The house collector who’s been trying for two years to flip Schnabel House, one of the last single-family homes designed by starchitect Frank Gehry, for a hefty 60 percent profit may have to settle for just a bump over breaking even.
Film producer Michael LaFetra nabbed the Brentwood property for $9.5 million in 2013, only to relist it for $15 million a year later. But the market hasn’t been kind to his efforts.
After several price cuts, LaFetra has now lowered the asking price by an additional $250,000 to $9.75 million, according to the listing, which is represented by Cory Weiss of Douglas Elliman.If the property sells for that price, LaFetra would make a profit of just 2.6 percent over three years.
The price cut comes amid what some brokers have described as a “reality check” at the top end of the luxury housing market in L.A.