‘Dream House’ Raffle Winner Choice: Historic California Home Or $5M Annuity?

Feb. 15--A historic home in Pasadena, the Kelsey House, is the grand prize in this year's Palos Verdes Art Center Dream House Raffle.

The 2,803-square-foot home, set on a woodsy, two-thirds acre above the 7th fairway of the Annandale Country Club, was designed in 1962 by noted architects Thornton Ladd and John Kelsey for Kelsey and his family. The house was entered into the California Historical Resources database in 2005.

The three-bedroom house wraps around a swimming pool set in an atrium with an opening at the top. A round, formal dining room is finished in bleached teak panels. In the living room, glass pocket doors lead to a second, covered living room outdoors. Sunlight illuminates the home's terrazzo and concrete slab floors through an array of sliding doors and large windows. A guest house has a separate entrance.

The residence is covered under the Mills Act, which offers homeowners significant property tax savings for maintaining a historic property. The house last sold for $2.695 million in March 2015, according to the Multiple Listing Service.

Tickets for the raffle are $150 each or three for $400. If at least 55,000 tickets are sold by April 26, a grand prize winner will be able to choose among the 2019 Dream House; a onetime cash payment of $3.5 million, or a 20-year annuity of $5 million payable in installments, according to the art center.

In the past, seven winners qualified for the grand prize, but only two selected a house over the money, said Scott Andrews, the center's spokesman.

Ladd and Kelsey were acclaimed California modernists who met as students at USC, and whose work included the Norton Simon Museum in Pasadena (known at the time of its opening in 1969 as the Pasadena Art Museum). The Palos Verdes art center is featuring a new exhibit on the late architects, "Ladd & Kelsey: Noble Places," running Feb. 15-May 26. An exhibit reception the evening of Thurs., Feb. 15 is open to the public. See more information about the exhibit here and more about the raffle here.

Proceeds from the raffle, now in its 17th year, benefit the 88-year-old center's exhibition, education and outreach programs.

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