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$3 million price cut sells TV-featured O.C. mansion
October 28th, 2009, 2:00 am · 35 Comments · posted by Marilyn Kalfus, real estate reporter
So here’s the rest of the story …. 
A Newport Coast home was featured Monday night on Bravo TV’s “Million Dollar Listing,” with an asking price of just under $10 million.
There was a big fight over the difference between that price and the $8 million cash offer.
What you didn’t see play out on the show: The 6-bedroom, 9-bath Pelican Crest house wound up not selling, then going into foreclosure a few weeks after the episode was taped.
And the Realtor who made the $8M offer, which the owner deemed “insulting,” was the one who the lenders called to sell the property after they took it over!
And sell it he did. Lance Fogel of Hom Real Estate Group in Newport Beach got $7,050,000 for it.
Not without some drama, though. He said the house fell out of escrow repeatedly before selling. At one point, a flooded basement caused $200,000 worth of damage, he said, and led to the price drop.
The listing on the 11,500-square foot home at 25 Skyridge said in part:
” ‘Villa Florencia’ on a grand scale! This brand new Pelican Crest estate boasts unobstructed views from Catalina Island to downtown Los Angeles … Have a hundred of your closest friends over for a BBQ, or a dozen for the weekend.”
Flagg
The house has a commercial-size elevator, swimming pool, theater, grand salon, and an oversized 3rd story master suite with a balcony.
“It’s very new money,” was how Josh Flagg, the Realtor on ”Million Dollar Listing” described the place. Flagg had the co-listing on the house before it went into foreclosure. But, the home, which he snickered was not the “Taj Mahal”, wouldn’t draw $10 million ”for a long time,” he figured.
He was unable to convince the owner of that, who called the $8 million offer “ridiculous.” His lost commission: $80,000.
Related:
- Corona del Mar home on TV’s ‘Million Dollar Listing’
- TV Realtor fears SoCal home prices could hit 2001 lows
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Also by Marilyn Kalfus:
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This was classic- it was so obvious the girl didn’t know what she was doing. When she said she was ‘insulted’ I couldn’t believe it! I just sat shaking my head thinking, “You have no idea what you just turned down.” And though I love watching this show for the level of ridiculousness it holds, I was really surprised Josh came back at her saying she was going to regret not taking the $8m cash offer because the place wouldn’t be worth more than $6m in a short time from now.
Turns out she was going to default on the house anyway!? What a loon…
I really do like MDL as a show and the characters are quite interesting. I love real estate. Building it, marketing it and I really like that I live in it as the alternate would be cold and wet or hot and dry, so real estate is both fun and functional.
This show does not add up. While they don’t outright “lie” they stretch the truth to the n-th degree. Josh does not show up on any of the listings with this property “Villa Florencia”. I think they put him in there, for the show, just becasue. For his age, he’s very successful.
Now take Chad, the Beatles wanna-be. He’s not successful at all relative to the others and the market in general. A good example of both is the alleged “mar vista” listing in this week’s show. Chad’s story line states that he did some marketing in the area and received a listing appointment. Funny, if you noticed in the show the For Sale Sign was already up but the sign itself was taken off the post. Reason being is that Chad was the co-listing agent. This is where you get the listing and bring in another agent to help sell the house. I’d bring in Chad to sell my stuff, he’s on TV. I bet my last dollar that Chad did NOT get that listing himself…especially when he told the owner that “this is a listing I normally don’t take”. Basiclly, beiing his usual obnoxious self. “uber” rich don’t like that in those they do business with I’m thinking.
Chad misrepresents his success on the show.
Since Janurary 1 of 2008 up to today, he has CLOSED only 3 sales and 5 leases. This is all verifiable in the MLS by his ID = CLW-X47881 and through some public records that are available through the CA DRE.
His total sales volume in the past 22 months for sales is $5,802,125. His monthly lease totals are $175,500 for the 5 “rentals” which is a very high number for us here in OC.
He is a big TALKER where Madison and Josh, while young, out sell
the Beatles wanna be by leaps and bounds.
For comparison, Madison and Josh in the same 22 month period sold $16,274,000 and $34,148,000 respectively. That was for SALES, “rentals” or Leases are not in those numbers.
Obviously there is something going on in Chad’s head creating this ultra-successful Agent where there is none.
“Me think” his parents are loaded and they throw him their friends and buy his car(s). He is poorly adjusted for human interaction and his interpersonal skills are horrible. While Josh does push his buttons, it’s not professional to react as he does. He is also lacks personal relationship confidence in that he’s gaga for that girlfriend and is overdoing it for a girl who I think is around for the $$ and gifts he, or his parents, provide.
