Phillip Garrido’s Antioch Home Sells for 1.2 Million Dollars

…In Monopoly’s Google City Street View game. The Quincy Cove’s very own Davis Freeberg has purchased the now famous Antioch residence this last week for a cool $1.2 million dollars of Monopoly Street View money. Although, Davis only purchased the residence in a online game website, the real value of the property is now estimated to be between $700,000 and $1,200,000

In determining a price tag for this home we have to take into consideration several factors. First off, what have other famous criminal homes sold for? Analyzing these other ‘comparable’ properties will give us an estimate to what the Garrido residence is now worth.

For example, Al Capone’s famous Wisconsin hideout was recently listed by a foreclosure bank with starting bids set at $2.6 million. Capone’s place boasts of over 400 acres (something that Garrido’s residence can’t really compare to), however Garrido’s residence is located in a part of the Bay Area where home prices are known to be very high. If location is truly the most important feature of buying real estate than a San Francisco area home is prime property.

Bernard Madoff’s Montauk home is estimated to be worth over $3 million. “The Montauk home is right on the ocean, 120 miles east of Manhattan…The home is estimated to be worth $3 million dollars. The Corcoran Group Real Estate has listed the home for $8.75 million dollars.” (celebforeclosures.com)

Although, Michael Jackson is not ‘technically’ a criminal his house is estimated to be worth at the very least $120 million. “On November 11, 2008, Michael Jackson transferred title of Neverland Ranch to the Sycamore Valley Ranch Company LLC, in which Jackson held an unknown stake….According to the Santa Barbara County Assessor’s Office, Jackson sold an unknown portion of his property rights for $35 million. Neverland may be worth as much as $120 million.” (www.pajamadeen.com)

Based purely on local home comparables, without regard to the Garrido’s ‘celebrity factor’, the home is worth around $200,000. Now if we were to calculate a ‘celebrity factor’ based upon what the ratio of Madoff’s estimated home value to list ratio is; Garrido’s residence is worth between $700,000 and $1,200,000.

Although, Contra Costa County has the power to take the home by means of eminent domain and give the sales proceeds to the Jaycee Dugard Trust, this is just an invitation for disaster. The type of investor that would pay anything above fair market value is the type of person that Antioch is trying to keep out of the area. The house will likely end up being de-constructed for evidence with the land being sold off for redevelopment.

Although, when the property is eventually resold the sales price will likely be above fair market value based purely upon the parcel’s now famous history.

Of course Jaycee Dugard, her children, and possibly her parents now have the ability to sue Garrido with a civil action lawsuit; seeking monetary damage rewards (i.e. force the sale of his former residence to the highest bidder). If Jaycee was able to obtain $1.2 million from the sale of the property that would at least be a starting point for the road forward.

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