When a legendary comedian’s Beverly Hills mansion hits the market for $18 million but sells for nearly half that price, there’s a story worth telling. Buddy Hackett’s iconic estate at 718 Walden Drive sold in November 2022 for $9.5 million—revealing fascinating insights about celebrity real estate, renovation costs, and what really drives property value in America’s most exclusive zip code.
The late comedian wasn’t just funny on stage. He built a real estate portfolio that included properties with some of Hollywood’s most intriguing backstories. From his primary Beverly Hills compound to a Fort Lee, New Jersey mansion previously owned by murdered crime boss Albert Anastasia, Hackett understood location and legacy better than most investors.
This guide reveals what really happened with the Buddy Hackett house, why it sold for millions less than expected, and what his real estate choices teach us about smart property investment.
Quick Facts: Buddy Hackett House
| Property Detail | Information |
| Address | 718 Walden Drive, Beverly Hills, CA 90210 |
| Original Build Year | 1929 |
| Hackett Ownership | 1952-2003 (51 years) |
| Property Size | 19,410 sq ft lot (nearly half-acre) |
| Home Size | 6,549 sq ft (per recent listing) |
| Bedrooms/Bathrooms | 6 bedrooms, 11 bathrooms |
| Architectural Style | Spanish Colonial Revival |
| Listed Price (2020) | $18 million |
| Actual Sale Price (2022) | $9.5 million |
| Price Reduction | 47% below asking |
| Neighborhood | Beverly Hills Flats |
| Notable Feature | Across from LA Country Club |
The Investment Story: From $18M Dream to $9.5M Reality
Here’s what most articles won’t tell you about the Buddy Hackett house. The property underwent an extensive renovation where owners “completely took it down to the studs” before listing it at $18 million in 2020. Two years later, it sold for barely half that amount.
What happened? The renovation likely cost several million dollars. When you strip a historic 1929 Spanish colonial estate to its bones and rebuild, you’re looking at $500-800 per square foot easily. For a 6,549 square foot home, that’s $3.2 to $5.2 million in renovation costs alone.
The sellers probably invested $4-6 million total (purchase plus renovation), then listed at $18 million hoping for a hefty return. Instead, they got $9.5 million—potentially breaking even or taking a loss after agent fees, holding costs, and transaction expenses.
This reveals a critical truth about luxury real estate. Over-renovation doesn’t guarantee premium returns, especially when you’re competing with buyers who want to customize their own vision. The Beverly Hills market values land and location more than someone else’s renovation choices.
Why Buddy Hackett Chose This Specific Location
The property sits across from the Los Angeles Country Club, one of the most exclusive clubs in America. Hackett didn’t choose this spot randomly in 1952. He understood three things that made this location invaluable.
First, the Beverly Hills Flats offered flat terrain. Unlike hillside properties that require expensive retaining walls, drainage systems, and constant landslide monitoring, flat lots are easier to maintain and insure. You save thousands annually on structural maintenance alone.
Second, proximity to the LA Country Club meant permanent green space views. No developer could buy the land across the street and block his vista with a high-rise. That visual buffer adds lasting value that survives market fluctuations.
Third, the Flats attracted entertainment industry professionals who understood discretion. Hackett was known for bringing audience members on stage during his nightclub acts, and he needed neighbors who respected privacy while appreciating his craft. The Flats provided that balance between accessibility and seclusion.
The Property’s Hidden History Before Hackett
Most sources claim Hackett owned the estate since it was built in 1952, but real estate records tell a more nuanced story. The structure dates to 1929, meaning someone else built it 23 years before Hackett’s purchase.
The late 1920s marked Beverly Hills’ transformation from bean fields to luxury enclave. Developers built Spanish colonial estates to attract film industry money flowing from newly successful “talkies.” The 1929 stock market crash likely forced the original owner to sell, creating a buying opportunity for someone in the 1930s or 40s.
By 1952, when Hackett purchased the property, he was already established in entertainment. He first performed in Las Vegas in 1952 and became one of that city’s biggest headliners. His timing was perfect—buying an undervalued historic estate just as his career exploded.
