What's the secret to doubling the value of your luxury home in a down market? One Los Angeles homeowner thinks it has something to do with naked statues.
Meet Norwood Young, a homeowner in the Hancock Park neighborhood who has a penchant for, shall we say, prodigious art. Young is hoping to sell his seven-bedroom, seven-bath estate for twice the price that he paid in 1997, in part because of the 20 copies of Michelangelo's sculpture of a nude "David" which adorn his front yard.
Young, a musician and self-proclaimed lavish party-thrower, even has something of a cult following for his unique lawn ornaments. Locals have flocked for years to the home to snap photos of Young's festive Christmas displays, in which he's been known to dress the statues in Santa hats and replica Michael Jackson jackets.
Young told CNNMoney that he bought the home for $1.2 million and is now listing the home for $2.4 million. According to public records, he purchased the home in 1997, which should protect him from the worst of the price inflation that hurt homebuyers during the run-up to the 2008 housing crash. But does the house really warrant the current price tag?
Probably not, but the homeowner hopes his wet-bar-equipped master bedroom and "Black Liberace" great room will help sweeten the pot for prospective buyers.
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