Actor lists his latest flip for $24.95 million

Jeremy Renner and another actor have bought, renovated and sold about 20 homes in the past decade, making money on every one.

By Teresa at MSN Real Estate Jan 23, 2013 2:20PM

Courtesy of Realtor.comActor Jeremy Renner doesn’t hunt just witches. When he’s not working on TV and movies, he is hunting homes to flip.

 

He and  business partner Kristoffer Winters have bought, renovated and sold about 20 homes in the past decade. They have just put their biggest project so far on the market: A “roaring '20s art deco style home fit for a 21st-century Howard Hughes,” as the listing describes it, is for sale for $24.95 million.

 

The home has six bedrooms, 11 baths, a pool, spa and theater and is on 1.89 acres in the Holmby Hills neighborhood of Los Angeles. They bought the house, built in 1959, for $7 million in 2010 and essentially rebuilt it. The property, which they’re calling The Reserve, has its own website. They initially listed the house for $27.95 million in December, but lowered the price a few weeks later.

 

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The two actors got into the house-flipping business almost by accident, Renner told Esquire. They bought a house together in 2002, because they didn’t want to pay rent, and made some improvements. When someone offered them $900,000 for a house in which they had invested $659,000, they realized they had found a business more lucrative than acting, at least at the time.

Since then, the two have renovated about 20 homes together, projects that took from three months to a year and a half. Often, they live in the homes while they’re being renovated, using the bathrooms at Starbucks and showering at the gym.

"I will never be in the stock market," Renner told Esquire. "It's just gambling. I'm a gambler, but I'll gamble on the practicality of things. If I'm all-in on a structure, at least I can sleep in the damn thing."

During an appearance last week on the "Late Show with David Letterman" to talk about his new film, "Hansel and Gretel: Witch Hunters," he also talked about his house-flipping. He told Letterman that the duo try to find architectural homes with history. "I love architecture, and to me it’s something that’s always been a tangible art form," Renner said. He also told Letterman that he and Winters had not lost money on any of their flips.

 
29Comments
Aug 6, 2014 1:42PM
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I applaud him for continuing to do what he did before he got into acting.  One never knows when their popularity will run out and they have ton find something else to do to earn a living.  Look at Misha Barton about to go into foreclosure.  Look at Megan Fox who couldn't get acting jobs because of her bad behavior and plastic surgery on her face and only got a couple of advertising jobs that pays nowhere near what she thought she would make.  At least he has skills and he is using it in the right market.
Feb 9, 2013 10:10PM
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I renovate homes and have done so since 2007. I have never lost money. I am very proud of the work I have done on each home as I renovate them as if I were going to live in them! Everything is repaired and the finish work is far above comparable homes. I am now obtaining contracts before my homes are completed based on word of mouth and showings of homes already under contract. To most of these negative comments...get off your lazy **** and be creative and maybe you can succeed instead of being jealous of our success! I am female in a mostly dominant male housing investor world and never once did I bitch that this isn't fair either! I took crap for a couple years and stuck in there just to prove myself. Did I bitch, NO, I kept focused on my goals and refused to give up! BTW, I started with a home equity line on my residence and have built a mini empire! See what passion, goals, and HARD work can do! I hope you complainers have learned something!!!

Feb 9, 2013 7:50PM
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YAY Rich over-privileged people getting richer while others sleep on the streets!!!
Feb 9, 2013 6:42PM
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Don't care about hearing the rich getting richer, how BORING...now maybe getting the homeless off freezing streets of LA or feeding them some of their $2500 a plate dinners. How about helping HOMELESS veterans... OH that's right your freedom to get rich fell upon their shoulders...yea go (*&^ another home...DONT CARE!
Feb 9, 2013 1:51PM
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High priced trailer, bring on the welfare freeloaders to bid on it

Feb 9, 2013 12:40PM
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I don't presume to know the quality of their work, but I would guess that they know what they're doing, because they essentially do this for a living. I agree that some house flippers are amateurs and are just in it to make a quick buck and don't do a good job. But I also know some house flippers are truly serious about doing quality work, especially when they're selling high-end homes.

Feb 9, 2013 11:53AM
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I would never buy a house from a flipper. Most are amateurs at construction and do hack work. A contractor has a reputation and a investment in a business to protect but a flipper is just in it for the short term profit. You'd be surprised at the serious structural flaws that can be hidden with trim and spackle. Would you buy a used car that had a salvage title ? Probably not. Well buying from a flipper is the same thing. They buy run down, damaged, Dilapidated houses and make them look good enough to sell. But they try to do it as cheaply as possible. When you buy a nice looking home from a homeowner you can usually count on any work they did or had done being done right because they were working on their home and would want things done right so they last. Not so with a flipper they own these houses a short time and only to make a profit not to make it their home. When they cut corners to increase their profits it's you who will end up paying the price. Twice ! Once for the house you thought was a good house and again to fix it right.
Feb 9, 2013 11:23AM
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His business partner is also his personal "partner". He isn't out of the closet yet...
Feb 9, 2013 9:19AM
Feb 9, 2013 8:51AM
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I thinks its great that he's doing something that he loves and a great relief from his busy film career. And at least he has something to fall back on if the movie career starts to tank...
Feb 9, 2013 4:31AM
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I'm happy for their success and finding a way to secure their future without gambling on the stock market.
Feb 8, 2013 11:09PM
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To be able to flip a property they bought 3 years ago for 7 million and are selling for 25 million is quite a profit. By doing their own labor I'm sure their costs were much lower. Even if they spent 10 million in material that leaves an 8 million profit and I doubt they spent anywhere near that. Sounds ike they know what they're doing.
Jan 31, 2013 5:44PM
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God isn't making any more land -as they say- buying a house (thereby the land it is on) is always a good investment because, like Renner said: no matter what you can always sleep in it.

You can buy 5 million in stock and have it become worthless, but if you buy a 5 million dollar house with 100 acres it might lose some value but it will never be worth nothing.
Jan 31, 2013 8:30AM
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The stock market has always given much better returns over time and its not the gamble some thing think unless they view it that way. If you take the time to understand it and use your head along with good solid analysis instead of your heart (gambling) you will prevail much better. PLUS.....

You don't have to work it like you do a house and incurr all of the other issued and safety problem you may run into.

THE STOCK MARKET ALWAYS HAS AND ALWAYS WILL BE A BETTER WAY TO MAKE MONEY.

 

Case in Point...

Today I sold a stock I bought back in Aug 2012 and realized a NET profit of 38.472% and I never lifted a hammer, paint brush or anything else. 

I worked with my head and saved my body for the gym, swimming pool and my wife!

 

None the less good luck Jeremy.

 

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