Buddy Hackett’s Broader Real Estate Portfolio
The Beverly Hills house wasn’t Hackett’s only property or even his most controversial. In August 1958, Hackett and his wife Sherry bought a house previously owned by murdered crime boss Albert Anastasia in Fort Lee, New Jersey. Anastasia, head of Murder, Inc., was assassinated in a Manhattan barbershop in 1957.
Why would a successful comedian buy a dead mobster’s house? The property sold at a significant discount due to its dark history. Hackett saw value where others saw stigma. He lived there for years, proving that property fundamentals—location, structure, size—matter more than previous ownership.
Hackett also owned a beach house in Malibu, where he died in 2003 at age 78. This three-property portfolio—Beverly Hills primary residence, New Jersey East Coast base, and Malibu retreat—showed sophisticated diversification. He owned where he worked (LA), where his family roots were (New Jersey), and where he could escape (Malibu beach).
What Made the Beverly Hills House Special
Beyond location, the physical structure offered elements that justified Hackett’s 51-year ownership. The Spanish-style estate spans 7,800 square feet with original truss ceilings, wood beams, and a 40-foot pool.
Original truss ceilings from 1929 represent craftsmanship you cannot replicate today at any price. Modern building codes, labor costs, and material scarcity make authentic Spanish colonial details irreplaceable. When renovators “took it down to the studs,” preserving these elements likely drove significant cost.
The 40-foot pool exceeds standard residential pools by 10-15 feet. This wasn’t decorative—it was functional. A 40-foot pool allows legitimate lap swimming, hosting swim parties, and water games that smaller pools can’t accommodate. For an entertainer who hosted industry gatherings, this amenity mattered.
The corner lot position on nearly half an acre provided something increasingly rare in Beverly Hills: privacy with presence. Corner lots offer natural separation from neighbors while maintaining street presence. You’re not hidden, but you’re not crowded either.
The Renovation That Changed Everything
The complete renovation took the property “down to the studs”, meaning only the frame remained. Everything else—plumbing, electrical, HVAC, insulation, drywall, fixtures—was new.
This level of renovation in a historic property requires:
- Permits and approvals: Historic preservation reviews, city inspections, and architectural board approvals in Beverly Hills can take 6-12 months before work begins.
- Systems upgrades: Bringing 1929 infrastructure to 2020 code standards means replacing every pipe, wire, and duct. Budget $200,000-400,000 just for mechanical systems.
- Structural reinforcement: California’s seismic codes demand earthquake retrofitting. Adding steel reinforcement, foundation bolts, and flexible connectors costs $150,000-300,000 in a home this size.
- Finish materials: High-end finishes expected in $18 million Beverly Hills homes—imported tiles, custom millwork, designer fixtures—add $500,000-1,000,000 easily.
- The renovation transformed a dated celebrity home into a modern luxury estate. But it also removed the one thing buyers in this market sometimes want: the chance to do their own renovation to their own specs.
Why It Sold for 47% Below Asking
The property sold on November 29, 2022 for $9,500,000—13% lower than the asking price at that time. This suggests the listing price had already dropped from the original $18 million, and buyers still negotiated further down.
Several factors explain the dramatic discount:
Market timing: Late 2022 marked rising interest rates. Luxury buyers financing purchases saw monthly payments jump 40-50% compared to 2020-2021. This priced out many potential buyers and forced sellers to adjust.
- Over-improvement for the neighborhood: While Beverly Hills commands premium prices, a $18 million ask for 6,549 square feet means $2,749 per square foot. Comparable sales in the Flats averaged $1,800-2,200 per square foot, making this property overpriced for its size.
- Competition: Beverly Hills always has 20-30 homes listed above $15 million. Buyers in this range have abundant choices and can wait for motivated sellers.
- Renovation taste: The sellers’ design choices might not have matched buyer preferences. In luxury real estate, many buyers prefer to customize themselves rather than pay premium for someone else’s vision.
