thousand oaks

Lenny Dykstra's Home Finally Sold

Filed under: Estates

At long last the saga of Lenny Dykstra's former mansion in Thousand Oaks, California is over. We've been following this once for what seems like eons. It all began back in 2007 when the former Mets player nicknamed "Nails" bought the luxurious home from Wayne Gretzky for $18.5 million. At this point, Dykstra was on top of the world. Om 2008, the New Yorker featured an article on his new luxury magazine, The Players Club, aimed at professional athletes. The magazine was created to show the pros not just how to spend the massive amounts of money they earn but also how to keep their wealth and make smart decisions so they don't join the ranks of players who earn millions and wind up in financial trouble just a few years later. Sadly, Dykstra's own fortunes soon quickly unravelled amid lawsuits and feuds as he was chased by creditors and writers alike. The magazine folded and Dykstra's home hit the market in June 2008 for $24.95 million.

From there it only got worse. The six-bedroom home didn't sell, Dykstra's Gulfstream II was impounded, and the home was scheduled for a foreclosure auction which Dykstra averted by filing Chapter 11. Later the case was change to a Chapter 7 liquidation after Dykstra's plans to reorganize and regroup fell through. Jeff Smith of Index Investors, the second lienholder, bought the country club estate out of foreclosure last fall and now he has finally sold the home. It had been most recently on the market for $10.5 million. According to CNBC, Jeff Smith's attorney has said he will be working with Chase, which held Dykstra's mortgage, to split the proceeds.

The neo-Georgian home in the Lake Sherwood area was designed by architect Richard Landry. The lavish property also has a guest house, carriage house, tennis courts, pool, spa and gym on 6.69 acres.

Gallery: Lenny Dykstra in Thousand Oaks

Tags: celebrity real estate, lenny dykstra, los angeles real estate, thousand oaks

Lenny Dykstra's Former Home Foreclosed

by Deidre Woollard (RSS feed) —

Filed under: Estates, Sports

It was back in April 2009, that we first learned that the home belonging to former baseball player Lenny Dykstra was facing foreclosure. Now, over a year later, the home in Thousand Oaks, California which Dykstra bought from Wayne Gretzky, has been foreclosed on. Dykstra bought the mansion from Gretzky in 2007 for for $18.5 million (a price that included some of the furnishings) and first put it on the market in 2008 for $24.95 million.

CNBC reports that the winning bid came from Index Investors the lender which once loaned Dykstra around $600,000 before his financial collapse. The home was originally scheduled for a real estate auction last year but that was canceled after Dykstra filed for bankruptcy protection. At that point he listed less than $50,000 in assets with debts totaling between $10 million and $50 million.The lavish, Richard Landry-designed home has over 6.5 acres of space that includes three guest houses, formal gardens, tennis courts, pool, spa and gym. The neo-Georgian main house has six bedrooms. Before his financial downfall, Dykstra showed off the home in a New Yorker article in which he discussed the plans for his magazine, The Players Club, which would help sports players manage their investments.

Index Investors, which is run by Jeff Smith, bought the home for far less than Dykstra spent. Smith paid close to around the amount of money Dykstra owed Index, plus interest, between $600,000 and $700,000. CNBC reports that Chase still has a lien on the property for its $12 million first mortgage and Smith is working with Chase to come to an agreement that would have Smith fixing up the mansion and selling it with both parties sharing the profits. The home has suffered some damage in involved with Dkystra's exit. He removed fixtures and flooring to show water damage to the property seeking payment from Fireman's Fund. The insurer has agreed to repair damage in this mansion and another that Dykstra owns in the area. That home was on the market last year for $4.7 million.

The Gretzky mansion had a most recent asking price of around $10 million, after renovations it should be back on the market for around $10.5 million which is still quite the deal considering previous prices.

Gallery: Lenny Dykstra in Thousand Oaks

Tags: celebrity real estate, Lenny Dykstra, sports stars real estate, thousand oaks

Lenny Dykstra's Former Home Gets Another Deep Price Cut

by Deidre Woollard (RSS feed) —

Filed under: Estates

While browsing through listings this afternoon, the words "price reduced" on a familiar home caught my eye. The Thousand Oaks, California estate that once belonged to hockey legend Wayne Gretzky, the same one he sold to Lenny Dykstra, has had yet another price cut. The lavish, Richard Landry-designed home has over 6.5 acres of space that includes three guest houses, formal gardens, tennis courts, pool, spa and gym. The neo-Georgian main house has six bedrooms. Dykstra bought the home from Gretzky in 2007 for $18.5 million and Dykstra put the home on the market for $24.5 million. When Dykstra's financial empire began to unravel, the home later had a price cut to $16.5 million and at one point we heard the home might be up for auction. It went off the market for a while but was listed at the start of 2010 for $14.9 million. That price wasn't tempting enough, it's now been pared to under $10 million; the latest listing shows a more buyer-friendly price of $9.999 million.

