacific Palisades, CA<\/a>, owned by former world championship boxer Sugar Ray Leonard<\/strong> is still looking for a buyer.<\/p>\n

Leonard and his wife, Bernadette Robi<\/strong>, listed their home of over two decades for\u00a0$52 million<\/a> in 2019. Last year they reduced the price to $46.5 million<\/a>.<\/p>\n

We spoke with a couple of real estate experts about the reasons why this magnificent 16,700-square-foot mansion is still on the market.<\/p>\n

Custom creation<\/h2>\n

Set on \u201cexquisite grounds,\u201d the 1.7-acre parcel is one of the largest lots in an exclusive area known as the Palisades Riviera.<\/p>\n

The homeowners tapped architect Richard Landry to create their custom vision. After the home\u2019s construction, the couple even married in their flower-filled backyard in 1993.<\/p>\n

Now empty nesters, the couple told Architectural Digest<\/a> last year that they are ready for a change.<\/p>\n

Whoever ends up buying the property will acquire quite a compound.<\/p>\n

It features seven bedrooms, 12 bathrooms, a wine room, a guesthouse, and a tennis court.<\/p>\n

The couple customized the interiors with European antiques, and highlights include a two-story family room with glass doors to the outside, a formal living room with a fireplace, a spacious dining room with doors leading outside, and a chef\u2019s kitchen adjacent to a family room.<\/p>\n

1.7 acres in the Palisades Riviera<\/p>\n

Realtor.com<\/p>\n

Formal living room<\/p>\n

Realtor.com<\/p>\n

Dining room<\/p>\n

Realtor.com<\/p>\n

Family room<\/p>\n

Realtor.com<\/p>\n

A solarium with a wood-beamed ceiling is a serene setting for casual dining. There are also glass doors that open to the gardens.<\/p>\n

Solarium<\/p>\n

Realtor.com<\/p>\n

Interesting architectural elements throughout the home include beamed ceilings, fireplaces, and elaborate chandeliers.<\/p>\n

___<\/p>\n

Watch: See Mike Tyson\u2019s Massive Former Estate in DC Suburbs, Just Sold for $4.6M<\/strong><\/p>\n

___<\/p>\n

The layout also features an office, bar, and screening room. The primary suite comes with a fireplace, a private balcony, and walk-in closets.<\/p>\n

Bedroom with fireplace<\/p>\n

Realtor.com<\/p>\n

The tennis court is lighted and comes with a viewing area. An oval pool, putting green, and four-car garage complete the property.<\/p>\n

Oval pool<\/p>\n

Realtor.com<\/p>\n

In a video made last year for Architectural Digest, the happy homeowners described the picturesque property as perfect for them.<\/p>\n

The place is filled with mementos from the boxing legend\u2019s storied career, but he has a favorite spot.<\/p>\n

\u201cI love the gym,\u201d he says in the video.<\/p>\n

Overpriced or poorly staged?<\/h2>\n

Given the home\u2019s pedigree and prominence, why has it languished on the market for three years?<\/p>\n

As always, dollars play an issue, according to one agent.<\/p>\n

\u201cThe fact that it was on the market during the hottest real estate market over the last two years, where we saw lots of movement in the uber-luxury space, and it did not sell is definitely telling about the asking price,\u201d says Cara Ameer<\/strong>, an agent with Coldwell Banker licensed in California and Florida<\/span>.<\/p>\n

She points to the $52 million price tag in 2019 as overly ambitious.<\/p>\n

\u201cAlthough properties in this price point are totally discretionary purchases, buyers looking in these ranges have a lot of intangible as well as tangible requirements, and they have to feel it is right for them.\u201d<\/p>\n

Ameer adds, \u201cBuyers also have a lot of choices as $46 million is in the range of a lot of estates just up the road in Montecito if they are looking for lots of land and privacy.\u201d<\/p>\n

Arvin Haddad<\/strong> with The Agency, who also critiques luxury real estate on TikTok<\/a>, thinks the asking price isn\u2019t out of step with the market. But the look is.<\/p>\n

\u201cIt\u2019s not that crazy of a price. It\u2019s not that bad of a price for that much land, for the location. The architecture is beautiful,\u201d he says.<\/p>\n

\u201cIn my opinion, the No. 1 factor why it hasn\u2019t sold: It\u2019s a traditional house with traditional decor and furnishings inside,\u201d he adds. \u201cI think the decor makes it feel like people are stepping into a Tuscan villa in Italy, which is great, but not how people want to live day-to-day.\u201d<\/p>\n

The listing photos should reflect what today\u2019s buyers want, he explains.<\/p>\n

\u201cAll the other bedrooms and all the living areas should be staged in a transitional decor to soften the traditional Mediterranean architectural elements,\u201d he says.<\/p>\n

A more updated look could tempt a buyer to deliver a knockout offer\u2014even at the current price, according to Haddad.<\/p>\n

\u201cBefore lowering the price, you need to stage the property. Dropping the price should be a last resort,\u201d he says. \u201cBecause there are comps that would support that price.\u201d<\/p>\n

The post Why Hasn\u2019t Anyone Bought Sugar Ray Leonard\u2019s Knockout Pacific Palisades Home?<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Getty Images \/ Realtor.com After three years on the market and one price cut, a grand estate in Pacific Palisades, CA, owned by former world championship boxer Sugar Ray Leonard is still looking for a buyer. Leonard and his wife, Bernadette Robi, listed their home of over two decades for\u00a0$52 million in 2019. Last year…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=814"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/815"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=814"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}