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The Story Of The Mediterranean Monstrosity Threatening To Block A Popular Runyon Canyon Entrance
If you've hiked around Runyon Canyon recently, you've probably seen the new gates and stairs over near the McMansion at Solar Drive -- the ones causing quite a stir among Angelenos who frequently trek the path. Just yesterday, hikers could be heard lamenting the idea of climbing the wooden path once the gates officially close.
But what of the pink mediterranean home, with its boarded windows and now seemingly endless construction? It's actually been around for about 20 years, according to Curbed, but the renovations -- which began in the 1990s -- were never finished on the mansion.
Squatters and partiers have broken into it for years, trashing the place and leaving it with the name "Runyon Canyon Clubhouse." The home, which sits on more than 9,800 square feet, was listed for sale at $12.5 million two years ago.
The uncompleted home was sold to former Sony executive Timothy Devine and real estate investor Shauna Giliberti in 2004, with each taking a 50 percent stake in the home, Curbed reports. But the house quickly became entangled in legal issues -- investors accused Giliberti of fraud and she was sued by creditors for allegedly selling off deeds of trust on her half of the property. She filed for bankruptcy in 2006.
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Real estate records obtained by LAist show hedge fund Fort Ashford Funds owns the mansion and the land surrounding it where the trail is, but the home is listed for sale at $9.8 million.
The sole tenant of the property is still the security guard who lives in a trailer off the driveway (and possibly his pet pit bull). Construction workers are currently continuing with repairs and upgrades to the home, drilling away as hikers enjoy their dwindling time with the storied path.
Now that big changes are in place, will this mansion mired in almost two decades of disrepair finally join the ranks of Hollywood Hills' real estate elite?
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