Malibu is Now Xanadu; At Least For One Buyer

It took singer Olivia Newton-John almost a year to find a buyer for her Malibu home, but she can now apparently sing "You're the One That I Want."

Newton-John, who withdrew her house from the market last month, just closed escrow at more than $10 million, according to area real estate sources and public records. The house had been most recently listed at nearly $11.5 million.

The buyer is a trust representing Patrick Kevin Morris and his wife, Gaby Morgerman - both entertainment industry heavyweights. Morris is an entertainment lawyer and Morgerman a senior vice president at William Morris Agency. They own another Malibu house that is on the market.

The Newton-John listing, after 354 days, was about to expire when it disappeared in December from the Multiple Listing Service. It is not unusual for celebrities to withdraw their homes from the market once they are in escrow, hoping the sale will escape public notice.

The Mediterranean-style house has four bedrooms and seven bathrooms in 6,482 square feet. The 1.28-acre compound includes a pool, a spa and a two-bedroom guesthouse.

The gated neighborhood is no stranger to celebrity owners. Newton-John bought the property in 2004 for nearly $6 million from the widow of actor Charles Bronson, and Britney Spears used to live next door.

Ways to Make Your Life Greener in 2009

President Obama preaches "Change" in 2009 and we here at MN think it's a wonderful idea. Change always starts with yourself, so we've gathered a small list of greener alternatives to improve your eco-friendly living and to start doing your part.

Bedrock Industries [100% Recycled]
Headquartered in Seattle, this recycled glass tile company makes a profit off every cork you pop. Using donated wine and beer bottles, Bedrock brings new purpose and beauty
to this typically discarded glass. All tiles are custom made for each order and perfect for that swanky kitchen redesign or bathroom update, and shipped in cardboard boxes they find on the street!
Other alternatives: Oceanside Glass [86% Recycled]

EcoSmart Fireplaces
These 100% clean-burning, versatile fireplaces are a great way to think green while staying warm. Much like the need for wood in typical fireplaces, EcoSmart's run off of Denatured Ethanol which is fairly inexpensive and found at any hardware store. And since these are 100% clean burning there is never any clean up and no flue is necessary seeing that the only byproduct of combustion is water, steam and carbon dioxide.

Minimize Your Carbon Footprint While Moving

The NY Times published a great video on a progressive moving company that's thinking on the green side of things. It's a great idea and perfect for the Bay Area!

Click HERE for video!

Can't Sell Your Home? Raffle It Off!

At least that's what one Austrian woman did for her luxury villa in Southern Austria. In a tougher market housing market, Traude Daniel was unable to find a buyer for her $1 million dollar estimated, 4,305 square foot home. "The response was amazing. ... We got e-mails from around the world," she said. Daniel's sold close to 10,000 tickets at $128 a piece with the winner, Walter Egger, an Austrian, picked Tuesday as the lucky winner.

One in 54 Homes Entered Foreclosure in 2008

Some interesting new statistics were published this morning regarding the state of the housing market nationwide. According to RealtyTrac, foreclosures are up 81% from 2007 and up 225% from 2006. Nevada led the pack with a staggering 7.29% of foreclosures, followed by Florida at 4.52% and Arizona with 4.49%. 2008's market collapse was due in part to the sub-prime disaster, while predictions for 2009 will be people with fixed-rate mortgages losing their jobs and the collapse of many of those stated-income loans.

"Clearly the foreclosure programs implemented to date have not had any real success in slowing down this foreclosure tsunami," James J. Saccacio, RealtyTrac's chief executive, said in a statement. Like the troubled loans they are meant to fix, modification plans can include complex loan features: interest-only periods that reset in a few years, gradually increasing payments, or complicated formulas for sharing appreciation or equity. Some simply stretch the loan over 40 years reducing the payment amounts but increasing the total loan cost.

For the full article on MSN Click Here