Menendez Brothers

Elm Street - Beverly Hills, California
Class IV - Distress Condition, Crime Scene

On March 20, 1996, a jury convicted Lyle and Erik Menendez of first-degree murder for the August 1989 slaying of their parents in their Beverly Hills mansion. The property contains 9,063 square feet, six bedrooms and eight bathrooms for a total of 23 rooms. Amenities include a pool, tennis court, and guest house. Tourist buses still stop at the house today, eight years after the incident.

The murders occurred approximately one year after the parents purchased the home for $4 million. The living room, where the murders occurred, was completely renovated and no physical trace of the crime remains. The house was placed on the market in April 1991 and was listed for sale for approximately one and one-half years before a buyer came forward in October 1992. The property sold for $3 million.

By 1992 the property was worth approximately $4.2 million with no stigma. The $3 million sales price indicated that there was an approximate 35% discount attributed to stigma. In addition, the property suffered from an extended marketing period of approximately one and one-half years, which is significantly longer than the typical six-month time frame.