After three years on the market and one price cut, a grand estate in Pacific Palisades, CA, owned by former world championship boxer Sugar Ray Leonard is still looking for a buyer.

Leonard and his wife, Bernadette Robi, listed their home of over two decades for $52 million in 2019. Last year they reduced the price to $46.5 million.

We spoke with a couple of real estate experts about the reasons why this magnificent 16,700-square-foot mansion is still on the market.

Custom creation

Set on “exquisite grounds,” the 1.7-acre parcel is one of the largest lots in an exclusive area known as the Palisades Riviera.

The homeowners tapped architect Richard Landry to create their custom vision. After the home’s construction, the couple even married in their flower-filled backyard in 1993.

Now empty nesters, the couple told Architectural Digest last year that they are ready for a change.

Whoever ends up buying the property will acquire quite a compound.

It features seven bedrooms, 12 bathrooms, a wine room, a guesthouse, and a tennis court.

The couple customized the interiors with European antiques, and highlights include a two-story family room with glass doors to the outside, a formal living room with a fireplace, a spacious dining room with doors leading outside, and a chef’s kitchen adjacent to a family room.

A solarium with a wood-beamed ceiling is a serene setting for casual dining. There are also glass doors that open to the gardens.

Interesting architectural elements throughout the home include beamed ceilings, fireplaces, and elaborate chandeliers.

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The layout also features an office, bar, and screening room. The primary suite comes with a fireplace, a private balcony, and walk-in closets.

The tennis court is lighted and comes with a viewing area. An oval pool, putting green, and four-car garage complete the property.

In a video made last year for Architectural Digest, the happy homeowners described the picturesque property as perfect for them.

The place is filled with mementos from the boxing legend’s storied career, but he has a favorite spot.

“I love the gym,” he says in the video.

Overpriced or poorly staged?

Given the home’s pedigree and prominence, why has it languished on the market for three years?

As always, dollars play an issue, according to one agent.

“The fact that it was on the market during the hottest real estate market over the last two years, where we saw lots of movement in the uber-luxury space, and it did not sell is definitely telling about the asking price,” says Cara Ameer, an agent with Coldwell Banker licensed in California and Florida.

She points to the $52 million price tag in 2019 as overly ambitious.

“Although properties in this price point are totally discretionary purchases, buyers looking in these ranges have a lot of intangible as well as tangible requirements, and they have to feel it is right for them.”

Ameer adds, “Buyers also have a lot of choices as $46 million is in the range of a lot of estates just up the road in Montecito if they are looking for lots of land and privacy.”

Arvin Haddad with The Agency, who also critiques luxury real estate on TikTok, thinks the asking price isn’t out of step with the market. But the look is.

“It’s not that crazy of a price. It’s not that bad of a price for that much land, for the location. The architecture is beautiful,” he says.

“In my opinion, the No. 1 factor why it hasn’t sold: It’s a traditional house with traditional decor and furnishings inside,” he adds. “I think the decor makes it feel like people are stepping into a Tuscan villa in Italy, which is great, but not how people want to live day-to-day.”

The listing photos should reflect what today’s buyers want, he explains.

“All the other bedrooms and all the living areas should be staged in a transitional decor to soften the traditional Mediterranean architectural elements,” he says.

A more updated look could tempt a buyer to deliver a knockout offer—even at the current price, according to Haddad.

“Before lowering the price, you need to stage the property. Dropping the price should be a last resort,” he says. “Because there are comps that would support that price.”

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