If you’ve got some spare cash lying around and are looking for a new home up in the Hollywood Hills you might reach out to Henrik Fisker. He’s got a place for sale overlooking the legendary Sunset Strip for $35 million. Of course, you could also buy his car company, Fisker Inc. for less than $25 million – though you could wait if you might get it for even less as it struggles to avoid bankruptcy.
The Fiskers’ home offers a dramatic view of Los Angeles and the Pacific Ocean, according to its real estate listing.
It’s not clear if Henrik Fisker and wife Geeta-Gupta Fisker are planning to leave town, but they’re ready to sell the nearly 12,000 square-foot mansion they purchased three years ago in the Hollywood Hills.
With its infinity pool, retractable glass walls and a garage capable of holding up to six vehicles, it’s now up for sale through the Multiple Listing Service for $35 million.
If they get their asking price it would bring in a tidy profit considering it’s 61% more than the entrepreneuring couple paid for the home in 2021. And it would ensure they fare significantly better than they and other investors will do with stock in their struggling car company, Fisker Inc., which is widely expected to declare bankruptcy in the coming months.
“The quintessential Southern California living experience”
The Fisker’s home has been described as “the quintessential Southern California living experience.”
Among the high points, the listing calls out the home’s retractable glass walls leading out to an infinity pool.
“Perched to capture one of the Hollywood Hills’ most breathtaking panoramic views, this sophisticated and elegant compound epitomizes luxury living at its finest,” according to the Multiple Listing Service. “Encompassing an expansive 11,800 sq. ft. of living space and surrounded by explosive views spanning from Downtown Los Angeles to the Pacific Ocean, the estate boasts six bedrooms, eight bathrooms and every world-class amenity desirable.”
Headlight.News reached out to the Fiskers to ask why the couple is moving – and to where. This story will be updated if and when they reply.
“Inexcusable”
A long-time automotive designer best known for his work at Aston Martin, Henrik Fisker was a pioneer in the green car movement – but he has a series of setbacks in his effort to establish a successful car company bearing his name. His first effort, Fisker Automotive, filed for Chapter 7 bankruptcy 13 years ago, its assets sold off to a Chinese start-up that now operates as Karma.
The Fisker Ocean EV was described as “inexcusable” in a harsh Consumer Reports review.
His second try, Fisker Inc., was founded in October 2016 and launched its first product, the all-electric Ocean SUV, in late 2022. As with Fisker Automotive, however, the company has been plagued with problems, the Ocean itself described by Consumer Reports as “inexcusable.”
“So far, our experience with the Ocean is like ordering pizza at a new, buzzy restaurant, only to get a pie with undercooked dough and no sauce because the tomatoes are still growing. The tantalizing promise of the final product is right there in front of us, but it’s quite unappealing in its current state.”
More Fisker News
- Fisker Rescue Talks With Nissan Collapse
- Consumer Reports Reviews Calls Fisker Ocean “Inexcusable.”
- Fisker Says His Company’s Future is in “Substantial Doubt”
Bankruptcy looming
CEO Henrik Fisker showed off a pre-production version of the Fisker Ocean at the 2022 Los Angeles Auto Show.
Sales have been marginal, though Fisker has attempted to boost demand with hefty incentives. In March, it reduced the EV’s price by 39%. The Sport trim, which previously cost $39,000, is now available at a starting price of $25,000. The fully loaded Ocean Extreme, originally $62,500, now goes for $37,500.
Fisker has not indicated whether the discounting effort has generated more interest in the Ocean. But its financial situation clearly isn’t good. It generated just $200.1 million in revenue during the fourth quarter of 2021 – the latest it has reported on – and the company lost $1.23 per share.
Its stock has fallen as low as two cents a share in recent months, down from a $28.50 peak in 2021 following a so-called SPAC merger. At the current, 5-cent price, the company has a market capitalization of $24.97 million. That’s down about $8.4 million from what the EV maker was valued at in March when trading was suspended on the New York Stock Exchange.
A buyer potentially could snap it up for about $10 million less than the Fiskers want for their Hollywood Hills home. But anyone who stepped in would have to deal with the fact that the company has warned it may not be able to continue as a going operation. After missing a recent debt payment, Fisker Inc. has hired a chief restructuring officer and advised that it faces the very real prospect of filing for bankruptcy in the coming weeks.
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