Property has been on the market for three years
By Dolores Quintana
Sugar Ray Leonard’s lavish home has been on the market for three years now even after the price of the estate was dropped by six million dollars by the sellers, Leonard and his wife Bernadette Robi as reported by Realtor.com.
Realtor.com spoke with real estate agents, who are experts in their field, about why this might be happening.
Cara Ameer, Coldwell Banker agent who is licensed in California and Florida said, as quoted by Realtor.com, “The fact that it was on the market during the hottest real estate market over the last two years, where we saw lots of movement in the uber-luxury space, and it did not sell is definitely telling about the asking price. Although properties in this price point are totally discretionary purchases, buyers looking in these ranges have a lot of intangible as well as tangible requirements, and they have to feel it is right for them.”
Ameer is of the opinion that the listing price might be too much for potential buyers and further stated, as quoted by Realtor.com, “Buyers also have a lot of choices as $46 million is in the range of a lot of estates just up the road in Montecito if they are looking for lots of land and privacy.”
Another expert, The Agency’s Arvin Haddad who also regularly gives real estate advice on TikTok, is of the opinion that while the price is not out of the ordinary for the area or the home’s amenities or style, he thinks that the decor of the home may be an issue. He said, as quoted by Realtor.com, “It’s not that crazy of a price. It’s not that bad of a price for that much land, for the location. The architecture is beautiful. In my opinion, the number one factor why it hasn’t sold: It’s a traditional house with traditional decor and furnishings inside. I think the decor makes it feel like people are stepping into a Tuscan villa in Italy, which is great, but not how people want to live day-to-day.”
He thinks that the photos shared on the listing should be updated and reflect more of what buyers may be looking for.
“All the other bedrooms and all the living areas should be staged in a transitional decor to soften the traditional Mediterranean architectural elements.”
The Leonard estate was a custom design by architect Richard Landry and sits on one of the biggest lots in the Palisades Riviera. The home has seven bedrooms, twelve bathrooms, a wine room, a tennis court and a guest house on the grounds.
According to Realtor.com, “The couple customized the interiors with European antiques, and highlights include a two-story family room with glass doors to the outside, a formal living room with a fireplace, a spacious dining room with doors leading outside, and a chef’s kitchen adjacent to a family room.”