Tom Hanks and his wife, Rita Wilson, reside in Pacific Palisades, a Los Angeles neighborhood.
Tom Hanks, who is widely regarded as one of the most seasoned, exceptional, and gifted actors of the twenty-first century, has been a mainstay of the Hollywood establishment ever since he started acting professionally in 1977. His acting prowess has landed him roles in films with only Hollywood's best and most prestigious actors, including Leonardo DiCaprio, Denzel Washington, Matt Damon, Vin Diesel, Stanley Tucci, and Catherine Zeta-Jones. He has also reprised his role in Toy Story, one of the most popular animated film series of all time.
Hanks, who is 66 years old, has acted in more than 100 movies, contributing to his net worth of more than $400 million, though this sum includes Rita Wilson, his wife, in the calculation. With such a sizable net worth, it stands to reason that this eminent actor would be investing in real estate. Thus, despite owning multiple homes in Malibu, California; Sun Valley, Idaho; and even Greece, they made their $26 million Pacific Palisades mansion their primary residence as soon as they bought it in 2010.
Did Tom Hanks renovate his house?
The mansion was one of the most expensive purchases in the area at the time when Tom and his wife, Rita, paid $26 million for it. The enormous hilltop mansion measures 14,513 square feet.
According to Heavy.com, the lot itself occupies an acre and a half of land and is perched atop a cliffside. Although the couple's home frequently serves as the venue for A-list Hollywood parties, they actually keep it very private, so there aren't many details available about it. The home was actually constructed in 1996 and was previously occupied by Hollywood producers Kathleen Kennedy and Frank Marshall.
After the Hollywood couple moved out, the house underwent extensive modifications and renovations. The interior of the mansion has three stories, each of which has a distinct and roomy balcony area with a lovely view. The support space was referred to as one of the floor levels, and it had clean white walls and glossy wooden flooring.
You can be sure that the caliber of guests who show up at one of Tom Hanks' events would make any famous person envious and eager to partake in the fun. A party hosted by Tom Hanks for the elite of Hollywood reportedly drew everyone from Bruce Springsteen and Steven Spielberg to Michelle and Barack Obama. After all, the multiple Academy Award winner may have become close friends with former President Barack Obama after accepting the Presidential Medal of Freedom from the 44th President of the United States in 2016.
What other features does Tom Hanks' home have?
In addition to the mansion's exterior features, the front yard has a sizable motor court lined with trees that serves as the circular area for guest parking. It leads to a stunning, front-facing cliffside swimming pool and deck area, perfect for those exclusive Hollywood parties they love to throw occasionally.
The value of Hanks' Pacific Palisades property has increased from the $26 million the couple paid for it in 2010 to over $28.5 million. It's unclear whether this increase is due to the renovations that were made or the money trails of the celebrities who visited the property.
This is just one of the stunning homes that this power couple owns in the Pacific Palisades neighborhood of Los Angeles. The Real Deal claims that Tom and Rita owned properties there long before 2010. As they are situated on a connected parcel of land, they added the neighboring mansion property to their list in 2007 after making their initial home purchase in 2003.
One of the mansions had four bedrooms and was in the Spanish revival style. He purchased it for $7.3 million and sold it for $8.75 million in 2016. He paid just over $9 million for the annexed mansion, which was a little bigger, with 7,260 square feet of living area and seven bedrooms. In the end, the properties brought in a total of $18 million. If need be, Hanks and Wilson have plenty of nearby and distant housing options.
What other real estate does Tom Hanks own?
In April 1991, Tom and Rita spent $2.95 million on a large oceanfront mansion in the incredibly exclusive Malibu Colony. The seller was the director John Frankenheimer. This house is currently worth at least $20 million.
In May 2017, Tom and Rita sold two adjacent Palisades houses for $18 million. The buyer, who hid their identity, demolished the two homes to make room for a massive single mansion.
Tom and Rita are the owners of at least five more properties in Pacific Palisades. Outside of Los Angeles, in Sun Valley, Idaho, Tom and Rita own a ski lodge. Hanks and Wilson's real estate holdings have a combined market value of at least $150 million.
