By SARAH SHMERLING | Editor-in-Chief
The record for most expensive home sold in Pacific Palisades was broken last week by Shane Smith, who sold his Santa Monica Canyon estate for $48.67 million.
Smith, executive chairman and co-founder of Vice Media, originally purchased the home in 2015 for $23 million. He listed the home for $50 million at the start of February and sold it on April 19 for $48,674,649, according to CLAW, the Combined LA/Westside MLS.
Dubbed “Villa Ruchello,” the “self-contained, 3.35-acre, tree-lined compound” features 13 bedrooms and 13 bathrooms, spread out over 14,000 square feet of living space across three structures, according to the listing.
“The Mediterranean-style estate built in 1932 has undergone a multi-million-dollar renovation, showcasing exquisite detail by designer Kerry Joyce,” the listing continued. “The extensive remodel meticulously restored the original details and Hollywood grandeur while infusing the latest modern advancements and finest, curated materials sourced from around the world.”
Upon entering the compound, antique gates open to a tree-lined drive, leading to the main residence. A double-height entrance highlights stairs crafted from Moroccan ceramic tile as well as white oak.
“Envisioned for both large-scale entertaining and intimate home life, the lush, sprawling estate boasts two guest houses, dual kitchens, expansive lawns, citrus tree groves, edible gardens, private water wells, water filtration system and full generator system, providing everything one needs in the luxury and comfort of home in the Santa Monica Canyon,” the listing states.
The listing was held by The Agency’s Santiago Arana, with Richard Ehrlich of Westside Estate Agency representing the buyer.
“Broke another record,” Arana wrote in a post on Instagram following the sale. “Highest sale ever between Brentwood, Pacific Palisades and Santa Monica.”
Though the address falls into a Santa Monica zip code, the home is located in Santa Monica Canyon, which is considered “Area 7” on the Pacific Palisades Community Council map and part of the city of Los Angeles.
The home was formerly owned by author-screenwriter Victoria Foy and film director Henry Jaglom, according to a report by the LA Times. It has also been used as a location for HBO series “Entourage” and “Beverly Hills Cop.”
Born in Ottawa, Canada, Smith joined co-founders Suroosh Alvi and Gavin McInnes in acquiring Voice of Montreal, a youth magazine, in 1994—one year after its founding. They changed the name to Vice.
Vice Media now operates an international network of digital channels, a television production studio, a record label, an in-house creative services agency, a book-publishing house and a feature film division. Smith served as CEO from its founding until March 2018.
The record for most expensive house transaction in the Palisades was previously held by Bui Simon, a former Miss Universe winner turned philanthropist who purchased a Riviera home for $33.8 million in 2018. The seven-bedroom, 13-bath “English mansion-style” white brick house was completed in 2005.
The original $11 million home on the 1.39-acre lot bought in 2002 was transformed by New York architects Ferguson & Shamamian for the late Michael King.
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