Bob Hope's Legendary Estate Now Listed for $24.99 Million

BY CATHERINE SHERMAN
ZILLOW

Quietly listed for $50 million last year, the architectural gem is now priced for today’s market at half the original ask.

Bob Hope and his family. Source: Wikipedia Commons

Words like “one of a kind” and “unique” get thrown around a lot when talking about multimillion-dollar properties, but there really isn’t a home like the Bob and Dolores Hope estate in Palm Springs.

“I still get chills when I drive up to the property,” said listing agent Stewart Smith of Patrick Stewart Properties. “It’s one of the most architecturally significant homes in the U.S. — if not the world.”

The Hopes commissioned Modernist architect John Lautner to build their dream home in 1980. The resulting residence was Lautner’s largest — a 23,366-square-foot marvel with 10 bedrooms, 13 bathrooms and a massive copper roof.

Still owned by the Hope family today, the home was quietly shopped for $50 million last year before officially hitting the market for $34 million in January. Now, it’s listed for just under $25 million after a $9-million price cut this week.

“We dropped the price for the same reason all sellers drop the price of their homes. It’s priced for today’s marketplace,” Smith said.

Several potential buyers have toured the home over the past year — and it’s easy to see why. Lautner, one of the last century’s highest-regarded American architects, didn’t just build homes of great magnitude. He paid close attention to the relationship between homeowners, their living space and nature.

“Shelter is the most basic human need,” Lautner once said. “The purpose of architecture is to create timeless, free, joyous spaces for all activities of life.”

The striking California property combines concrete, steel and glass with a curving roof made of copper. Located at 2466 Southridge Dr, it overlooks the entire Coachella Valley with views of the Banning Pass to the north and the Mount San Jacinto to the west.

“It’s the best view of the mountain range and Coachella Valley I’ve ever seen,” Smith said.

The home was designed for entertaining, with an outdoor terrace that can accommodate 300 guests, a bar, indoor pool, putting green and other high-end amenities. The Hopes hosted famous guests from all over the world, including singer Tony Bennett.

Photos by Patrick Ketchum, Brian Thomas Jones and Tasya Van Ree

Easy Storage Ideas - Charger and cord pockets

From the FamilyHanyman.com



Until they make a universal charger...

We got tired of rummaging through drawers and boxes trying to find the right cords and chargers for all of our electronic gadgets. Our solution was to use a clear vinyl over-the-door shoe organizer. We made labels for each pocket and put every item in its new home. Now we can find everything we need without getting frustrated.

Peggy Kolar
Field Editor

Photo: Peggy Kolar

What is Mortgage Loan Refinancing?

Enlightenme.com

Mortgage loan refinancing is the process of changing the terms of your existing mortgage loan by securing new financing. In other words, you take a new loan and use the proceeds to pay off your old loan in full. You then owe the new lender, according to the terms of the refinanced mortgage.

Why Consider Mortgage Loan Refinancing

There are many reasons people consider mortgage loan refinancing. These reasons include:

• Getting a lower interest rate
• Getting lower payments
• Changing the type of mortgage

Getting Lower Payments

Getting a lower interest rate is one of the most common reasons homeowners consider mortgage loan refinancing. If you have a fixed rate loan, your interest rate was set when you got your mortgage. If national interest rates have dropped, it can be possible to lower your interest rate. Furthermore, if you have improved your credit or your income has changed, it can also be possible to get a lower interest rate.

Remember, when determining whether it makes sense to refinance your mortgage in order to get a lower interest rate, you must factor in the costs and fees associated with the loan. If it costs you $1000 in closing costs and fees to get the new loan, you need to calculate how long it will take you to make up that $1,000 through your interest savings.

You can make this calculation by determining how much you will save in interest each month. If you save $20 in interest each month through the refinance and spent $1000 to refinance, it will take you over 4 years to make back your $1000. Therefore, it only makes sense to refinance under those circumstances if you intend to remain in your current home or more than four years.

Getting a Lower Payment

While switching to a lower interest rate can lower your monthly payments, you can also refinance to lower your payments even without changing your interest rate in some cases. This is possible if you extend the term of your mortgage. For example, if you have 20 years left on your mortgage, you can refinance into a new thirty year mortgage in order to slash your monthly payments.

While this might provide you with breathing room if you are having difficulty making your monthly payments, remember that you will end up paying more in interest if you stretch out the amount of time it takes you to pay back your loan.

