Billboard Heiress Drops $24 Million on Striking Westside L.A. Estate
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It's too early to be sure, but there are signs that LA's ultra-high-end real estate market is cautiously emerging from its coronavirus-induced cocoon. David Geffen was recently reduced in size to a Beverly Hills property valued at $ 65 million. Elon Musk sold his Bel Air home for $ 29 million to a Chinese billionaire for an extensive Malibu connection.
Hillary Thomas, based in Pacific Palisades, recently went in search of a residential upgrade and quickly fell in love with a brand new property with all imaginable designer amenities and a fascinating view of the Pacific. Despite the ongoing pandemic, records have shown that she received only a small discount on the property. Originally listed with a $ 26 million price tag earlier this year - the most expensive listing in the stockade at the time - the house was transferred for $ 24 million.
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Despite the sky-high number, the buyer of this luxury property can easily afford it. Thomas is the only daughter of New York poster magnate Richard Schaps, founder of Van Wagner Communications. Now, in the 1970s, Schaps Van Wagner has bootstrapped from another small advertising store into the world's largest private poster / outdoor advertising company and has shown hundreds of millions of annual sales and lucrative advertising space on Times Square in NYC.
In 2014, CBS acquired Van Wagner's outdoor assets - now known as Outfront Media - for a whopping $ 690 million in cash. This was the biggest exit for an outdoor advertising company so far. This acquisition made the Schaps family incredibly rich; Today Schaps and his wife own landmarks in Manhattan and Palm Beach.
For what it's worth, Thomas is also the first cousin of businessman Spencer Rascoff, the co-founder and long-time former CEO of Zillow. And she is married to Brett Thomas, a venture capitalist who heads CAVU Venture Partners, a VC company dedicated to investing in early-stage consumer goods companies. (Perhaps not surprisingly, CAVU has used billboards heavily to advertise its various brands.)
The lavish Thomas Villa is located in one of the best streets in the city, hidden behind manicured hedges and a huge entrance gate and is also guarded by a state-of-the-art security system with numerous cameras. The three-story house was designed by the couple David and Eliana Rokach. It has a living space of more than 13,500 square meters with nine bedrooms and 12 bathrooms and also has a 10-car gallery for one car. Collect owners.
Wide-plank wooden floors blend well into the soft, neutral colors of the house. On the main level there are public spaces that are all open to each other. The living, family and dining rooms flow together seamlessly, while floor-to-ceiling glass walls flood the rooms with natural light. In the living room, electronic steel doors open at the push of a button to the grassy back yard, where there is a barbecue area, alfresco dining and an infinity pool. The Architectural Digest-worthy kitchen is in turn encased in beautiful blue-gray marble and offers designer appliances, a snack bar and a separate butler's pantry.
Almost every room on the main and upper floors of the house offers access to various balconies and terraces with spectacular views. Upstairs, the master suite has two bathrooms covered with a rare quartzite stone, while the bedroom has double steel doors that lead to a private terrace. The lower level has a gym, a large media room, a wellness center with sauna and an elevator. And from the back yard there are epic lines of sight that tower over the wooded Santa Monica Canyon and the summit of the deep blue sea, with Catalina Island being a distant crowd on the horizon.
Thomas is no stranger to the palisades - in 2018, she paid nearly $ 14 million for a Cape Cod-style mansion located on one of the best streets in the fashionable Riviera district. This "starter house" with its striking, pure white interior was launched this week at a price of $ 14.995 million on the open market.
Steven Schaefer and Jay Luchs of Newmark Residential handled both sides of the transaction.
Start gallery: In Hillary Thomas '24 million dollar Palisades Contemporary
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