IMHO, Chad is childish in his personal and business dealings.
Oh well……………….
Check it out and let me know if you think I’m off base. I did look up the sales numbers and those don’t lie!!!!!!!!!!!!!!!
I Could not understand why she would decline a 8,000,000 dollar offer when she only had 4,000,000 dollars into it, I guess greed is a very powerful thing! She let it go into foreclosure instead? How stupid. I wondered at the time how she even came to own it in the first place.
She probably had much more than $4M into it. These big pretenders are the ones being chewed up big time. Couldn’t be happier with the results.
Looking at the history of this house for sale. I don’t find that “other” Agent anywhere. Josh for that matter. It seems to be a mystery since the home has been for sale FOREVER prior to the recent sale.
Michael Brinkman was listing the home from March 2006 all the way through October 2007. Then Rex McKown took over with a co-listing Agent Marcy Weinstein from September 2007 up to January of this year when Lance, the guy on the show took the primary listing agent position on January 9th or there about. He sold it and made a good bit of money.
I’m just trying to connect the dots for a “realtiy show”…………..not very “reality”
It’s called “SCRIPTED REALITY” and it’s getting old and tired, just like the “Real” Housewives of OC. Ridiculous!
Say what you will about the show and the egocentric cast members…Flagg told the owner exactly how it would play out…the new owner will now be owning a $6 million home in a couple of years. But with that cash…I doubt they truly care.
Mulli-
For those kinds of commisions, why do realtors bother selling homes in the non-luxury segment? You could sell one McMansion and live for a year. After that, everything would be gravy.
Because the luxury selling realtors need to keep up their image. Car, clothes, jewelry, their own home.
I watched this episode the other night. That owner and her stupid “realtor” sister blew it. Should have taken the 8 mill ladies. And how about the next door neighbor and his lady friend getting a tour of the house? He was a real joke. And she just walked around like his puppy. The things people do to be on TV.
Those two cracked me up! She was soooo trying to be Paris Hilton (not exactly someone I’d want to emmulate, but I digress).
Not only do luxury realtors have an image to uphold but they (hopefully) pay a pretty penny for those ads of the homes they place in magazines, online as well as the time they spend holding open houses and doing the footwork to get your luxury home sold.
Someone who may be looking at $80k in commission put up front a good fraction of that to try to earn that commission.
Like many of the nouveau wealthy who dream of owning a cliff house in the OC, many of whom have never lived here and only visited or only from what they see on “reality” TV, they will be surprised how cold it can get even in the summer. Just because we have non-native palm trees does not make this Florida. You’ll have to stay inside to have a party.
Um, you don’t live here do you?
i work in newport coast and the weather here could not be beat by any other state in the US. Our worst weather is every other states best weather. There is a reason why its expensive to live here. Sunshine ain’t cheap. Yesterday it was a warm 80 degrees. Gotta Love the fall in So Cal
Um, I’m bi coastal, and trust me Southern California is warm. I’m often wearing shorts in December although the locals are wearing their parkas which makes me scratch my head. I think the locals just have thin blood; it being warm and all.
Actually, ones body does aclimate to the weather.
Having lived in Lake Arrowhead for a short time back in the 80’s, once we moved down to OC it took a good year before 68 felt ‘cool’ to me.
“dream of owning a cliff house in the OC”
umm… its not “the oc” and it never has been “the oc” its OC as in orange county not “the orange county”
Please go back to what ever mid western dot on the map you came from.
Let me guess you live in Laguna Sur? Yes that one section of OC is freezing on any given day of the year but if you leave the confines of your little gated life and go down the hill the rest of OC is sunshine and beats Florida all 365 days a year.
How about that neighbor couple who visited the house on the show.
Those people were priceless.
What I’m still scratching my head about is WHY you would mention on national TV traffic noice as a potential problem when you are trying to sell the house next door….????
I have to give Flagg credit, he did what he was suppose to do. Same with Chad even though I can’t stand his hair. Madison though is an idiot.
when the real estate bottom is TRUELY here there will be no
real estate shows like this on TV– NONE
if 65% of small business owners expect to
be out of business within two years-and small business is the
primary source of employment in our country- will someone please
explain to me how this recession will not morph into a full blown
depression—
http://jan.freedomblogging.com/2009/10/28/65-fear-their-business-will-fail/24287/
the recessions over– long live the recession
isn’t TV based on vicarious living through others? I think these shows have a place and huge audience. You may not like them, but they are the basis of entire networks. This is one that will run for a few more seasons. Looks like without you watching.