Changing the Type of Mortgage

If you selected an adjustable rate mortgage, a balloon mortgage, hybrid mortgage, or an interest only mortgage, you may refinance in order to change the structure of your loan. For example, you can refinance into a fixed rate mortgage when rates are low so you don’t need to worry about them adjusting back upwards. If you have a balloon mortgage, you can refinance into a standard 15 or 30 year mortgage to pay off the balloon payment that comes due at the end of your term.

In many cases, when interest rates are low, most buyers with alternative forms of mortgages should consider mortgage loan refinancing in order to protect themselves from rising payments. However, again mortgage loan refinancing may not be wise unless you are planning to remain in he house for a longer period of time, due to the closing costs associated with mortgage loan refinancing.

Ringo Starr and Barbara Bach List Shoot N' Star Ranch for $3.85 Million

Catherine Sherman
ZILLOW

The couple is paring down their real estate abroad and out West.

Source: IMDb

Source: IMDb

Ringo Starr is cleaning house. The Beatles drummer and wife Barbara Bach listed their bucolic estate in Surrey last week, and now their Colorado ranch is for sale.

Listed for $3.85 million, the 15.8-acre property is located along the banks of the Roaring Fork River about 25 minutes north of Aspen. Starr and Bach have retreated here since 1991, when they bought the place for $1.164 million.

Nicknamed Shoot N’ Star Ranch, the rustic equestrian estate includes a 3-bedroom, 3-bath house with a caretaker’s unit, green pastures and mountain views. While it isn’t uncommon for celebrities to own ranches in the middle of the country, the couple have been trying to sell the property for a few years.

According to The Sunday Times, Starr and Bach plan to divide their time between London and Los Angeles. They reportedly own a flat off King’s Road in London, and a Beverly Hills home near Jennifer Aniston’s former house.

Starr still tours with his All-Starr Band, and the couple continues to support a number of charities. Joshua Saslove of Joshua & Co. holds the listing.

Photos by Michael Hefferon.

Tips For Removing Mold and Mildew - Missing Insulation Feeds Mold

From the familyhandyman.com

Warm air seeks gaps in the insulation, and when it hits colder surfaces as it flows out of or into the house, water condenses—which then feeds mold. These spots often occur on outside walls near floors or windows, at corners and around outlets and lights. If the mold disappears after cleaning it and lowering indoor humidity with a dehumidifier or vent fan, just keep an eye on it. If it recurs, open the wall and fix the problem.

Robin Williams' Longtime Home Newly Listed at $25.9 Million

Natalie Wise
ZILLOW

The expansive vineyard property has been on the market before, including earlier this year.

The legacy of incomparable actor and comedian Robin Williams — from “Mork & Mindy” to classics like “Good Will Hunting” and “Mrs. Doubtfire” — will live on forever. And now a piece of his personal history is hitting the market again — a venerable Napa, CA estate worthy of the man whose death this year came far too early.

Williams’ longtime vineyard residence, called the “crown jewel of Napa” in the listing, is currently available for $25.9 million. One of the Valley’s most notable estates, Williams called it Villa Sorriso — or “Villa of Smiles” — and there’s no doubt the luxurious property prompts smiles.

The main residence was commissioned by Williams and built in 2003 by David Gast and Associates. Inspired by the Palladian philosophy of dramatic architectural statements grounded with harmony and balance inside, the home manages to be at once extravagant and welcoming.

Perfectly suited for relaxing and entertaining, the elegant villa has 5 bedrooms and 10 bathrooms in 20,000 square feet. From the classic exterior of Portuguese limestone and oak-paneled rooms to a 12-seat indoor theater and climate-controlled wine and art storage, the estate lacks nothing. There is even the thrill of a private tower accessible via a bridge from the master suite.

For the outdoor enthusiast, a 9-stall horse barn, tennis court, hiking trails and a spring-fed pond for bass fishing provide endless opportunities. The home’s blue-tiled roof melts into the sky, and the infinity and lap pools overlook the mountains and nearby Sugarloaf Ridge State Park.

The 639-acre property is a working vineyard with more than 18 acres producing Cabernet Sauvignon, Merlot and Cabernet Franc varietals. The grapes are bought by Robert Craig Winery, a highly-rated vintner, says listing agent Cyd Greer of Coldwell Banker. Over 100 fruit-producing olive trees also dot the property, with plenty more acreage that could be cultivated.

Williams did try to sell the estate a few years back, and it was unofficially available earlier this year. Kim Kardashian and Kanye West were in the market, but opted for a much smaller property, purchasing a 3-acre estate with a vineyard this summer.

