British entrepreneur Nick Candy is listing his luxury 18-bathroom mansion in Los Angeles for $85 million after he received a number of approaches from interested parties.
The property, known as The Reserve, is located on a 2-acre (0.8-hectare) private estate in the exclusive Holmby Hills neighborhood on a street that has been home to such celebrities as Frank Sinatra, Audrey Hepburn and designer Tom Ford. Candy has listed the property with The Agency, a real estate brokerage founded by Mauricio Umansky.
Candy is best known for working alongside his brother Christian to create the One Hyde Park residential development in London’s exclusive Knightsbridge district, which is home to some of the world’s richest people.
Since then, Candy has expanded his business interests, investing in technology companies such as podcasting platform Audioboom Group Plc. More recently, Candy was part of a consortium that failed in a bid for Chelsea Football Club. He also made a high-profile but unsuccessful approach for the UK online-shopping emporium THG Plc.
The Reserve comes to market as US home sales, including luxury properties, are cooling in the face of rising interest rates and falling stock markets. Contracts to buy Los Angeles County homes at $5 million or more fell 46% in June from a year ago, according to a report by brokerage Douglas Elliman Real Estate and appraiser Miller Samuel Inc.
In the Bel-Air Holmby Hills neighborhood, the number of homes sold in May fell 50% from a year earlier, according to a separate Douglas Elliman report. The median price in the neighborhood was still up almost 15% from a year earlier at $3.85 million, but homes spent an average 59 days on the market before finding a buyer, 35% longer than May 2021.
Constructed in 1959 and extensively remodeled over the past two decades, The Reserve now consists of a main home and a separate guest house with a total footprint of 21,000 square feet (1,950 square meters) and 10 bedroom suites. There is also a 226-foot (69-meter) driveway and a carport for up to 15 vehicles.
The property also includes a gym and spa, a French Regency-style cinema with a dozen seats, a Hollywood Art Deco bar, and a playroom with a children’s slide. Extensive outdoor space includes a swimming pool, Jacuzzi, tennis court, a grand pavilion and seven water features and fountains.
The mansion was originally bought by Christian Candy for about $24 million in 2013 following a renovation by the actors Kristoffer Winters and Jeremy Renner, the thespian duo that have redeveloped several luxury homes over the years. It’s called The Reserve after an Art Deco eagle ornament that Winters said in a 2013 interview was salvaged from an old Federal Reserve building.
Christian sold the house to his brother Nick in 2018. Nick has subsequently invested in the property, most recently adding the three-story separate guest house.
Candy is selling the property, which is located on the same street where the department store magnates Alfred and Betsy Bloomingdale lived, as it is not used as frequently.
“Since Covid, Nick and his family have not used the property as much and his business is run out of London,” Jessica Patrick, a spokesperson for Candy, said. “Nick has fielded interest from third parties over the years in this property.”
The businessman owns real estate in the UK including a large home in Chelsea, a penthouse in One Hyde Park, and a property in the Cotswolds region of England.
It is rare a property of this size in the coveted Holmby Hills becomes available, said Umanksy, a well-known broker in LA real estate who famously sold Hugh Hefner’s Playboy Mansion in 2016.
This article was provided by Bloomberg News.
