In a battle between celebrities and reality TV for the ‘Brady Bunch house

In a battle between celebrities and reality TV for the ‘Brady Bunch house

In a battle between celebrities and reality TV for the ‘Brady Bunch house

In a battle between celebrities and reality TV for the ‘Brady Bunch’ house, TV won — at twice asking price

Real Estate Deals Made EZ

The bidding for the “Brady Bunch” house got down to a horse race, listing agent Ernie Carswell said, but it was HGTV that ultimately pulled away from the pack. So, just how much did the cable network spend to secure the television-famous property? About twice the asking price.

HGTV paid $3.5 million to buy the Studio City residence, or $1.615 million more than the list price of $1.885 million. The sale closed Friday.

The home received eight offers, Carswell said. The players included stage and television producers, corporate parties and entertainers such as singer-dancer Lance Bass, who was “heartbroken” to learn he had not submitted the winning bid. All of them planned to keep the home basically intact.

“Every [bidder] intended to retain the front facade as a historic preservation, but most of them intended to renovate the interiors,” Carswell said. “No developer submitted a bid for the property.”

In the case of the “Brady Bunch” house, nostalgia appears to have played a big part in its closing price, which is well above the market rate for the area. In June, the median sale price for single-family homes in the area was $1.134 million, according to CoreLogic.

“The dollar amount absolutely speaks to the fame of the house,” real estate agent Steve Shrager said. “Under normal circumstances it would have sold to a developer for even less than the asking price.”

Shrager, who is not affiliated with the “Brady Bunch” house, last year listed and sold a nearby Studio City home where pop singer Britney Spears married dancer Kevin Federline in 2004. Many people came to see the house after news of its celebrity ties became public, but it didn’t translate into additional offers, nor did it help the closing price, Shrager said.

“That ‘Brady Bunch’ house is so iconic and so representative of a way of life,” he said. Its celebrity “definitely put more money in the seller’s coffers.”

HGTV has already hinted at what may be in store for the beloved home.

On an earnings call this week, Discovery Inc. Chief Executive David Zaslav said the network planned to “restore the ‘Brady Bunch’ home to its 1970s glory as only HGTV can.” A spokesperson for Discovery declined to elaborate on the project.

As part of the sale, HGTV will receive the original 1959 blueprints for the house, Carswell said.

Go here for complete story.

List of the Most Profitable Investments Former Questar and Woodbury broker pleads guilty to $3M Ponzi scheme
Your Comment

Leave a Reply Now

Your email address will not be published. Required fields are marked *