Business Real Estate

Richard and Marianne Kay of Cleatskins fame sell Pacific Palisades home for $14.5 million

The true mark of genius is inventing something to fill a need that people don't even know they have. Paper toilet seat covers dispensed in public restrooms would be a prime example. Another might be Cleatskins, a rubberized covering that slips over soccer/golf/football cleats and turns them into streetwear instantly.

Richard and Marianne Kay, who hold the patent for Cleatskins, just sold their Pacific Palisades home for $14.5 million. Although the property was shown widely to show business folks, the buyers are civilians.

The property includes a five-bedroom, seven-bathroom Cape Cod-style main house of about 8,500 square feet and a 3,000-square-foot guesthouse with three bedrooms and three bathrooms. The guesthouse has a separate entrance. The property has five fireplaces, and there is a sitting room, a gym, a theater, a pool and spa, two elevators and a sports court.

Richard Kay, a former college athlete and father of three, developed Cleatskins -- a compressed, molded rubber shell that fits over cleated footwear -- and introduced the product to the mass marketplace last fall. The coverings are intended to eliminate slips and falls that occur when cleated shoes are worn on nongrassy surfaces.

Bob Hurwitz of James Hurwitz Co., Beverly Hills, had the listing. The buyers were represented by Fred Bernstein of Westside Estate Agency, Beverly Hills, according to the Multiple Listing Service.

ann.brenoff@latimes.com

Copyright © 2014, Los Angeles Times
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