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New To Market: Foreclosure Hideaway in Laurel Canyon

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If you're a hobbit, you might dig this place. A two-bedroom, two and half bathroom home, it's on a 130,000 square foot lot, and offers a pool, pond, and "spa." The listing touts the land value, but why tear down this place? Check out the funky details: Wood beams, brick walls, and original fireplaces. A good place to wait out the recession, this foreclosure doesn't come cheap: It's listed at $1.19 million.
· 8205 Lookout Mountain Avenue [Redfin]