- Property limitations: Single-story homes, while accessible and spreading, don’t maximize land value like two-story estates. The lot could theoretically support 10,000+ square feet, making the existing 6,549 square feet feel underbuilt.
Lessons from Hackett’s Real Estate Strategy
Buddy Hackett’s property investments reveal five principles that work regardless of price point:
Buy in established, constrained areas. The Flats can’t expand—it’s bounded by geography and existing development. Limited supply protects long-term value.
Prioritize land over improvements. Hackett’s lot maintained value through decades of changing tastes. Buildings can be renovated, but land location never changes.
Don’t fear controversial properties. His purchase of the mob boss house showed contrarian thinking. Stigmatized properties offer discounts that patient owners can overcome with time.
Diversify geographically. Beverly Hills, Fort Lee, and Malibu served different purposes and protected against regional market downturns.
Hold long-term. Hackett owned 718 Walden Drive for 51 years. He didn’t flip properties for quick gains—he bought quality and held it through multiple market cycles.
With a net worth of $10 million at his death in 2003, Hackett’s wealth came primarily from entertainment, not real estate speculation. His properties supported his lifestyle and preserved wealth rather than serving as primary income sources.
The Current Market Status
Since the November 2022 sale, the property has remained off-market. The new owner purchased at a basis of $1,451 per square foot—reasonable for the Flats but suggesting they see it as a long-term hold rather than a flip.
Beverly Hills Flats properties rarely change hands. Average ownership duration exceeds 15 years, as buyers in this neighborhood typically purchase permanent or at least long-term residences. The new owner likely plans extensive customization, given that previous renovation didn’t command the premium the sellers hoped for.
For perspective, comparable recent sales in the area:
- 730 Walden Drive (next block): Sold for $14.5M in 2021 for 8,400 sq ft
- 710 Walden Drive: Sold for $11.2M in 2023 for 7,200 sq ft
- 701 Walden Drive: Listed at $22M with 9,800 sq ft
The Buddy Hackett house sale aligns with neighborhood values when you calculate price per square foot. The original $18 million ask was the anomaly—the $9.5 million sale represents market reality.
What This Property Tells Us About Celebrity Real Estate
Celebrity-owned homes face unique market challenges. Some buyers pay premiums for famous previous owners, but most don’t. The Beverly Hills market cares more about location, size, condition, and potential than whose name is on previous deeds.
Hackett died in 2003, and the property remained in his estate’s name for nearly two decades before selling. This long holding period suggests the family viewed it as legacy preservation rather than investment optimization.
When celebrity estates finally sell, they often underperform expectations because:
- Delayed maintenance: Properties held by estates sometimes lack the updates that occupied homes receive regularly.
- Emotional pricing: Families often overprice based on sentimental value rather than market comparables.
- Dated design: What seemed luxurious 20-40 years ago might feel outdated to current buyers, even after renovation.
- The Buddy Hackett house story reminds us that real estate value comes from location, fundamentals, and market timing—not from famous previous residents.
Frequently Asked Questions
How much did Buddy Hackett’s house actually sell for? The Buddy Hackett house at 718 Walden Drive in Beverly Hills sold for $9.5 million in November 2022. This was significantly below the $18 million asking price when it first listed in 2020, representing a 47% reduction. The final sale price reflected market conditions and buyer preferences for the 6,549 square foot Spanish colonial estate.
Did Buddy Hackett build his Beverly Hills house? No, Buddy Hackett didn’t build the house. The property was originally constructed in 1929. Hackett purchased it in 1952 when he was establishing his career in Las Vegas and Hollywood. He owned and lived in the estate for 51 years until his death in 2003, making it his longest-held property.
What other properties did Buddy Hackett own besides his Beverly Hills estate? Buddy Hackett owned at least three notable properties. Besides his primary residence at 718 Walden Drive in Beverly Hills, he purchased a Fort Lee, New Jersey mansion in 1958 that previously belonged to murdered mob boss Albert Anastasia. He also owned a Malibu beach house where he passed away in 2003. This diversified portfolio showed sophisticated real estate strategy across multiple markets.
