An heir to the Wrigley gum fortune is asking nearly $13 million for a two-home compound in Venice, California, which they had snapped up only last year for a fraction of the price.
Sujo and Jim Offield—the great grandson of chewing gum magnate William Wrigley, Jr.—are flipping a three-parcel property they bought for a combined $7.472 million, according to property records.
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The couple has updated and reimagined the property over the last 12 months and are now selling it for $12.95 million, according to the listing with Aaron Kirman and Ashley Wolf of Aaroe Estates. That’s a 73% profit if the Offields get what they’re asking—and at the rate homes are disappearing from the Venice market, they might not have to wait long.
Over the past year, the Offields have spent north of $2 million in structural and cosmetic upgrades and spent about $1.8 million on furnishing the interiors, according to a spokesman for Aaroe Estates.
The estate includes a contemporary architectural main mansion and a 1920s bungalow next door. The sellers are also offering to sell the properties separately, asking $10.95 million for the 4,740-square-foot main house and $2 million for the two-bedroom cottage, which also comes with a studio above the detached garage, according to the listing agents.
The main residence, built in 2003, is a concrete and wood, H-shaped building with two courtyards running through the center. Architect Frederick Fisher designed the house, while the Offields hired architect and designer Tom Stringer to do the interiors. Mr. Stringer's office has handled the design work for the couple on more than 20 projects.
There are three bedrooms, four-and-a-half bathrooms and floor-to-ceiling windows overlooking the private courtyards.
The owners have reimagined the outdoor space to incorporate more "zen," according to the listing agents. The courtyards have new sandstone pavers and magnolia trees. They’ve also given potential buyers in the tech-ridden neighborhood—dubbed "Silicon Beach"—something to chew on by layering the house with innovative, smart-home technology, according to the listing.
Other upgrades include removing built-ins to open up the interiors, adding new recess lighting, upgrading the stairwells and undertaking a $300,000 project to strip and refinish all of the wood millwork, according to the agents.
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The modern megalith dwarfs the two-bedroom, craftsman-style bungalow also included in the sale. Instead of zen gardens, the cottage has a wraparound white picket fence and a line of trees spill over the top of the single-story house.
The bungalow next door
JOHN AAROE GROUPNew listings are a rare commodity in Venice, where the average single-family home sold in only 48 days last quarter, according to the most recent report from Douglas Elliman and property appraisal firm Miller Samuel. The average price there has jumped 4.5% over the past year.
The Offields could not be reached for comment.