Penthouse units in Downtown's magnificent Eastern Columbia building are selling like hotcakes these days. Earlier this week, Johnny Depp sold the largest of his five units in the historic Art Deco structure; now, the LA Times reports that billionaire investor Ron Burkle has found a buyer for his own penthouse unit.
The sale price of $2.5 million is a bit below the $2.545 million that Depp’s unit sold for, but Burkle’s penthouse is smaller by about 500 square feet. The Real Deal notes that at $1,244 per square foot, the unit is the most expensive by area ever sold in the Historic Core.
Burkle, who also owns Frank Lloyd Wright’s Ennis House and Green Acres—the former estate of silent star Harold Lloyd, listed his Eastern Columbia unit only two weeks ago for $3 million. The 2,010-square-foot loft has one bedroom and two bathrooms spread across three levels.
Owners in the building may be looking to unload their units before construction begins on a glassy new tower planned directly adjacent to the structure. Residents and neighbors have complained that the new project, called the Alexan, will block the Eastern Columbia’s signature clock tower—and, you know, their views. They’ve hired well-known anti-density attorney Robert Silverstein to represent them in opposing the 27-story tower’s construction.
The specter of a tall new neighbor does not seem to be scaring away buyers in the building, based on the speed and high prices of these two recent sales.
- Billionaire Ron Burkle sells penthouse in downtown L.A. for $2.5 million [LA Times]
- The first of Johnny Depp’s Art Deco penthouses just sold for $2.54M [Curbed LA]
- Are We Witnessing the Rise of the Downtown LA NIMBYs? [Curbed LA]
- Opponents of clock-blocking tower hire anti-density attorney Robert Silverstein [Curbed LA]