‘Million Dollar’ development in Beverly Hills

“Development opportunity,” “selling for land value” and “as is” are phrases used in real estate listings to describe tear-downs, those homes probably destined for a total overhaul or the wrecking ball. In this occasional feature, we’ll highlight tear-downs of note.

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The Beverly Hills estate where late television and Broadway producer Michael Filerman long made his home is poised for a makeover worthy of reality television.

Found at the end of a cul-de-sac on the star-lined Heather Road, the 1.33-acre property came on the market in January for $5.5 million and sold Wednesday for $4.8 million after commissions and closing costs.

The buyer, Josh Flagg, a real estate agent with Rodeo Realty and television mainstay on the Bravo series “Million Dollar Listing,” is planning a renovation and expansion of the 5,000-square-foot property. He plans to see it torn down to the studs and rebuilt as an East Coast-inspired residence of about 8,000 square feet.

The project, which will take at least two years to complete, will include a two-story gallery to house a collection of antique books and a 120-foot-long infinity-edge lap pool. Its interiors, awash in white oak paneling, will be a contemporary play on the Hamptons style, drawing inspiration from the Coral Casino Beach and Cabana Club in Santa Barbara, Flagg said.

“The 12-car motor court is about the only thing that will stay intact,” he added.

Flagg intends to rename the estate Falcon Crest, a nod to career accomplishments of the former owner. Filerman, who died last year at 75, worked on the show “Dallas” and was an executive producer on such series as “Knots Landing” and “Falcon Crest.” Later in his career, he won Tony Awards for revivals of “The Gershwins’ Porgy and Bess” and “The Norman Conquests.”

Flagg, who in February sold his home in Hollywood Hills West for $2 million, is developing the property for himself. But he intimated that he would entertain offers in the $15-million range once the project is completed. “Everything is always for sale,” he said.

The home is in a celebrity-preferred location. Among neighboring properties is the estate of Paul McCartney, formerly owned by Courtney Love, as well as the home of writer-producer Jenji Kohan and the onetime home of the artist Prince.

Across from the Filerman estate is the Beverly Hills compound built for Bert Lahr, a famed property whose line of celebrity owners also includes Don Johnson and Ozzy Osbourne. Current owner Simon Fuller, the television producer and creator of “American Idol” and the “Idol” franchise, has the residence on the market for $18.95 million.

Flagg represented himself in the sale. David Yocum of Hilton & Hyland, an affiliate of Christie’s International Real Estate, and Michael Collins of Coldwell Banker Residential Brokerage were the listing agents.

neil.leitereg@latimes.com

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