Just like I can’t stand the “housewives”…..they are runaway successes. One viewer, like you and I, do not make programming. It is the masses who want to look into the lives of the rich and famous, even if it’s just into their houses when they are bing sold.
Also, relative to the show in general….
• Chad misrepresents his success on the show.
Since Janurary 1 of 2008 up to today, he has CLOSED only 3 sales and 5 leases. This is all verifiable in the MLS by his ID = CLW-X47881 and through some public records that are available through the CA DRE.
His total sales volume in the past 22 months for sales is $5,802,125. His monthly lease totals are $175,500 for the 5 “rentals” which is a very high number for us here in OC.
He is a big TALKER where Madison and Josh, while young, out sell the Beatles wanna be by leaps and bounds.
For comparison, Madison and Josh in the same 22 month period sold $16,274,000 and $34,148,000 respectively. That was for SALES, “rentals” or Leases are not in those numbers.
Obviously there is something going on in Chad’s head creating this ultra-successful Agent where there is none.
“Me think” his parents are loaded and they throw him their friends and buy his car(s). He is poorly adjusted for human interaction and his interpersonal skills are horrible. While Josh does push his buttons, it’s not professional to react as he does. He is also lacks personal relationship confidence in that he’s gaga for that girlfriend and is overdoing it for a girl who I think is around for the $$ and gifts he, or his parents, provide.
IMHO, Chad is childish in his personal and business dealings.
Oh well……………….
Check it out and let me know if you think I’m off base. I did look up the sales numbers and those don’t lie!!!!!!!!!!!!!!!
Newport Coast is made up of nothing more than a bunch of Nouveau riche wanna-bes! As that show testified to, this woman is nothing more than one of those wanna-bes and I’ll put money on the fact that it wasn’t her money that build it! Oh, she may very well have designed it, but it wasn’t her money that built it! Looks to me that she was probably traded in for a younger version!
I knew someone who bought there and thought that was the ticket to the good life! That was their ONLY investment ~ no stocks, no 401Ks, nothing but the house and they thought they would ride that right into the luxury sunset! I’ve often wondered over the last few years of this RE disaster how much their net worth has disappeared.
I love this story, the shock and horror on the owner face about a 8 million cash offer was priceless. I wish they would do a update on where the owner is now. I’m sure she is working really hard to find a sugerdaddy and the sister is probably back working in a machine shop. HAHAHA
Im glad. Arrogrant people.
Hey Josh my stupid sister got her sales license and wants to list the property with you. Basically show her everything and take our crap at the same time. Because our home is worth 10 million.
NO YOUR HOME IS WORTH 7 MILLION!!!!!
Good riddens!!!! LOL
This monstrosity has been the white elephant in our neighborhood for years. Kudos to that Lance for finging a new buyer!
He certainly earned all of his commission on this house, hope he blows it all on a new Ferrari
Long live the OC Nouveau Riche
uncle tone- you are right on. chad is hack, poor realtor, and a creep. who puts everything in individual ziplocks??
chad is kicking and screaming for 1 million dollar listings while josh and madison are casually doing their 5-10 mill listings. you can hear the desperation in his voice.
The look on that girl’s face was epic when Josh told her about the 8 million dollar cash offer… She was so stupid.
I know this whole situation from a lenders perspective and it is even better than the article and show put out there.
OC Hard Money Lender
x2 what Jermemiah said.
If only all of you knew the real story behind the owner(s) and what one of the owners was convicted of doing, it’s 10x better than this dumb tv show.
yes! Do tell! =D
What was the owner’s name and what were they convicted of doing?
Redfin shows that the property was first sold on May 7, 2009 for $3,801,936, then sold again on July 23rd, 2009 for the reported $7,050,000. I wonder if the May sales was a foreclosure/short sale. Something smells funny there.
She got this house from a divorce and it is apparent that she may have picked out the drapes, but her ex-husband was the financial brains behind the whole thing. I counseled her to take our loan 2 yrs ago to finish the property and recommended she put it up for sale for 12 million. At the time, she probably would have gotten it, 10.9 mil and it would have sold in 30 days. She was having none of it and wanted 14.75 mil. Problem with the whole thing is that she owed 10 mil on this house and her Owner Occupied house also in Newport Coast. If this got foreclosed, than the other one did as well.
Another case of a greed getting in the way of common sense. Instead of walking away with 4-5 million, she got nothing, suits me just fine and after wasting months of my life with her. Dont know who was the bigger idiot, me or her…..let me recind that, I know who the bigger idiot was, we are blogging about her, and I never blog.