Easy Storage Ideas - Pullout towel rack

From the FamilyHanyman.com



Get better access to hidden space

Pullout towel racks are typically meant for kitchens, but they're also perfect for cramped bathrooms. They keep damp hand towels and washcloths off the counter so they can dry out of the way. You can find pullout towel racks at discount stores and online retailers.

Travis Larson
Senior Editor

Interest Expense Defined

Enlightenme.com

Interest expense is an important term in the mortgage industry as your interest expense has a big impact on your payments and is also generally tax deductible. Interest expense is defined as the amount of your monthly mortgage payments that goes towards interest on your original loan. In the beginning of a 15 or 30 year fixed rate mortgage, your interest expense is usually higher, but it tends to decline as you pay down principle.

What Does Interest Expense Mean

When you take a mortgage loan, you pay interest on the money you borrow. The amount of interest you pay, or your interest expense, is determined by how much you borrow and by your interest rates. For example, if you take a $100,000 mortgage at a 6.5 percent interest rate, your interest expense if $6,500 per year.

Interest is usually calculated on a monthly basis for mortgages. This means that each month, you pay interest on the principle that you still owe on your mortgage. You can determine your monthly income expense by dividing your annual interest rate by 12. So, if your interest rate is 6.5 percent, you pay .005 percent per month. So, if you owe $100,000, you will pay around $500 per month in interest.

When you make your monthly mortgage payment, the payment is first allocated towards the interest that you pay. Any remaining balance goes towards paying down the principle. If you make an $800 payment, that means $500 will go towards interest and the remaining $300 will go towards reducing the total amount you owe on the loan. As your principle goes down, the amount of interest that you pay will gradually decrease since you are being charged 6% of a smaller number.

Knowing your interest expense is important so that you know how much of your money is actually going towards reducing what you owe. The higher the interest rate, the higher the interest expense and you will thus either have to make larger payments or take longer to pay off your loan.

Interest on a mortgage is normally tax deductible up to a certain percentage, depending on which tax bracket you are in. An account or real estate expert can you help you determine the appropriate tax deduction to take for the interest expense on your mortgage.

If you take an adjustable rate mortgage, your interest expense will adjust as interest rates adjust. If you have a fixed rate mortgage, your interest expense will remain more steady and will only change as you pay down principle.

If you take an interest only loan, on the other hand, your monthly payments cover only your interest expense. The principle remains the same and does not decline until you begin to pay enough each month to exceed your interest expense.

No Longer 'Satisfied' With His Chicago Mansion, Richard Marx Puts the Historic Home on the Market

Natalie Wise
ZILLOW

The ’80s music superstar modernized the property, which includes a recording studio and theater.

Singer-songwriter Richard Marx is listing his stunning Chicago mansion for $18 million.

A Chicago native, Marx — whose songs such as “Should’ve Known Better,” “Endless Summer Nights” and “Satisfied” were late-’80s pop hits — has called the historic mansion home since 1997, along with his former wife, Cynthia Rhodes. Marx and Rhodes ended their 25-year marriage earlier this year, and letting go of their long-time home may be part of the process.

The home is a star itself. Listed on the National Register of Historic Places, it was designed and built by David Adler in 1931 for meatpacking magnate Lester Armour and his wife Leola. The Armour family sold the mansion to a development company in the late-1970s, but not before it was used as a backdrop for the filming of Robert Altman’s movie “A Wedding.”

Georgian in style and sprawling in size, the positively royal mansion features 7 bedrooms, 8 full baths, 6 half baths, 19 fireplaces, a finished basement and a full home theater complete with red velvet curtains.

While it was originally part of a 75-acre property, the house now occupies 5 lakefront acres. A separate 8,000-square-foot studio was used as a recording studio, where Marx also penned songs for stars such as Keith Urban and the late Luther Vandross.

Marx purchased the property through a trust in 1997, paying $4.7 million. He has thoroughly modernized the home, though it retains all of its grand charm. It is currently the 4th-most expensive property for sale in Chicago. Trump Tower’s penthouse — listed for $32 million — tops the list, followed by a 15-room in Barrington Hills at $19.98 million and Timothy Mullen’s Lincoln Park mansion for $18.75 million.

Other pricey properties Chicago has seen include Michael Jordan’s home, originally priced at $29 million. Vince Vaughn’s triplex penthouse in the Palmolive Building also had a high listing price, though he kept his other townhome and is renting it out.  At the beginning of the year, Oprah was releasing some of her Chicago real estate, selling her townhouse for $7.9 million.

The listing for Marx’ home is held by Andra O’Neill of @properties

.