Hummingbird Nest Ranch in Simi Valley sells for $33 millions

 In Real Estate

The Hummingbird Nest Ranch in Simi Valley has been sold for $33 million to the billionaire CEO of a local plasma manufacturing company who has more modest plans for the sprawling property than the previous owner.

The new owner of the 126-acre estate, equestrian facility and 17,000-square-foot mansion at the north end of Kuehner Drive is Kieu Hoang, the Vietnamese-born head of Agoura Hills-based Rass Nutritionals.

He wants to turn part of the property into a wellness retreat, real estate agent Paige Gordon, who represented Hoang in the Nov. 11 sale, said Friday. The seller, Texas billionaire David Saperstein, had more ambitious plans for the property, wanting to transform it into a luxury resort, including a large hotel.

Hoang “has a lot of different ideas that he’s been playing around with, but I do know that he’s going to add to it and make it a health and wellness area,” Gordon said.

But Hoang will leave other portions of the property as they are so the site can continue to be used for Hollywood productions and weddings.

“That would take away revenue if he got rid of it,” Gordon said.

The ranch has been featured in such television shows as “True Detective,” “Entourage” and “NCIS.”

Hoang is “basically going to leave the Hummingbird alone, though he definitely is going to add to it,” including a possible moat for swimming, Gordon said. “But there’s not going to be a full-blown hotel.”

City Manager Eric Levitt said Simi Valley officials hope to meet with Hoang in early 2016 to find out more about his plans.

The Simi Valley City Council last year greenlighted the general plan, zoning change and environmental approval for Saperstein’s project. Levitt said that to his knowledge, construction had not begun.

The council approvals are still in effect for Hoang, said Peter Lyons, Simi Valley environmental services director.

“Whoever buys the property also gets the approvals,” he said. “If he wants to tweak somewhat what was approved for Mr. Saperstein, the scale or the locations or the architecture, he would have to go back to the Planning Commission to get a modification approval.”

Dean Kunicki, who has acted as Saperstein’s consultant on the project, did not return a call Friday seeking comment on the sale.

But Kunicki said last year the ranch had long been for sale and that Saperstein never intended to get into the hotel business. Rather, Saperstein had hoped that a hotel group or investor would step forward either to build a luxury hotel or run it.

Saperstein purchased the estate in the 1990s for his then-wife. It was placed on the market for $75 million after their divorce in 2007. It was listed for sale last year for $49.5 million by Sotheby’s International Realty. It sold for $16.5 million less.

Hoang, meanwhile, is building the Q Sushi restaurant and Kieu Hoang Wine Lounge at the Shoppes at Westlake Village.

Source: http://www.realtor.com/news/real-estate-news/nar-september-pending-home-sales-index-september-2015-2/

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