|
|
|
|
7/24/24
|
Here's news of a very unique investment/redevelopment opportunity in Hollywood that’s just hit the market. The property is the 7.3-acre Yamashiro restaurant site located at 1999 N. Sycamore Ave, north of Franklin Ave and west of Highland Ave in the Hollywood Hills. The landmark, hilltop site is being rebranded as Hollywood Mountain.
The one-of-a-kind compound, situated above the iconic Magic Castle property, includes the 20k sf Japanese-designed restaurant structure along with significant surrounding developable land. The property is being marketed by Avison Young, who tell us that the listing could generate offers of over $100 mil.
The Avison Young team tapped to represent the ownership, SAMAKA LLC, is comprised of Chris Bonbright, Principal and Managing Director, Peter Sherman, Principal and U.S. Capital Markets Leader, and Chase Gordon, Principal – all based in Los Angeles.
“This timeless Hollywood sanctuary is truly an irreplaceable and singular piece of real estate,” said Bonbright. “The property transcends typical real estate underwriting and is meant for a special buyer.”
Sherman added, “Hollywood Mountain presents a rare ownership opportunity and will appeal to a buyer that wishes to own and build around an impeccable Japanese-designed architectural masterpiece, one that is entrenched in Hollywood history and folklore. If only the walls and grounds could talk.”
Some of the unique features include:
• An incomparable 7.3-acre, secure, private hilltop 600’ above Hollywood with jet liner panoramic views from the Hollywood sign to the ocean
• A historic 20.4k sf Japanese Revival villa built in 1914 by hundreds of artisans, currently housing Yamashiro Restaurant, a highly successful Japanese restaurant run by the current ownership
• The extraordinary development potential to build up to 280k sf of improvements surrounding the centerpiece villa and terraced gardens, providing the opportunity for a spectacular family compound, foundation/non-profit venue, or five-star hotel/resort
• An open-air courtyard, Japanese garden, and shrines and temples, some of which are among the oldest structures in California
• A history as rich and storied as Hollywood itself, and the site of the exclusive 400 Club and many famous films and TV shows including “Memoirs of a Geisha”, “Kill Bill: Vol 1”, “Gone in 60 Seconds”, and “I Spy”
• Superior location with immediate access to Hollywood, West Hollywood, and Beverly Hills
Built in 1914, Yamashiro’s was the vision of two brothers who wanted to recreate a mountain palace in Japan, and they did just that. Inside the mansion, one could find the most awe-inspiring design elements, from the golden lacquered rafters, tipped with bronze dragons, to the lustrous silks and antique tapestries adorning the walls.
The mansion was also filled with over 30,000 varieties of plants, waterfalls, goldfish, and a private zoo with exotic birds and monkeys. Yamashiro's 600-year-old pagoda is one of its most iconic structures, providing a glimpse into Japan's ancient architecture. In the late 1920s, it was also home to the 400 Club, an exclusive gathering of Hollywood's A-list celebrities from the Golden Age of Hollywood.
|
|
 Return to the Archive page
|
|
|
|
|
|
Printer-friendly Version
Email an Associate
