May 17, 2022

condoritolapelicula

Half the Automotive

Car Collector Mike Schein Pays $13.3 Million for Hilltop Palisades Estate

Paying $13.3 million in cash for a house is unfathomable to most folks, particularly those at the relatively tender age of 33. But for Mike Schein, it’s probably more akin to just another fun little purchase from his local car dealership. After all, the New York native’s new Los Angeles digs cost only a bit more money than some of the many rare and exotic vehicles he owns. Well, actually, at least one of his cars — his fabled 1994 McLaren F1 — is likely worth significantly more than his Palisades mansion.

Schein himself isn’t an entertainer or a mogul, at least in the traditional sense, but his epic car collection and willingness to share it with fellow automotive fans — at least visually — has made him something of a legend in car junkie circles. Unlike many other collectors, Schein doesn’t let his rides gather dust in a secret garage dungeons or prevent photographers from snapping shots. No, he drives his cars — hard. He also frequently shares photos of his collection on his public Instagram account, which has been described as “literally automotive porn” by Gear & Grit.

And what a collection it is! Schein owns several ultra-desirable cars valued at well north of $1 million apiece — a Ferrari F40, Ferrari F50, Ferrari LaFerrari, Porsche Carrera GT and a Porsche 959 among them. But undoubtedly the pièce de résistance of his vehicular trophy case is the one that many gearheads consider the automotive Holy Grail – a McLaren F1, one of only 106 examples ever built. Schein’s F1 originally belonged to the Sultan of Brunei. In 2006, Schein’s father Marvin Schein paid $1.7 million for the car at auction. And in the ten years since, it’s value has likely increased tenfold — Mike Schein put the car up for sale in 2018 with a $22 million ask, though ultimately changed his mind about ditching it.

In case you’re wondering who would pay north of $20 million for a car, current F1 owners include car-crazy tycoons like the Sultan of Brunei — yes, he still owns multiple examples — Jay Leno, billionaire Lawrence Stroll and Ralph Lauren, who owns three examples himself. Other owners have included tech billionaires like Larry Ellison and Elon Musk, though both those gents sold their respective F1s years ago. Leno, who also frequently drives his F1, has described the car as “the best investment I ever made.” (Also, many car enthusiasts would blister with rage to hear a McLaren F1 described as “just a car”; after all, this particular road car is widely considered to be the greatest of all time.)

But let’s talk real estate. Schein doesn’t necessarily sleep in his cars, and he was recently married to architect Lea Teitelbaum. So, a little marital real estate purchase seems natural. And even at $13.3 million, this particular house seems like a good deal — the lush estate spans nearly an acre of land, with views across the L.A. basin. It’s also set on a private road near the top of Pacific Palisades’ Riviera section, long considered one of L.A.’s most prestigious, and beautiful, neighborhood pockets.

(For those wondering about pesky money matters: Schein is the paternal grandson of the late Henry Schein, who founded the dental and medical supplies company that bears his name in 1932. Today, Henry Schein employs approximately 20,000 people worldwide and generated more than $10 billion in revenue last year. It’s also been named one of the world’s most ethical companies.)

Fran Flanagan and Liz Jones of Compass held the Palisades listing; Alexis Demirjian of Douglas Elliman repped the buyers.

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