$14.6M Venice home is the most expensive ever sold in the neighborhood

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A 5,000-square-foot Venice residence sold yesterday for $14.6 million, making it the priciest home ever sold in the neighborhood by more than $3 million, according to the LA Times.

The seven-bedroom, seven-bath home was designed by its seller, eco-friendly architect David Hertz. Built in 2003, it gained television stardom with a recurring role on the Showtime series Californication.

Situated on a 7,500-square-foot lot, the home is actually a compound of four two-story structures arranged around a central lap pool and connected by enclosed bridges. According to a profile of the residence on Hertz’s website, it was constructed using sustainable materials including recycled wood and a concrete substitute called Syndecrete.

Amenities include a media room, pool house, outdoor kitchen and shower, and a small basketball court.

View of lap pool and courtyard

The Times reports that the home was purchased by an investment group headed by local developer Nick Valencia. The sale price smashed the neighborhood’s previous record of $11.15 million netted by Anjelica Huston’s fortress-like home near the boardwalk. That home sold just three years ago, in early 2014.

It’s no secret that real estate prices in Venice have been escalating wildly in recent years, with some concerned that an influx of tech money could drive home prices even higher. Still, it certainly remains to be seen whether prices like this one will become the new normal.

Both the buyer and seller were represented in the deal by Halton Pardee + Partners and Partners Trust.

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