In November of 2016, billionaire Ron Burkle picked up what many to be a bargain when he plunked down $13 million to buy Bob Hope’s so-called ‘mushroom house’ in Palm Springs. The home had been initially listed at $50 million, but had languished on the market for about three years by the time it was snapped up by Mr. Burkle.
When it comes to Road movies, Mr. Burkle clearly prefers Hope to Crosby. That’s true for any right-thinking film buff, but the billionaire has gone the extra mile: he recently purchased Hope’s Toluca Lake home as well. That home also spent years on the market, and suffered several significant price cuts; it was initially listed in 2013 at $27.5 million, and sold to Mr. Burkle in the spring of 2018 for $15 million.
The property extends to over five acres. The house is expansive, measuring about 15,000 square feet. It was renovated in the 1950’s, and the interiors reflect the period, mixing regency and mid-century modern styles. Highlights of the home include a quartet of bedrooms suites, walls of windows, and an extended roofline with a second-floor balcony opening onto a partially covered terrace below.
Like the Lautner-designed Hope house in Palm Springs, the Toluca Lake house has enormous entertainment potential. A 4,000 square foot guest house, a two-and-two pool house, gardens with walking paths, and—of course—a golf course fill out the property.
Burkle founded private equity firm The Yucaipa Companies in the mid-1980’s. He plans to restore the house to retain its pop-cultural significance.