Local residents and fans of old Hollywood breathed a sigh of relief in 2018. Four years ago, businessman Ron Burkle purchased the iconic Bob and Dolores Hope Estate in Toluca Lake, CA, at the reduced price of $15 million. He promised not to subdivide the 5.16-acre property.

He kept his promise, and after four years of restoration and renovation, the home is back on the market for $29 million.

The Hope property was initially listed in 2013 for $27.5 million, with the price dropping eventually to $22 million. Though developers offered sums close to the asking price, the Hope family also wanted the home’s history preserved. The family finally agreed to Burkle's offer of $15 million, with the caveat that he would preserve the property.

Though Burkle is ready to move on after a four-year flip, he leaves intact the legacy of the Hope mansion.

When Burkle acquired the property, there were some original features—namely the kitchen—that needed updating.

The home was built in 1939 by John Elgin Woolf, generally known as the father of Hollywood Regency, and it sits close to the Lakeside Country Club golf course, where Bob Hope was a member.

It also sits smack-dab in the middle of several major studios, including Disney, Warner Bros., and Universal.

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However, the main glories of the estate remain behind its gates. There's a luxe six-bedroom main house with a two-bedroom staff wing, a two-bedroom guest apartment, and carriage house accommodations, for a grand total of 10 bedrooms and 17 bathrooms.

The grounds feature lush landscape design by Art Luna with rolling lawns throughout. Outdoor amenities include a saltwater pool as well as lounge areas and terraces. A highlight is a one-hole golf course designed by Hope himself with two tee positions that have been left as is.

There's also a large barbecue kitchen and a tennis court with a tennis pavilion.

Inside, the rooms have been opened up and windows and sliders have been added. The kitchen and bathrooms have been redone with high-end fixtures and finishes. Wide-plank, white oak floors now flow through much of the house.

The features that have been carefully restored include the stone-clad fireplace in the great room, along with the home's six other fireplaces.

But perhaps the most monumental restoration and preservation of all is Hope’s original oak library. His personal office has also been meticulously restored.

Other luxury features include an updated home theater and a new gym with a steam and infrared sauna.

Separate from the main house is a professional conference room, other business facilities, and parking. The security system has been upgraded and includes a security office and three gate entrances that are monitored.

This legacy estate is now ready for an entertainment mogul in search of prestigious live/work accommodations with serious show business vibes.

In late 2016, Burkle purchased Hope’s iconic John Lautner–designed spaceship house in Palm Springs for $13 million. Initially listed for $50 million, the desert home languished on the market for almost three years before Burkle bought it. At the time, Burkle’s offer was also deemed best, because it focused on preserving and restoring the showy desert dwelling.

Kevin Dees of The Agency has the Toluca Lake listing.

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