Maybe there is a problem in the real estate market when flippers think they can demand a million bucks for doing exactly nothing? That's the story on whoever bought Elton John and David Furnish's highly-decorated condo in the Sierra Towers a year ago--they paid $3.05 million and are asking $3.995 million for an apartment that they allude to as being "painstakingly updated" (no actual details on that claim), but that looks exactly as it did when it was photographed for Architectural Digest in 2009. (We've recently seen this phenomenon on a slightly smaller scale in Silver Lake.) Anyway, the one-bedroom-plus-den was designed by celebrity designer Martyn Lawrence Bullard and comes fully furnished with "all of the owner's incredible and irreplaceable fine art, magnificent furnishings, and state of the art video & audio electronics" (although judging by the AD spread, John and Furnish made off with all the best stuff). It's on the twentieth floor and comes with Sierra's doorman, valet, gym, and outdoor pool. HOA dues are $1,950 a month. Meanwhile, John and Furnish's smaller neighboring condo, which appears to have sold to the same buyer last year, has already been successfully flipped--it was purchased for $1.58 million last September and sold this September for $1.7 million.
· 9255 Doheny Road Unit 2006, West Hollywood, CA [Estately]