Star-Studded Homes Hit the Market in Montecito and Pasadena

There was celebrity buzz this week in Southern California residential real estate.

A home in Montecito — which Meg Ryan flipped — reentered the market asking just shy of $20 million. The “When Harry Met Sally…” star purchased the property in 2021 for $9.5 million and completed a large-scale renovation which included expanding the home’s footprint by about 3,000 square feet. The extra space made room for two additional bedrooms, new fireplaces and upgraded living spaces.

Ryan originally listed the 9,500-square-foot home at 857 Picacho Lane for $22.5 million in 2025 before accepting $16.8 million — a roughly 25 percent markdown.

The unknown buyer didn’t waste much time trying to turn a profit of their own. Just two months after purchasing the property, they listed it for $21.9 million before pulling it from the market in January.

Moving south, a Pasadena mansion that served as the backdrop for numerous films and television shows hit the market for $32 million, just a year after selling for $20.5 million. The home at 380 South San Rafael Avenue can be seen in “Bridesmaids,” “Murder, She Wrote” and the “Batman” TV series.

The home, which most recently sold in an off-market deal last July, went for $20.5 million making it the priciest Pasadena deal ever. The 56 percent price hike was largely due to costly renovations that included a new sewer line, plumbing, HVAC system and landscaping for the seven-bedroom home.

Another property with celebrity ties saw movement in a years-long saga. Belwood Investments’ last-ditch effort to duck foreclosure on Kanye West’s former Malibu home flopped, according to a court ruling that put the property into the hands of the lender.

Belwood purchased the home from West in 2024 for $21 million after the rapper gutted the house, tearing out doors, plumbing, windows and electrical systems — leaving it suitable for a buyer interested in a flip. Enter Steven “Bo” Belmont of Belwood, who envisioned redeveloping 24844 Malibu Road and selling at a steep profit. But the project only partially took off and the investor pool Belmont brought in was not happy.

One day before the property was set to go to a foreclosure auction in March, Belwood declared Chapter 11 bankruptcy, which lender MZ Brokerage challenged in court — and won. The United States Bankruptcy Court, Central District of California cleared a path for MZ to pursue foreclosure, determining Belwood acted “in bad faith” when filing for bankruptcy.

The Collection at Hidden Hills

Over in the ultra-exclusive gated city of Hidden Hills, TDR Development unwrapped five new mansions with nine more to come. Interested buyers will have the chance to be neighbors with A-listers such as Kim and Khloe Kardashian, Tristan Thompson and Dwayne Michael Carter Jr., known professionally as Lil Wayne.

The Agency’s Blair Chang and May Nachum hold the listings for the homes, which range from 11,000 to more than 20,000 square feet and are priced between $16 million and $40 million.

Nachum notes that new development opportunities are rare as most of the land within the 2-square-mile enclave is already developed. TDR Development was able to make this happen through a 36-acre land buy from one of Hidden Hills’ original residents which set the stage for what they’re calling “The Collection at Hidden Hills.”

With upcoming investment coming to the broader area — such as Stan Kroenke’s $10 billion redevelopment of Warner Center and Caruso’s expansion of The Commons at Calabasas — Chang expects to see higher property values in Hidden Hills in the coming years.

Luxury volume decline

This week, there were 28 luxury homes that went into contract in Los Angeles County, according to a report compiled by Marcy Roth of Douglas Elliman’s Eklund Gomes team. While the number of deals was identical to the same week last year, dollar volume saw a huge drop.

This year’s contracts had a total asking volume of $192.7 million, compared to $243.7 million in 2025 — down 26 percent.

“The mid-market tier — $5 million to $6.99 million — dominated this week with 11 deals and 33.7 percent of total volume,” Roth said in her report.

The priciest home to go into contract was at 917 Oxford Way in Beverly Hills, asking just under $15 million. The six-bedroom, six-bathroom home spanning more than 7,500 square feet first hit the market in March for $16.5 million.