The Distinctive Traditional-Style Residence Was Sold in 1972 for a Mere $150,000
Positioned in the heart of Santa Monica, a property with panoramic vistas from the mountains to the sea is now in the possession of a preeminent figure in the music entertainment industry.
Recently purchased for $7.9 million, the strategically located house is now under the ownership of John Sykes, a seasoned entertainment industry figure renowned for co-founding MTV and serving as iHeartMedia’s president of entertainment enterprises for more than a decade, reported Robb Report. At 68, Sykes has held prominent roles as the former president of VH1 and is presently the chairman of the Rock and Roll Hall of Fame Foundation.
Originally constructed in 1941 and expanded in the late 1940s, the distinctive traditional-style residence was sold in 1972 for a mere $150,000, according to the Robb Report. Maintained by its fortunate owners for half a century, the property was resold last autumn for an impressive $9 million to a non-celebrity Los Angeles family. However, within nine months, the property was relisted for $9.5 million by the same family, indicating a change of plans. Following a substantial price reduction, Sykes negotiated an even more substantial discount to make the purchase, according to Robb Report.