The nearly 100-year-old Freeman House, designed by Frank Lloyd Wright has reportedly found a new owner.
The L.A. Times is reporting that the historic property, owned by the University of California, has sold the 2,800-square-foot structure in the Hollywood Hills following nine months—and a price change—on the market. USC announced that Richard E. Weintraub, president and CEO of the Weintraub Real Estate Group, has purchased the home for $1.8 million.
The steep discount from the listing’s initial $4.250 million offering is largely said to be attributed to the extensive repairs that are still needed. (The listing was eventually lowered to $3.250 million last Fall.)
One of four textile-block homes designed by Wright in the L.A. area, the property has faced restoration challenges over the years. According to the L.A. Times, in 1994, the Northridge earthquake shifted the home’s foundation. A FEMA grant coupled with $1.5 million in funds raised by USC, paid for structural repairs, but more work has long been needed.
Per the sales agreement, Weintraub, a local developer who has previously worked with historic properties, will preserve the three bedroom/one bathroom home. Additionally, the public will have access to the home four times a year for architectural tours.
Mike Deasy held the listing.