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Call it retail therapy. “Full House” star Lori Loughlin and her husband, Mossimo Giannulli, who will be sentenced later this month for their part in the college admissions scandal, just sprang for a luxurious new home.
The couple picked up a $9.5 million modern farmhouse in the celebrity-filled enclave of Hidden Hills, CA, Variety reports.
This transaction follows quickly after the couple sold their Bel-Air mansion for a reported $18.75 million to the co-founder of Tinder, Justin Mateen.
The final sale price of the Bel-Air residence was a huge discount off their most recent asking price of $28.65 million. They had initially been looking for even more—the home first came on the market at $35 million in 2017.
There are some serious upsides to leaving Bel-Air in their rearview mirror, so let’s take an in-depth look at the two luxurious locations.
Goodbye, Bel-Air
The couple may have been extremely motivated to sell, given that the scandal appears to have lost them friends and social clout in the refined ‘hood.
The upscale enclave is a Hollywood haven and has been home to stars such as Jay-Z and Beyoncé, Jennifer Aniston, and Elon Musk, founder of Tesla, at one time or another. The posh neighborhood also regularly pops up when we survey the most expensive home listings in the country.
Right now, 151 homes are on the market in Bel-Air, with the priciest sitting at the vertigo-inducing price of $125 million. The median list price for the neighborhood is currently a robust $4.7 million.
Bel-Air is known for being exclusive, gated, and riddled with luxe mansions. Loughlin and Giannulli’s posh property directly overlooked the Bel-Air Country Club and had been stylishly renovated.
Hello, Hidden Hills
Located on the western edge of San Fernando Valley in Los Angeles County, near Calabasas, this tony town is known for being scaled-down, secure, and a magnet for celebrities.
Kim Kardashian West and Kanye West, the rapper Drake, Miley Cyrus, the Weeknd, and actors Will Smith and Jada Pinkett-Smith own homes here.
“What makes Hidden Hills attractive for so many celebrities is the fact that it is a small, gated community with only 2,000 residents,” says George Penner, CEO of Deasy Penner Podley.
The town is small, but punches way above its weight when it comes to home values. With just 35 homes for sale, which range in price from $1.8 million to $27.5 million, the median list price for a home in Hidden Hills is a jaw-dropping $6.4 million.
As Penner points out, “It was developed by A.E. Hanson, the same developer as Palos Verdes and Rolling Hills,” which are both known for their ritzy real estate.
Plus, there’s another big perk in the new locale for Loughlin, who’s become a tabloid fave.
Penner says the area “provides much greater privacy from paparazzi and onlookers.”
The couple’s new digs
So now that they’ve landed in Hidden Hills, what did they get for their multimillions?
A brand-new build. No renovations required! A huge plus in our book.
The six-bedroom, nine-bathroom abode spans 11,748 square feet. The modern farmhouse-style residence is sparkling and features high ceilings, maple floors, and offers “luxury country living.”
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The open floor plan includes glass sliding doors opening to the outside living area. The custom chef’s kitchen, described as a “dream” in the listing, has white oak cabinets, marble counters, and high-end appliances. The master suite boasts a fireplace, two baths, and views.
Luxe amenities include a temperature-controlled, walk-in wine cellar, gym, office, and movie theater.
Set on 1.57 acres, the sprawling grounds feature pool and spa, fire pit, barbecue, and views of the hills.
“This Hidden Hills home is on a much larger lot and is much more private,” says Cara Ameer, a bicoastal agent with Coldwell Banker licensed in California and Florida.
“This is why many celebrities choose to buy in Hidden Hills—you have an estate within a private enclave, yet still maintain a neighborhood/community feel.”
Being close to Loughlin’s “Full House” alum John Stamos may have added to the appeal. As for their daughter, social media star Olivia Jade, the home’s proximity to the sprawling compound of YouTube makeup mogul Jeffree Star is perhaps an added perk.
The couple scored a deal on the home. Initially listed for $11.75 million last January, the place has its price drop to $10.55 million earlier this month, and Loughlin and Giannulli managed to negotiate an additional million-dollar discount.
One big downside
Yet despite scoring a deal on their new Hidden Hills house, there are costs the couple didn’t have to pay in Bel-Air.
Namely, dreaded HOA fees.
“Their prior home didn’t have any homeowners association fees,” Ameer says. “In Hidden Hills, the HOA fees for this property were $36,250 a year. They run according to assessed value, and could really add up. Especially if the assessed value of the properties increase each year.”
That is par for the course in this pricey and private town.
However, having a fully turnkey home to return to after they receive their sentences in the admissions case may well be worth it.
Tomer Fridman with Compass repped the seller. Arvin Haddad with The Agency represented the buyer.
The post All the Upsides (and One Downside) to Lori Loughlin’s New Home in Hidden Hills appeared first on Real Estate News & Insights | realtor.com®.
source https://www.realtor.com/news/celebrity-real-estate/upsides-and-one-downside-to-lori-loughlin-new-home-hidden-hills/
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