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1920s Mediterreanean in Hancock Park Priced to Sell--But With Creepy Strings Attached

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This listing for a 1927 Mediterranean on North Highland Avenue sounds like a cross between Grey Gardens, Sunset Boulevard, and one of those movies where someone is set to inherit a tidy fortune if they can manage to spend the night in a spooky mansion without going coconuts (or, alternately, Scooby Doo). Asking price for the 3,400 square foot residence, which features five bedrooms, four baths, a formal dining room, hardwood floors, a fireplace, wrought-iron staircase, and high, beamed ceilings, is a mere $899,000--about half as much per square foot as the surrounding neighborhood properties. However, the steep discount isn't only due to the home's shambolic state; the listing also sets forth the following rather unsettling conditions: "Owner shall have a life estate in the real property, remain in the property at no cost to himself or his estate for the remainder of his life. Any and all real property taxes, homeowners insurance shall be paid by buyer(s). He currently stays in a small room downstairs next to the kitchen. All other rooms are being rented out by tenants." Max, bring something to drink!
· 508 N. HIGHLAND Ave [Redfin]