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Larry Ellison

A luxury tear-down in the Bird Streets

A luxury tear-down in the Bird Streets

"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 the proverbial wrecking ball. Mansions with multimillion-dollar price tags, former homes of famous owners and estates designed by renowned architects can fall into this category. Our occasional feature highlights tear-downs of note. The actual house didn't factor much into the equation when Dr. Dre parted with his Hollywood Hills West home in January for $32 million. The contemporary-style residence behind gates on Oriole Way was not purchased for its 9,696 square feet of space, but rather for...

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