1970’s MOBILE HOME IN RENTAL PARK LISTED FOR $1.95 MILLION MIGHT BE A BARGAIN
Location, location, location, is the axiom associated with real estate property valuations, not older mobile homes sited in a space rental mobile home parks. There is at least one Southern California exception where the location is the only prerequisite determining a home’s value.
Fashion designer, Betsey Johnson, 77, is listing her old mobile home located in the Paradise Cove Mobile Home Park in Malibu, California for sale with an asking price of almost $2 million. The listing describes that mobile home as a 1973 Bendix Meteor with about 1100 sq.ft. (20’ by 60’) of indoor living space. The home appears to have the original aluminum siding and a metal roof. The exterior has been painted a bright “pink”, with interior painted with hues of various colors. Betsey’s “pink house” is famous within the mobile home community. The space rental is $2,706 per month according to the listing agreement.
Bet you thought only regular site-built homes were “unaffordable” in Los Angeles.
The Betsey Johnson “pink house” might be a bargain. There is another newer and larger (2,200 sq.ft.) mobile home for sale in the park for $3.75 million. According to Realtor.com, there are six mobiles in Paradise Cove listed for sale in excess of $2 million. But why?
The mobile home in question might not be all that it seems as Paradise Cove is no ordinary trailer park.
Paradise Cove Mobile Home Park is located on the bluffs overlooking the Pacific. The location attracts the buyer. Paradise Cove has 276 mobile home spaces, some with ocean views and all with direct access to the private beaches of Point Dume.
Residents of the mobile home community have included singer Stevie Nicks, who sold her mobile home for $5.3 million, Matthew McConaughey, Minnie Driver, and Pamela Anderson.
Not one to follow the norm, Betsey Johnson has spent the last three and one-half years living in her pink mobile home, after selling her upper east side New York apartment and a house in the Hamptons to relocate to sunny Southern California. Johnson also owns a luxurious four-bedroom, six-bathroom villa in Mexico, known as “Betsey Villa”, which she rents out for $600 per night on Airbnb.
So why is Betsey Johnson selling the pink mobile home she loves in Paradise Cove? She’s not leaving. Ms. Johnson is buying a larger, more modern mobile home five doors down the street in Paradise Cove. But she said a pink facade would not fit the new mobile home, maybe clay-colored or chartreuse green.