The #1 Rule of Real Estate: You can ask any price you want; it doesn't mean you'll get it.
The #2 Rule of Real Estate: If you have the highest price listing out there, you'll get a lot of attention.
The #3 Rule of Real Estate: With a "one-of-a-kind" house, there are no comparable sales and the eventual selling price will be whatever the market will bear.
So, with trumpets blaring, we introduce the Owlwood Estate in Holmby Hills. A number of top real estate agents told the Huffington Post that they have seen the property, and confirmed it is on the market -- although not listed in the MLS -- for $150 million, making it the most-expensive residential home for sale in the city.
The property is reportedly represented by The Agency of Beverly Hills.
When a property is being guerilla-marketed, as this one is at the moment, it's called a pocket listing. That means either the owner will sell it only if his price is met -- in this case $150 million -- or he's just testing the waters. Another explanation is that the marketing campaign is just gearing up -- new photos being shot, high-end buyers in the market contacted privately -- and word leaked out a bit prematurely.
What will happen next? If, after a while, it doesn't sell as a pocket listing, it will likely show up in the MLS -- this time with freshly shot professional photos -- and enjoy a second round of media attention with the news that it is now "officially" for sale.
The Tuscan-style estate includes a 12,201-square-foot main house that was built in 1936 and designed by architect Robert D. Farquhar. When it was last listed in the MLS, the description listed eight bedrooms and 10 bathrooms; there is a pool, pool house and tennis court.
The home was originally commissioned by Florence Quinn, the former wife of department store mogul Arthur Letts Sr., who was the visionary behind the creation of Holmby Hills. Later it was owned by producer Joe Schenck, and later still, actor Tony Curtis and the singing-songwriting duo Sonny and Cher. The estate currently includes two adjacent lots.
The lack of comparable real estate sales in the area means one-of-a-kind property will sell at the highest price anyone is willing to pay and the seller is willing to accept.
Josh Flagg, an agent with Rodeo Realty and star of Bravo's "Million Dollar Listing," underscored this point in an email to HuffPost: "The expression 'they don't build 'em like they used to' really applies here. If you try to assess the value, there is really no way to do so because the property has no comps."
That hasn't stopped speculation though. The property is most frequently compared to Candy Spelling's former manor -- which at one point carried the same $150 million price tag and eventually sold for $85 million to Petra Ecclestone.
Check out this old YouTube video of Owlwood, filmed back when Aaron Spelling was still alive, Brad Pitt and Jennifer Aniston were still together and when the property was being offered for the bargain price of $39.9 million. There's no telling what renovations have been made since the video was produced, but it still captures the grandeur of the estate.
BEFORE YOU GO
Who were the biggest names making the biggest moves in the Los Angeles real estate scene in 2011? Here's our year-in-review of celebrity homes.