Spielberg’s $5.75m LA horse ranch is now seeking $29.9 million
Filmmaker Steven Spielberg and his wife, Kate Capshaw, have listed their 2.8-acre Los Angeles ranch, known as Dogwood, for $29.9 million. The couple originally purchased the property in 1999 for $5.75 million and previously abandoned plans for a massive equestrian facility due to neighbor opposition.
Why it matters
The listing highlights the high-end real estate market in Los Angeles and the long-term property investment strategies of high-net-worth individuals.
In 1999, filmmaker Steven Spielberg and his wife, Kate Capshaw, purchased a sprawling ranch in Los Angeles through their corporate entity, Texas Tart, for $5.75 million. Now, according to a report by Realtor.com, the couple has listed the property for nearly $30 million, decades after abandoning controversial plans to transform it with an enormous five-story riding facility.At the time, the Hollywood mogul, 79 and actress, 72, unveiled ambitious plans to dramatically overhaul the estate with a 27,000-square-foot, five-story riding facility featuring a domed roof and underground horse stables. The 'Jaws' director also reportedly envisioned more than $7 million worth of renovations, along with plans to construct a 2,400-square-foot guesthouse and a three-story guardhouse.However, the proposed transformation sparked a fierce backlash from their neighbours, who objected to the scale of the project.
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