‘Full House’ Creator’s L.A. Mansion, Complete With a 35-Foot Waterslide, Relists for $50 Million

A Beverly Hills megamansion, complete with a backyard grotto and a lazy river, that was built by “Full House” creator Jeff Franklin is returning to the market with a multimillion-dollar price cut.

The Southern California home will list on Wednesday for just shy of $50 million, a more than 40% price cut from its initial asking price of $85 million from 2022.

The home has also been occasionally available for rent, asking as much as nearly $250,000 a month.

It sits on the site where Sharon Tate and four others were murdered by the Manson Family in 1969.

That since-demolished home, which Tate and her husband, director Roman Polanski, were renting from music producer Terry Melcher, was torn down in the mid-1990s by a developer, from whom Franklin bought the property before it was completed, according to The Wall Street Journal.

Franklin took the developer’s partially built house and tore it down to the studs to build his own custom home, working with “King of the Megamansion” Richard Landry to do so. The mansion, which has been Franklin’s primary residence for nearly two decades, was completed in 2006.

Dubbed Villa Andalusia, the 21,000-square-foot megamansion combines Andalusian style with South-Asian influences, which was a “fun design challenge,” Landry said in a statement. Listing agent Adam Brawer of Compass likened the home’s design and scale to a palace.

“The interiors combine my love of European architecture and Asian culture, but curated to maximize the California lifestyle,” Franklin wrote in an email.

Amenities throughout the home range from a wood-paneled billiards and poker room to a large aquarium dividing the sitting room and dining room—fish included in the sale.

“It feels like a James Bond villain’s lair,” Brawer said. “Architecturally, it feels like a throwback to a much older time, except it has all the creature comforts of 2025—it’s fully smart.”

With 3.6 acres, the mansion sits on an unusually large lot for Beverly Hills Post Office. It also has wide-ranging views, overlooking the entirety of the city to the Pacific Ocean, and as far as Pasadena on a clear day, Brawer said. Both the property size and its views are what attracted Franklin to it.

“I loved the spectacular views, and the size of the lot allowed me to be creative in designing the unique backyard oasis,” Franklin said.

That backyard oasis is made up of two pools —a wading pool and an infinity pool—which are connected by a lazy river.

Each pool has its own hot tub, with the wading pool’s tucked into a grotto behind three waterfalls. A 35-foot waterslide flows into another waterfall—there are six in total, and there’s also a koi pond, a fire pit and a swim-up bar.

“This is one of the most exciting pools we have ever designed,” Landry said.

Franklin built the home—which has nine bedrooms and 18 bathrooms—with hosting large gatherings in mind, Brawer said.

In addition to the lavish backyard, there are also multiple bars, a game room and a home theater inside, and many of its living spaces lead directly out to the backyard. There’s also two garages, including one underground, and a large motor court, allowing the property to fit at least 20 cars.

Franklin, 70, created the sitcom “Full House” in 1987 and served as showrunner until 1992. He also created its sequel series, “Fuller House,” for Netflix in 2016. Franklin previously owned the San Francisco house that was used for the exterior of the Tanner family home in “Full House.” He remodeled it, also with Landry, and sold it in 2020.

Australia’s housing market has reached a critical juncture, with home ownership and rental affordability deteriorating to their worst levels in decades, according to the McGrath Report 2026.

The annual analysis from real estate entrepreneur John McGrath paints a sobering picture of a nation where even the “lucky country” has run out of luck — or at least, out of homes.

New borrowers are now spending half their household income servicing loans, while renters are devoting one-third of their earnings to rent.

The time needed to save a 20 per cent deposit has stretched beyond ten years, and the home price-to-income ratio has climbed to eight times. “These aren’t just statistics,” McGrath writes. “They represent real people and real pain.”

McGrath argues that the root cause of Australia’s housing crisis is not a shortage of land, but a shortage of accessibility and deliverable stock.

“Over half our population has squeezed into just three cities, creating price pressure and rising density in Sydney, Melbourne and Brisbane while vast developable land sits disconnected from essential infrastructure,” he says.

The report identifies three faltering pillars — supply, affordability and construction viability — as the drivers of instability in the current market.

Developers across the country, McGrath notes, are “unable to make the numbers work” due to labour shortages and soaring construction costs.

In many trades, shortages have doubled or tripled, and build costs have surged by more than 30 per cent, stalling thousands of projects.

Need for systemic reform

McGrath’s prescription is clear: the only real solution lies in increasing supply through systemic reform. “We need to streamline development processes, reduce approval timeframes and provide better infrastructure to free up the options and provide more choice for everyone on where they live,” he says.

The 2026 edition of the report also points to promising trends in policy and innovation. Across several states, governments are prioritising higher-density development near transport hubs and repurposing government-owned land with existing infrastructure.

Build-to-rent models are expanding, and planning reforms are gaining traction. McGrath notes that while these steps are encouraging, they must be accelerated and supported by new construction methods if Australia is to meet demand.

One of the report’s key opportunities lies in prefabrication and modular design. “Prefabricated homes can be completed in 10–12 weeks compared to 18 months for a traditional house, saving time and money for everyone involved,” McGrath says.

The report suggests that modular and 3D-printed housing could play a significant role in addressing shortages while setting a new global benchmark for speed, cost and quality in residential construction.

Intelligent homes

In a section titled Weathering the Future: The Power of Smart Design, the report emphasises that sustainable and intelligent home design is no longer aspirational but essential.

It highlights new technologies that reduce energy use, improve thermal efficiency, and make homes more resilient to climate risks.

“There’s no reason why Australia shouldn’t be a world leader in innovative design and construction — and many reasons why we should be,” McGrath writes.

Despite the challenges, the tone of the 2026 McGrath Report is one of cautious optimism. Demand is expected to stabilise at around 175,000 households per year from 2026, and construction cost growth is finally slowing. Governments are also showing a greater willingness to reform outdated planning frameworks.

McGrath concludes that the path forward requires bold decisions and collaboration between all levels of government and industry.

“Australia has the land, demand and capability,” he says. “What we need now is the will to implement supply-focused solutions that address root causes rather than symptoms.”

“Only then,” he adds, “can we turn the dream of home ownership back into something more than a dream.”

‘Full House’ Creator’s L.A. Mansion, Complete With a 35-Foot Waterslide, Relists for $50 Million

Screenwriter and TV producer Jeff Franklin built the lavish residence on the homesite where the 1969 Manson Family murders took place.

The 2026 McGrath Report warns that without urgent reforms to planning, infrastructure and construction, housing affordability will continue to slip beyond reach for most Australians.

Need for systemic reform

Intelligent homes