The Thousand Oaks estate that former ballplayer Lenny Dykstra lost to foreclosure last month has returned to the Multiple Listing Service priced at $10.5 million.
The lavish property, once listed by Dykstra at $25 million, was marketed at $9.999 million before its purchase by Index Investors on the steps of the Ventura County courthouse.
Index Investors' winning bid of $760,712 does not reflect additional amounts owed for missed payments, taxes and the $12-million first loan held by JPMorgan Chase & Co. Jeff Smith of Index Investors, a development firm, has declined to reveal the exact purchase price, citing a nondisclosure agreement.
Work is underway to restore the 61/2-acre compound that Dykstra bought in 2007 from hockey great Wayne Gretzky, Smith said.
"The pool is blue and beautiful, the fountains work and the remote control for the gates work," he said.
Smith is re-sodding all the lawns at the cost of about $100,000. "Wayne had put about $1 million to $1.5 million into the landscaping and hard-scaping," he said.
Smith anticipates that it will take six months before the property is in turnkey condition. When asked about the relatively low listing price, Smith said the home was being sold in "as is" condition.
"Nobody paid any attention to it for a year and half," he said of its current state.
Dykstra, who played pro ball for the New York Mets and the Philadelphia Phillies, ran into financial trouble as a financial guru and business owner.
Smith lent Dykstra about $770,000 in 2008 for repairs to his Gulfstream II jet. When Dykstra defaulted on his mortgage payments, Index Investors sought to gain control of the 12,700-square-foot mansion in hopes of recouping its money.