Flipping luxury estates at eight-figure prices is a whole different ballgame than flipping “ordinary” suburban homes. High maintenance buyers demand bespoke finishes and name-brand designers, and the bigger and more complicated the house, the more potential for hidden costs. And with a vastly smaller buyer pool, bad timing and bad luck can easily break the bank.
Still, the profit potential in a bull market is big. At least one couple that appears to have flipped out successfully are Jim and Andrea Gordon — he’s a private equity exec and the founder of Chicago-based Edgewater Funds. Back in 2020, the Gordons bought a designer-done mansion in L.A.’s posh Brentwood Park neighborhood that they’ve sold after just 10 months for $14.1 million, a $2.1 million profit on paper. (Of course, that profit margin dips once realtor commissions, taxes, other closing costs and any renovations are included.)
The deal went down off-market, so it’s not clear what changes the Gordons made. But at the time of their purchase, the nearly 9,000-square-foot mansion was all-new and move-in ready. Built on speculation by prolific local developer AMG Capital, the home’s spendy new owner is Amy Greenspun Arenson, an occasional documentary producer and granddaughter of onetime arms smuggler-turned-Las Vegas newspaper magnate and prominent real estate developer Hank Greenspun.
Arenson recently sold off her strikingly contemporary mansion in Las Vegas, and she’ll enjoy those cooler L.A. summers from the leafy Brentwood neighborhood of town. Some of her nearest neighbors are Bruce Willis, The Grove owner Rick Caruso, former L.A. mayor Richard Riordan and Perry Ellis fashion heiress Tyler Ellis.
Marcy Roth and Fredrik Eklund of Douglas Elliman held the listing; Steven Schaefer and Jay Luchs of Newmark Residential repped the buyer.
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Image Credit: Estately Photos from the 2020 listing show the East Coast traditional-style house sits behind walls and gates, with a front facing three-car garage and sizable motorcourt. The landscaping veers toward the Tuscan side, with mature olive trees, manicured boxwoods and pathways hewn from decomposed granite.
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Image Credit: Estately For added effect, the front door is almost entirely glass, with thin strips of metal interspersed. The formal entry feautres a gray-and-white checkerboard marble floor.
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Image Credit: Estately Open-plan living areas are defined by giant steelcase doors that flood the interiors with natural light. White oak hardwood floors and painted ceiling beams give the place a distinctly contemporary touch.
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Image Credit: Estately Off the main living area lies a chef’s kitchen with two Fiat-sized islands, both with marble countertops. Top-grade stainless appliances are here, of course, and there’s also a sizable butler’s pantry.
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Image Credit: Estately Other main floor spaces include a wood-paneled library, movie theater with tiered seating, marble wet bar and a sunny breakfast room.
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Image Credit: Estately Upstairs, the exquisite master suite is a study in soft neutral colors. On its own, the space is the size of a large Manhattan apartment, with a vaulted-ceiling bedroom, a spa-style master bath, dual dressing rooms/closets — one in white, one in gray — and a kitchenette with stainless appliances.
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Image Credit: Estately There’s also a sitting area by the primary bedroom’s fireplace, and a private balcony overlooking the backyard.
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Image Credit: Estately Mostly flat and entirely landscaped, the lot spans nearly a half-acre. Out back, a negative edge plunge pool has an inset spa, and a loggia hosts an alfresco dining area.
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Image Credit: Estately There’s also a cabana-esque structure that could be a very petite gym, and a separate cabana with a full outdoor kitchen/BBQ center.
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Image Credit: Estately As for the Gordons, they’ve sold off this house but remain in Brentwood Park. Late last year, they paid Bill and Giuliana Rancic $10.7 million for a renovated estate just about two blocks up the street.