We receive significant interest in Mills Act properties in the downtown core. It is a great place to find a valuable property in a historic building that qualifies for the mills act tax savings. We want to remind everyone that eligible properties can be found all over the state. It is fun to see them in other locations. A beachfront home in Laguna Beach, once owned by Betty Davis, is one of these properties.
A $3 million price chop might help Bette Davis’ former Laguna Beach home finally sell.
Canadian investment manager Richard Wernham has put the 5,472-square-foot home at 1991 Ocean Way on the market for $16.995 million, according to Dirt.
Wernham first put the home up for sale in April with an asking price of $19.995 million. The house was then re-listed in July for $18.995 million.
The oceanfront mansion, built in 1929, was added to the National Register of Historic Places in 1982. Being a historic home, the property comes with a 10-year Mills Act contract that allows homeowners to receive reduced property taxes in exchange for preserving the home.
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The former Davis property is not the only home in the prestigious coastal city to see price reductions in recent months.
This month, a 1998-built home in Laguna Beach sold for $37.5 million after it was first put on the market in July for $48.9 million, in what was the third-priciest deal across Orange County this year.
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Copyright © This free information provided courtesy L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association, or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com, Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.