Welcome back to the Real Estate newsletter. All good things must come to an end, and this week saw what might be the final chapter in a long, drawn-out saga that brought some of the juiciest drama that the Southern California housing market has seen in years.
And so we say goodbye to “The One” and its ever-flowing source of headlines, which saw L.A.’s most ambitious developer erect a 105,000-square-foot palace only to lose the prized property to his many lenders,and eventually decided to recoup their losses by selling it off for significantly less than they were owed. Along the way, we saw the developer hatch scheme after scheme. At one point, he pitched turning the residential property into a boxing venue.
For starters, The Times looked into the implementation — or lack thereof — of Proposition 19, which was passed in 2020 and gives older California homeowners tax breaks when they move. Speaking of renting, we also ran down what you need to know about rent control if you’re building an ADU. Based on location and when your house and the ADU were built, the units may be subject to rent-control rules., where you can find real estate stories and updates throughout the week.Richard Saghian and Meek Mill attend the Fanatic Super Bowl party on Feb. 12 in Culver City.
Answer: someone with more money than brains!
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