Warren Buffett's major move into California real estate had its official L.A. kickoff yesterday. Prudential California Realty is now Berkshire Hathaway HomeServices California Properties, with a national rollout that has already included Connecticut and Florida.
The ribbon-cutting to celebrate the transition was held at a Hidden Hills mansion that is currently for sale and had the new brand's first yard sign in L.A. (one of 30,000 that will replace Prudential signs in Southern California in the next few days). Located in the Ashley Ridge section of the entirely gated, "paparazzi-proof" city located near on the westernmost edge of the San Fernando Valley near Calabasas, the 21,000-square-foot French Normandy-style estate is listed for $17.9 million. Included are two guests houses, expansive grounds, and an almost 5,000-square-foot garage. Located on a 2.8-acre lot, the mansion also boasts a glass elevator, two-story gym, full day spa, and a wine cellar with tasting rooms.
So what exactly does the Buffet rebrand mean for top realtors like Rory Shevin, who holds the Hidden Hills listing with his brother Marc Shevin and specializes in the area where Jessica Simpson, Jennifer Lopez and Kris and Bruce Jenner have homes? "This means that we're now part of a name that is recognized around the world as the number one respected company on the planet. Because of the change, the excitement factor is extremely high."
The brokerage held similar events in San Diego, Newport Beach and Santa Barbara in the past 10 days.