The property hit the market in December 2020 asking $14.9 million, according to Zillow. Still, the final sales price represents a healthy return from the $5.45 million he and his wife Katrina Peebles paid in 2004, records show. Last year the couple spent an additional $1 million to renovate the home, including updating the kitchen, baths and pool deck.
“We felt it was a perfect time for the property to be priced where it was, and for it to be sold at a very good price,” said Jill Eber of the Jills Zeder Group of Coldwell Banker, who listed the property with colleague Judith Zeder. The Mediterranean-style gated compound, known as “Casa Arboles,” sits on 2.87 acres and has a winding brick driveway shaded by 88 oak trees, according to the listing.
Spanning 13,872 square feet, the house has 10 bedrooms, a movie theater, two offices and two guest suites. The property has a saltwater pool, fountain, and tennis and basketball courts. The buyer paid $500,000 for the home furnishings, Mr. Peebles said.
No return here. He must a put a fortune in it to renovate and maintain. Returns on homes are an illusion.
Why is he the only big-time black R-E developer? Should be at least 100s ADOS black builders who can book a supertall or a stadium or a SFR community or major infrastructure. This is what white economic terrorism has done. reparations blackwealth deathtowhitecapitalism
Idk... You don't think he paid another 7.55 million over over 17 years in upkeep, maintenance and upgrades on a place like that?
So beautiful.
Nice work if you can get it....getting paid $500k a year to live in luxury.
How is this news?