One of the most remarkable and unique properties in Venice, CA, is ready for its next owner.

The live-work space was recently listed for $32 million.

The provenance of this commercial/residential place is storied. It was built in 1994 by actress Anjelica Huston and her artist/sculptor husband, Robert Graham.

The owners were able to surpass the 35-foot height zoning restrictions by 20 feet, allowing them to create an artistic compound that soars to 55 feet—unheard of anywhere else in Venice.

That alone makes it more visible than its neighbors, and the fact that it reaches far back into the block makes it even more notable.

‘A modern castle’

“This is truly a one-of-a-kind, exceptional property in the heart of Venice,” says agent Jennifer Merritt, of Vista Sotheby’s International Realty, who is co-listing the property with Sotheby’s colleague Kevin Sanderson and Travis Forster, of Voit Real Estate Services. “It’s a modern castle, the largest and most coveted property on Venice Beach.”

It is indeed only steps from the beach, and many rooms in the compound have ocean views.

But again, the size of the property also cements its standout status. It sprawls over five city lots, with 125 feet of street frontage that spans a half-city block in a very densely populated area. If you’ve ever been to downtown Venice, you’re aware that homes and buildings are close together, and properties of this size are…well, there’s just not another one.

And if you’ve ever been to Venice or even seen pictures of it, you’ve seen this building—although you were probably completely unaware of it. The intersection of Windward Avenue and Pacific Avenue, which features the hanging Venice sign, is one of the most photographed vistas in Los Angeles.

Imagine the value of signage on the building that constantly appears in photographs worldwide. It’s is a proven income source that the building carries with it.

Merritt reports that the property’s street-facing wall is currently emblazoned with hand-painted advertisements for Patron tequila and Aperol, at street level on Windward, garnering $70,000 per month.

Versatile interior

But those are only the virtues of the building’s exterior. The interior is equally impressive. Originally built with a smaller wing for private living space and a massive wing for gallery space, the structures have morphed into spaces that can be used for residential and business—or just about anything in between.

Renovated in 2023

Most of the interior’s 15,460 square feet has soaring ceilings and large windows, placed strategically to maximize the ethereal natural-light effect.

The most recent renovations, which include all-new and updated mechanical systems and a brand-new Gaggenau kitchen, were completed just a few months ago.

It’s listed as having four bedrooms and five full baths; but that’s just for starters, as the rooms can be reconfigured any way you like.

And there’s room to build more. Along one side of the lot, there’s space for several three-story townhouses that could be worth upwards of $7 million, according to Merritt.

In the time since the current owners purchased it almost a decade ago for more than $11,000,000, it has been used as an art gallery, a private family residence, tech firm headquarters, and a special events center.

The place is coveted for its vast gallery space and proximity to one of the country’s most beloved beaches.

Last spring, design icon Dior shut down Winward Avenue for a temporary fashion runway and used the building as its staging area. The rental fee for three days? $150,000, Merritt reports.

The current owner, who “has spent most of his life creating success and wealth in real estate holdings, is finally at a point where he’s willing to pass the property along to the next imaginative owner,” Merritt says.

Representatives of marketing firms, artists and collectors, and entertainment industry executives have already shown interest.

The post Hiding in Plain Sight: Iconic Venice Beach Compound Announces Itself on the Market for $32M appeared first on Real Estate News & Insights | realtor.com®.