James Harris and David Parnes are partnering with a client that longtime fans of the Million Dollar Listing franchise will recognize instantly in this week’s episode: acclaimed developer Zach Vella. Parnes and Harris sign on to sell Vella’s stunning Sunset View property in the Hollywood Hills.
But as Bravo teased ahead of the episode premiere, the British duo faces extra pressure to get the house sold quickly or risk losing the listing. Parnes and Harris have worked with Vella on several properties over the past few years. But Fredrik Eklund’s arrival in Los Angeles could interfere with that relationship due to Eklund’s own extensive business history with Vella.
Million Dollar Listing Los Angeles airs at 9pm ET/PT Tuesdays on Bravo.
Here’s what you need to know:
The Sunset View Mansion Is Described as an ‘Architectural Gem’ With Panoramic Views of the City & Ocean
The Sunset View property is aptly named because the unobstructed views are second to none. The homeowner can look out over the entire city of Los Angeles and the view stretches all the way to the Pacific Ocean. As noted on the Bond St Partners listing, the property is also located minutes away from the restaurants and nightlife of the Sunset Strip.
The two-story house, which was fashioned by award-winning designer Tim Campbell, sits on nearly half an acre of land. It has more than 8,700 square feet of living space, five bedrooms and nine full bathrooms, according to Redfin. The main living areas are surrounded by floor-to-ceiling windows that seamlessly openly up to the patio spaces, creating the ideal indoor-outdoor living atmosphere. The lower level is an entertainer’s dream, complete with a movie theater, a customized bar with a video wall, a wine cellar and a home gym. The wraparound deck includes an infinity-edge pool, spa and firepit.
The master suite is a separate oasis. It is outfitted with his and her bathrooms, two massive walk-in closets, a sitting room and an outdoor patio. The listing added that the homeowner doesn’t even need to head to the kitchen for their morning coffee; the master suite is equipped with a Gaggenau espresso machine.
The Property Was Renovated in 2017 But Struggled to Sell, Leading to Multiple Price Reductions
The Sunset View house was originally constructed in 1947, according to a previous listing from Sotheby’s International Realty. The agency marketed the property as a rental available for $42,000 per month.
The home was sold in February 2015 for $6.25 million. Property records on Redfin show the house was renovated in 2017 and put back on the market in November of that year.
But despite the beautiful upgrades and jaw-dropping views, Sunset View struggled to sell. It was originally listed for $22.5 million before the listing was withdrawn a few weeks later, according to real estate broker website Compass.
Sunset View returned to the market in January 2018 but with a reduced price of $19,995,000. When the listing expired in July 2018, the owner took a break for a few months before relisting the property in December 2018.
By February 20129, the Williams & Williams Estates Group was representing the property. In a Facebook post, the group described the house as a “trophy view estate.” But the house continued to sit. The price was reduced to $18.295 million, then dropped again in May 2019 to $16.8 million.
Harris and Parnes were brought on to tackle the challenge in October 2019. They negotiated with the homeowner and settled on a listing price of $15.495 million. Harris and Parnes dropped the price by another million in December 2019. Parnes promoted the house on Instagram at the time as the “absolute best new value for new construction in the Sunset Strip” and that it was “priced to sell.”
Harris announced to fans in January 2020 that the house had sold in a celebratory Instagram post. Longtime fans of the series know that Vella sets high expectations for his properties and he had a particular number in mind for the Sunset View house. Did Harris and Parnes score the price Vella wanted? Watch next week’s MDLLA episode to see how it all shook out.
Parnes & Harris Sold Vella His Company’s First Investment Property on the West Coast in 2013
Fredrik Eklund has discussed his long business relationship with developer Zach Vella on Million Dollar Listing New York. But Harris and Parnes’ partnership with Vella goes back several years as well.
They actually worked with Vella when he initially decided to expand to the west coast. According to Bravo, they sold “a group of high-end shops along Melrose Place near West Hollywood” to Vella in 2013 for $30 million. The network explained that this sale represented the first investment outside of the New York City area for Vella’s company, VE Equities.
Harris and Parnes later partnered with Vella to sell a $45 million property on Stradella Road in Bel Air. According to The Real Deal, the project represented Harris and Parnes’ “biggest listing to date” and that the realtor team could easily expect to spend as much as $60,000 on marketing. The contemporary mansion sold in December 2017 for $41 million after less than four months on the market.