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From the 1955’s Revenge of the Creatures to directing Changeling in 2008, Clint Eastwood has had one of the arguably one of the most storied careers as an actor and director in Hollywood. However, many fans are unaware that Mr. Eastwood’s fame extends beyond the silver screen to Carmel-by-the-Sea, California.Did you know that Eastwood was actually mayor of this town for one term? It’s true — he was elected in 1986. (Eastwood isn’t your average politician, that’s for sure.)
Now, Norman Waitt of Gateway Inc., is planning to auction off nearly 15.5 acres of land that is part of Eastwood’s Tehama community ranch located in high-end Carmel. Waitt purchased the home for $3.4 million, but investors can probably purchase this property for under $2 million at the August 31 auction.
Although this is a great investment opportunity for a wealthy real estate investor, realtors are concerned that the property selling at auction for this price will deflate the values of surrounding homes.
This lot will be the first of the lots located within the 2,000 acres that has been put to auction—even Eastwood removed 33 lots from the market awaiting the economic recovery. This high-end community prides itself with its luxury living; therefore, the potential for negative press due to the auction is making many homeowners and realtors in the area incredibly sceptical and worried.
The Tehama community is dedicated to land preservation, drawing upon its natural beauty and incredible surroundings. Complete with clubhouse, fitness centre, and golf course, this area is truly admired by many who are willing to pay the price for these upscale amenities and a high-class community – all of which realtors fear will ebb with the current auction of over 15 acres of the community.
If you are an investor, then this is the prime time to purchase! The lot is situated in a luxurious community with desired amenities. Eastwood himself is sitting on 33 lots that will be placed back on the market as soon as the real estate market recovers. Purchasing this lot and sitting on it for a few years could prove to be an incredible investment opportunity.
In the end, this is a great lot for an incredibly low value making it great for investors. Although realtors fear the auction may lower the price of surrounding lots, it is likely that the decrease will be temporary if it occurs as all. In the end, this is a great community that will continue to flourish—action or not.