An iconic piece of Hollywood history in Los Angeles has changed hands for $26 million (£20 million) after undergoing a sensitive multi-year restoration project. American businessman Ron Burkle acquired the sprawling five-acre Toluca Lake compound that once belonged to the legendary entertainer Bob Hope in 2018 for $15 million (£11.5 million). Following a meticulous restoration aimed at preserving its architectural heritage, Burkle listed the property and successfully closed the sale in early 2023, as confirmed by property records and listing agency details.
The transaction marks a significant profit on the historic residence, which Burkle saved from potential subdivision and demolition by property developers when he purchased it from the Bob and Dolores Hope Foundation.
According to real estate platform Pricey Pads and property details from listing brokerage The Agency, the 15,000-square-foot main house features ten bedrooms and extensive living spaces tailored to high-society entertaining. Interior restoration work preserved original architectural features, including the oak-panelled library where the famed entertainer kept scripts and memorabilia from his 50-year career with the United Service Organizations (USO) and his fourteen stints hosting the Academy Awards. Burkle initially placed the fully restored estate back on the market in 2022 with an asking price of $29 million (£22.3 million). Real estate transaction data shows the property officially settled in March 2023 for $26 million, solidifying one of the highest residential sales recorded in the San Fernando Valley sub-market.
Rather than modernising the estate beyond recognition, Burkle launched an extensive restoration project designed to update the infrastructure while maintaining key historic components. The grounds themselves retained several custom outdoor elements commissioned by Hope during his lifetime. These include a private one-hole golf course complete with a sand bunker, designed specifically so the golf enthusiast could practice his game at home. The five-acre parcel also retains a two-story guest house, staff quarters, a formal rose garden, and an outdoor swimming pool alongside an indoor pool complex. Listing agents Kevin Dees and Sebastian Spader of The Agency handled the high-profile offering, positioning the compound as a turnkey historic landmark. The successful sale underscores sustained buyer appetite for restored mid-century celebrity compounds across Southern California, where large acreage remains exceptionally rare. The Los Angeles Conservancy continues to recognise the residence as a landmark property of architectural and cultural significance for the city’s entertainment heritage.