There are plenty of people making money from flipping houses, and there are also many TV programs showing people how to sell houses for a profit. Often, these focus on homes at the lower-end or middle of the market and usually involve a full renovation. However, it is also possible for people to make money in the luxury home market. On the one hand, there are potentially higher costs when trying to flip a house at this end of the market. On the other hand, there are higher potential financial rewards. Therefore, both the rewards and the risks are greater. One example of a couple that has successfully flipped in the high-end market is Jim and Andrea Gordon. Jim Gordon is a private equity executive who founded Edgewater Funds, a Chicago-based company. The couple bought a brand-new Brentwood mansion in 2020, which they have recently sold for a profit.
An Overview of the Sale
The property the Gordons purchased was a brand-new, 9,000-square-foot mansion in the leafy Los Angeles neighborhood of Brentwood Park. A local developer called AMG Capital built the house on speculation. The Gordons paid $12 million for the property in 2020. They have now sold the property only a year later for $14.1, which has given them an initial profit of $2.1 million. However, this profit margin does not include taxes, realtor commissions, the cost of any renovations, and closing costs. Therefore, the couple’s true profit on the sale of the Brentwood Park mansion is likely to be significantly less. Since the sale of this property, the Gordons have remained in the Brentwood Park area. They own a renovated estate just two blocks away, and they bought this house from Bill and Giuliana Rancic for $10.7 million.
It is unknown what changes were made to the property by the Gordons as the sale was off-market. However, it is known that the buyer of the mansion is Amy Greenspun Arenson, a documentary producer. Arenson is also the granddaughter of Hank Greenspun, a real estate developer, Las Vegas newspaper magnate, and former arms smuggler. It is a big move for Arenson, as she has been living in Las Vegas in a contemporary mansion. Her move to Los Angeles means that Arenson will now live amongst the rich and famous. Some of her closest neighbors in Brentwood Park include Perry Ellis fashion heiress Tyler Ellis, former Los Angeles mayor Richard Riordan, The Grove owner Rick Caruso, and actor Bruce Willis.
Inside the Brentwood Park Mansion
The front door is made from panels of glass, so there is a view straight through to the rear of the property as soon as you step through the front door. In the entryway, there are white walls adorned with mirrors and artwork and a black and white tiled floor. The entryway leads to a corridor with wood flooring that connects the rooms on the lower story of the mansion. At the end of the corridor is an open-plan great room with pillars that create a definition between the different spaces within the room. There is wooden flooring and white-painted paneled ceilings in this room. In the living area of the great room, there is a marble section of the wall with a fireplace and wall-mounted television. Floor-to-ceiling steel case doors flood the room with light and overlook the patio to the rear of the mansion.
The dining section of the room boasts a long wooden dining table with contemporary dark chairs, a pendant light, and a mirrored wall. Across from the dining area is a wooden staircase with wrought-iron balustrades. A Chef’s kitchen sits alongside the main living area. It features white cabinetry, high-end appliances, and marble countertops. There are two large islands that both have marble waterfall countertops, and one of which has a Belfast-style sink. Just off the kitchen is a good-sized butler’s pantry. On the main floor, there are several more living, entertaining, and leisure spaces. These include a light-filled breakfast room, a movie theater with tiered seating, a bar area, and a wood-paneled library with a slide-along ladder for accessing books from the top shelves. There are six bedrooms and eight bathrooms within the property. The largest bedroom is the master suite, which is the size and style of a small apartment. In the huge bedroom, there is enough space for a sitting area by the fireplace, and there are sliding glass doors leading to a private balcony. It boasts dual closets, a kitchenette, and a spa-style master bathroom.
The Exterior of Arenson’s New Pad
Arenson’s home sits on a relatively small plot of 0.44-acres, but it has been immaculately designed. The exterior of the two-story mansion has a traditional style with white walls, gray-tiled roofs, and windows with shutters. The property sits behind a wall, so it is hidden from the street, and there are tall hedges on either side, separating the house from the neighbors. Through the front gates, the driveway leads to a good-sized, paved motor court and a seating area with benches arranged around a tree. There is also an integrated three-car garage for secure parking., says Dirt.com. To the rear of the house, the landscaping has a Mediterranean feel, as there are pathways through manicured boxwoods and mature olive trees. There is a loggia that extends on both sides to patio areas that are ideal for entertaining and outdoor dining. From the patio, there are steps down to a lawned area. Beyond the lawn, a negative edge plunge pool with an inset spa is the perfect way of cooling off from the California sunshine. Surrounding the pool, loungers are set out along the lawn for relaxing. An additional feature of the rear garden is a small structure that houses a tiny gym room. There is also a separate cabana that is equipped with a BBQ center and a full outdoor kitchen. Therefore, there are plenty of facilities to make entertaining guests outdoors a breeze.