Introduction to the Property
A Benedict Canyon estate that was once the long-time home of KISS bassist Gene Simmons traded hands on Monday for $28 million.
The property, at 2650 Benedict Canyon Drive in Beverly Hills, was sold by an entity managed by Max Nobel, which bought the home from Simmons in 2021 for $16 million, according to property and state records.
The Purchase and Renovations
The property was purchased by a limited liability company tied to a local industrial developer, according to Todd Marks of Berkshire Hathaway HomeServices California Properties. Marks represented the buyer and confirmed the closing to The Real Deal on Monday.
The home’s new owner moves into a pad that underwent extensive renovations after Nobel purchased the property.
Market Analysis
The latest buyer also snagged a steep discount in comparison to the original $48 million price tag it had when it first hit the market in 2023. The property’s since seen several listing agents tapped to market it to prospective buyers, along with price reductions as it’s gone on and off the market.
It was last listed for $31.8 million by Carolwood Estates’ Alexis Perry and Westside Estate Agency’s Kurt Rappaport.
Marks said the difference between the purchase price and the original ask doesn’t suggest anything about the broader market, offering instead that the home started off overpriced.
Current Market Trends
“Business for me is really great right now, but I am seeing things stay on the market longer and prices are softening,” Marks said. “The deals are more challenging and the biggest issue in L.A. is getting insurance, especially fire insurance. I think going forward the market will be a little softer.”
On that last point, the agent called out factors such as interest rates and politics as fueling uncertainty. If interest rates are lowered, he speculated that could help fuel market momentum.
Property Features
The Benedict Canyon Drive home, which appeared on the A&E reality TV show “Gene Simmons Family Jewels,” was reworked by Nobel Design and Architecture Studio to a “modern barn-style” design after Simmons sold it, according to the listing.
It’s over 16,000 square feet with seven bedrooms and 11 bathrooms. Twenty-two-foot glass pivot doors stand at the home’s entrance. Amenities include a primary wing with dual patios, children’s wing, 60-foot pool, fire pits, outdoor dining pavilion, Tesla chargers and enough parking for more than 30 vehicles. No expense was spared on some of the home’s finer details, which include hand-stitched leather railings and a soaking tub made from Antonio Lupi-colored glass.
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Conclusion
The sale of Gene Simmons’ former home for $28 million marks a significant transaction in the Beverly Hills real estate market. Despite the property undergoing extensive renovations and boasting luxurious features, it sold for a discounted price compared to its original listing. This sale reflects the current market trends, where prices are softening, and properties are staying on the market longer.
FAQs
Q: Who was the former owner of the Benedict Canyon estate?
A: The former owner of the Benedict Canyon estate was Gene Simmons, the bassist of KISS.
Q: How much did the property sell for?
A: The property sold for $28 million.
Q: What were the original and final listing prices of the property?
A: The original listing price was $48 million, and the final listing price was $31.8 million.
Q: What factors are contributing to the softening of prices in the L.A. market?
A: According to Todd Marks, factors such as interest rates and politics are fueling uncertainty and contributing to the softening of prices in the L.A. market.
