Real Estate

Pasadena’s Historic Knoll House Sells for $17.5M, Down from $48M Listing

Historic Pasadena estate Knoll House sells for $17.5M, down from initial $48M listing.

By Tal Alexander

7/10, 13:39 EDT
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Key Takeaway

  • Pasadena's historic Knoll House sold for $17.5M at auction, significantly below its initial $48M listing price.
  • The 1916 Colonial Revival estate features 12,300 sq ft of residential space and a separate 20,500 sq ft gallery.
  • Notable architects Myron Hunt and Gordon Kaufmann designed the property, adding to its architectural significance.

Historic Pasadena Estate Finds Buyer

A significant transaction in the luxury real estate market has emerged with the sale of the Knoll House, a 1916 Colonial Revival estate in Pasadena, California. The property, rich in architectural history, went up for auction on June 19 and is now under contract for $17.5 million. This sale, facilitated by Josh Flagg of Compass and Coldwell Banker Realty’s Carol Chua and Darrell Done, was conducted online by Concierge Auctions. The estate, initially listed for $48 million in 2021, saw its price reduced to $35 million before the auction, highlighting a substantial discount in its final sale price.

Details of the Auction and Property

The Knoll House, located at 2 Oak Knoll Terrace, spans over two acres and includes 12,300 square feet of residential space. The estate features nearly 10 fireplaces, a restored English pub, six hidden doors, and elevators. It boasts seven bedrooms, 10 full bathrooms, and 11 half bathrooms. The outdoor amenities include a bocce court, Zen garden, swimming pool, and spa. Additionally, a separate gallery space designed by Thornton Ladd and John Kelsey, the duo behind the Norton Simon Museum, adds another 20,500 square feet, accommodating up to 400 people. This space includes a 46-seat theater, Tiki bar, and a wine cellar with a capacity of 2,500 bottles.

Architectural Significance and Historical Value

The Knoll House holds a prominent place in California's architectural history, designed by renowned architects Myron Hunt and Gordon Kaufmann. Hunt is celebrated for his work on the Huntington Library, Rose Bowl Stadium, and Hollywood Bowl, while Kaufmann is known for the Hollywood Palladium and Los Angeles Times Building. The estate's rich architectural heritage and unique design elements have made it a subject of interest among design enthusiasts and historians.

Market Dynamics and Broader Implications

The sale of the Knoll House at a significant discount from its initial listing price reflects broader trends in the luxury real estate market. High-end properties often undergo substantial price adjustments to attract buyers, especially in a fluctuating market. This transaction underscores the importance of strategic pricing and the role of auctions in facilitating sales of luxury estates. The involvement of prominent real estate agents and auction houses also highlights the competitive nature of the luxury market and the need for expert guidance in navigating high-value transactions.