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Filmmaker Vincent Gallo Selling L.A. Condo—With Hopes of Giant Profit

Filmmaker Vincent Gallo Selling L.A. Condo—With Hopes of Giant Profit
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Indie filmmaker and occasional actor Vincent Gallo has put an immaculate, upscale condo he owns in downtown Los Angeles on the market for $1.6 million. Gallo bought the one-bedroom, two-bath unit in 2015 for $450,000, meaning he’ll turn a $1.1 million profit if he gets full asking price.

“I own, like, $7 million worth of real estate that I don’t live in and I don’t rent it [out],” Gallo said in a 2004 interview with Howard Stern. “It’s sitting there, it’s hanging there. … I’ve never lost a penny in my life.”

The 1,941-square-foot loft is spartan and utilitarian, with 11-foot concrete ceilings; exposed ductwork; concrete floors, walls, and columns; and windows.

Like most lofts, the space is defined more by furniture and interior design than the building itself. The spacious dining area can accommodate a table for eight or more.

Exterior

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Dining area

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The living area features twin gray couches, modern chairs, a glass and metal coffee table, and two wooden cubes as side tables. Large, free-standing mirrors make the open space seem even larger.

Living area

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The kitchen is relatively small, with a compact gas stove and minimal counter space.

A free-standing wall separates the bedroom from the rest of the unit. The master bath has twin sinks, a stand-up shower, and separate tub. A half-bath has an industrial-looking sink and toilet, with dark gray walls, ceiling, and floor.

Bedroom

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Gallo did a top-to-bottom mechanical remodel of the unit, including the heating and AC system, and added new, eco-friendly denim insulation.

The building includes a rooftop pool, with views of the downtown Los Angeles skyline. The rooftop is dotted with succulents in big planters and Adirondack chairs.

Pool

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Rooftop

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Constructed in 1924, the building was converted into a toy factory in the mid-1970s by Ace Novelty. The company was best known for its line of Treasure Troll dolls, which peaked in popularity in 1992. In 2006, the building was converted into a 119-unit live-work space.

Gallo appears to have had considerably more success in real estate than in film. His latest feature, 2010’s “Promises Written in Water,” was nearly universally panned and wasn’t commercially distributed. He was in the news last month, after penning an open letter criticizing actress Rose McGowan for not publicly accusing producer Harvey Weinstein of sexual assault earlier.

The post Filmmaker Vincent Gallo Selling L.A. Condo—With Hopes of Giant Profit appeared first on Real Estate News & Insights | realtor.com®.

Filmmaker Vincent Gallo Selling L.A. Condo—With Hopes of Giant Profit published first on 8hulletcondo.tumblr.com/
Date: 2018-04-10 17:31:07



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