Gallery: Lenny Dykstra in Thousand Oaks

Tags: california real estate, celebrity real estate, Lenny Dykstra, thousand oaks, Wayne Gretzky

Lenny Dykstra's Home Back On The Market

by Deidre Woollard (RSS feed) —

Filed under: Estates, Celebrity Shopping, Sports

If at first you don't succeed, list, list again. The former Thousand Oaks, California estate of hockey legend Wayne Gretzky, the same one he sold to Lenny Dykstra, has popped onto the market again at a new low price. The lavish, Richard Landry-designed home has over 6.5 acres of space that includes three guest houses, formal gardens, tennis courts, pool, spa and gym. The neo-Georgian main house has six bedroom done up in lavish style. The listing pictures appear to be similar to the ones used the when Dykstra put the home on the market for $24.5 million. He had bought the home from Gretsky, for $18.5 million in 2007.

A year later Dykstra's financial empire began to unravel. The home later had a price cut to $16.5 million (and was listed for rent for $55,000 a month). Dykstra's financial worries deepened. At one point we heard the home might be up for auction. Meanwhile Dykstra, in the serious weeds over the disintegration of his Players Club magazine has been fighting with the courts to have control over his Chapter 11 reorganization. Last we heard, an outside trustee was going to handle the financial management. Dykstra has sold off a variety of sports memorabilia and other valuable possessions to help satisfy his debts. The listing agents Nicki LaPorta and Karen Crystal of Ewing Sotheby's Realty say that the listing is a Trustee Bankruptcy court approval sale. The home has a new low price, $14.9 million, which might finally help it attract a buyer.

Gallery: Lenny Dykstra in Thousand Oaks

Tags: estate, lenny dykstra, LennyDykstra, richard landry, RichardLandry, thousand oaks, ThousandOaks, wayne gretzy, WayneGretzy

White Stallion Drive, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates

Think Lenny Dykstra had the poshest pad in the Southern California community of Thousand Oaks? Not hardly. Check out this incredible home on 23 acres. The French formal home has amazing grounds that feature elaborate ornamental flower beds. Large terraces and a fountain lead to an infinity pool with a fountain. The two-level home is over 16,000 square feet of space. Around 3800 square feet of that is taken up by the master suite which includes two bedrooms, two bathrooms and a gymnasium. The gourmet kitchen is large enough to require two islands. Everything in this home is done on an elaborate and grand scale. It's rococo for the modern age, all swags and flourishes and curlicues but with a healthy dose of technology (the huge media room boasts a massive screen and motorized arm chairs). This home is listed at $29.9 million.

Gallery: White Stallion Drive

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Lenny Dykstra Facing Foreclosure

by Deidre Woollard (RSS feed) —

Filed under: Estates, Wings, Celebrity Shopping, Wealth

Former baseball player Lenny Dykstra has been trying to sell his Thousand Oaks, California home for a while now but apparently things are more serious than we realized. He could be facing foreclosure. Private equity firm Index Investors gave Dykstra a $850,000 bridge loan in November which was secured by the home. They have filed foreclosure papers on the home as has Washington Mutual which says Dykstra defaulted on his $12 million mortgage.

Dykstra bought the home from hockey Wayne Gretsky for $18.5 million in 2007 and put it on the market last year for $24.95 million. The six-bedroom home didn't sell and in February it showed a price reduction down to $16.5 million. All of a sudden, the list price has been pushed back up to $25 million. It is still however listed at the same rental price it was in February, $55,000 a month.

Dealbreaker also says that Dykstra's Gulfstream II was impounded on February 12. It's a dramatic turn from a year ago when the New Yorker did a profile of Dykstra and his magazine, The Players Club which was going to show professional athletes how to keep their wealth and not join the ranks of players who earn millions and wind up in financial trouble just a few years later. Since then, Dykstra has been the subject of multiple lawsuits and creditors in relation to the magazine. As investments, magazines are like restaurants, glamorous, but highly profitable only for the lucky few.

Gallery: Lenny Dykstra in Thousand Oaks

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Tags: celebrity foreclosure, CelebrityForeclosure, foreclosure, lenny dykstra, LennyDykstra, thousand oaks, ThousandOaks

Lenny Dykstra in Thousand Oaks, Estate of the Day

by Deidre Woollard (RSS feed) —

Filed under: Estates, Celebrity Shopping, Sports

Add another to our list of celebrity slow sellers. Move Trends reports that Lenny Dykstra's home has had a steep discount since it first hit the market last June for $24.95 million. The retired baseball player bought the Thousand Oaks, California home from another retired player, Wayne Gretsky, for $18.5 million in 2007. The six-bedroom neo-Georgian home in the Lake Sherwood area has a guest house, carriage house, tennis courts, pool, spa and gym on 6.69 acres. The home was designed by architect Richard Landry and has a home theater, billiards room and an elaborate slightly fussy decor. The home is now listed at just $16.5 million (or for rent for $55,000). I wonder if the deep discount has anything to do with the rumors of trouble about Dykstra's magazine, The Players Club.

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Gallery: Lenny Dykstra in Thousand Oaks

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Tags: celebrity real estate, CelebrityRealEstate, estate of the day, EstateOfTheDay, lake sherwood, LakeSherwood, lenny dykstra, LennyDykstra, thousand oaks, ThousandOaks

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