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Ennis House sold to Ron Burkle

Posted: Fri Jul 15, 2011 8:52 pm
by peterm

Posted: Sat Jul 16, 2011 7:01 am
by DavidC
Good to hear that the home is now in the hands of someone with large-scale restoration experience.

Interesting that the asking price started out at $15 million - and it ended up going for less than 1/3 of that two years later.

I hope Mr. Burkle hires and consults with the right groups - and that his pockets are deep enough to see Ennis all the way through.


P.S. - I just read where he is a billionaire. That answers a lot of questions.


David

Posted: Sat Jul 16, 2011 8:12 am
by Reidy
This reminds me of those nineteenth-century novels where every woman's goal in life (and her parents') is to marry her off to a man with money.

Posted: Sat Jul 16, 2011 10:50 am
by Paul Ringstrom
Maybe someone here can correct my recollection if I am wrong on this....

I think Ron Burkle was the one who guaranteed the bank loan that the LA Conservancy took out to pay for the structural restoration that Eric Lloyd Wright did a few years ago.

I presume that the bank called the loan and Burkle stepped forward and made good on his guarantee.

Posted: Sat Jul 16, 2011 11:06 am
by peterm
Ron Burkle is also on the board of the Frank Lloyd Wright Building Conservancy. Ennis appears to be in good hands. What a relief...
Now, who will step up for La Miniatura?

Posted: Sat Jul 16, 2011 11:48 am
by Wrightgeek
Paul R:

See the link below from CurbedLA, and read down to the "update". I think this will answer your question about the loan guarantee.

http://la.curbed.com/archives/2011/07/f ... illion.php

Posted: Sun Jul 17, 2011 10:21 am
by Deke
I understand Ron Burkle lives in London most of the time. If he's looking for an on-site steward to manage the property while he's gone, I'm up for that.

Deke

Posted: Sun Jul 17, 2011 10:26 am
by Paul Ringstrom
Yes, I knew I had read that he guaranteed the loan!
According to an August 2010 LA Times article, Burkle guaranteed a $4.5 million construction loan on the Ennis. Update: Ennis House Foundation Chair Marla Felber tells us in an email "Mr. Burkle did pay $4.5 million and did not receive the house because he had guaranteed the loan."
· Ennis House Archives [Curbed LA]
If this is indeed true then he really paid $9M ?

I think the fact that both amounts are $4.5M puts the lie to this comment.

Posted: Sun Jul 17, 2011 12:02 pm
by Reidy
Not necessarily. To guarantee a loan is to promise that you'll pay it off if the primary borrower can't. If the primary borrower doesn't default, the guarantee doesn't cost you anything (though if the agreement calls for it, you might have to tie up cash until payoff).

Posted: Sun Jul 17, 2011 12:30 pm
by Paul Ringstrom
Ennis House Foundation chairwoman Marla Felber confirmed on Saturday the exact price: $4,458,084.58, which represents the organization's balance on a construction loan taken out to repair L.A.'s most prestigious fixer.

http://www.latimes.com/news/local/la-me ... 5474.story

Posted: Sun Jul 17, 2011 1:56 pm
by Roderick Grant
I'm glad it's back in private hands, and I would even like it better if Burkle were not required to open it 12 days a year for tourists. Publicly accessible houses are always "on the verge of a nervous breakdown," like Dana and Hollyhock. Sometimes they survive by the skin of their teeth.

Posted: Mon Jul 18, 2011 11:21 am
by Paul Ringstrom
I remember reading a few years ago that the neighborhood got the city to prohibit the Ennis House from opening to the public due to lack of parking.

Posted: Mon Jul 18, 2011 11:42 am
by egads
I remember thinking, when the neighbors wishes were granted, that they should be careful what they wish for. Now an owner who is known to have many large fundraisers will clog the streets. Perfect!

Posted: Mon Jul 18, 2011 5:46 pm
by Mark Hertzberg
Robert Leary would be happy. He had enthusiastically given me a head's up on this possibly happening.

Posted: Mon Jul 18, 2011 8:16 pm
by mdgraham
The listing ran for months and months in the Wall Street Journal. I hope the faithful restoration can be completed.