Since former L.A. mayor Antonio Villaraigosa bought a house in Hollywood Hills for about $2.5 million, readers have been asking: How can he afford this home?
We do not know. But since you asked, information that has appeared in the public record is illuminating nonetheless.
The purchase was made in his name so there has been no attempt to keep the sale secret.
The exact amount paid is a bit hazy. The Multiple Listing Service reported $2,500,001. The public record shows $2,500,500 – but really that’s just a quibble.
To the heart of the matter, public records show he is carrying a mortgage amount of $1.96 million. Plug that into any mortgage rate calculator (we happened to use Bankrate.com) and that amounts to 30 years of monthly payments at $9,931 based on an interest rate of 4.5%.
To answer the reader question this information will likely produce: Once again, we do not know.
The updated 3,600-square-foot contemporary was built in 1977 and takes in views of the Hollywood sign, the Griffith Observatory, downtown Los Angeles and the ocean.
Living space includes dining and family rooms, a breakfast area, an office, an art studio, three bedrooms and four bathrooms.
Villaraigosa, 62, was L.A.’s mayor from 2005 to 2013.
James Harris and David Parnes of the Agency and Kevin Bonn of Big Block Realty were the listing agents. Kurt Rappaport of Westside Estate Agency represented Villaraigosa.