‘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.

For decades, Australia has leaned into its reputation as the lucky country. But luck, as it turns out, is not an economic strategy.

What once looked like resilience now appears increasingly fragile. Beneath the surface of rising property values and steady headline growth, the Australian economy is showing signs of strain that can no longer be ignored.

Recent data paints a sobering picture. Australia has recorded one of the largest declines in real household disposable income per capita among advanced economies.

Wages have failed to keep pace with inflation, meaning many Australians are working harder for less. On a per capita basis, income growth has stalled and, at times, reversed.

And yet, on paper, things still look relatively solid. GDP is growing. Unemployment remains low. But that growth is increasingly being driven by population expansion rather than productivity.

More people are contributing to output, but not necessarily improving living standards.

That distinction matters.

For years, Australia’s economic success rested on a powerful combination: a once-in-a-generation mining boom, a credit-fuelled housing market, strong migration and a property sector that rarely faltered. Between 1991 and 2020, the country avoided recession entirely, building enormous wealth in the process.

But much of that wealth is tied to property. Around two-thirds of household wealth sits in real estate, inflated by leverage and sustained by demand. It has worked, until now.

The problem is the supply side of the economy has not kept up.

Housing supply is falling behind population growth. Rental vacancies are near record lows.

Construction firms are collapsing at an elevated rate. At the same time, massive infrastructure pipelines are competing with residential projects for labour and materials, pushing costs higher and delaying delivery.

The result is a system under pressure from all angles.

Despite near full employment, productivity growth has stagnated for years. In simple terms, Australians are putting in more hours without generating more output per hour. The economy is running faster, butgoing nowhere.

Meanwhile, government spending continues to expand. Public debt is approaching $1 trillion, with spending now accounting for a record share of GDP.

The gap between spending and revenue has been filled by borrowing for decades, adding further pressure to an already stretched system.

This is where the uncomfortable question emerges.

Has Australia become too reliant on a model driven by rising property values, expanding credit and population growth?

As asset prices rise, households feel wealthier and borrow more. Banks lend more. Governments collect more revenue. Migration fuels demand. The cycle reinforces itself.

But when productivity stalls and debt outpaces real income, the system begins to depend on constant expansion just to stay stable.

It is not a collapse scenario. But it is not particularly stable either.

Nowhere is this more evident than in housing.

The National Housing Accord targets 1.2 million new homes over five years, yet current completion rates are well below that pace. With approvals falling and construction costs rising, the gap between supply and demand is widening, not narrowing.

Housing is also one of the largest contributors to inflation, with costs rising sharply across rents, construction and utilities. Yet the private sector, from small investors to major developers, is struggling to make projects stack up in the current environment.

This brings the policy debate into sharper focus.

Tax settings such as negative gearing and capital gains concessions have undoubtedly boosted demand over the past two decades. But they have also supported supply. Removing them may ease prices briefly, but risks deepening the supply shortage over time.

That is the paradox.

Policies designed to make housing more affordable can, in practice, make the shortage worse if they discourage development. The optics may appeal, but the economics are far less forgiving.

It is also worth remembering that most property investors are not institutional players. The majority own just one investment property. They are, in many cases, ordinary Australians using real estate as their primary wealth-building tool.

Undermining that system without replacing it with a viable alternative risks unintended consequences, from reduced supply to higher rents and increased inflation.

So where does that leave Australia?

At a crossroads.

The country can continue to rely on population growth and rising asset prices to drive economic activity. Or it can shift towards a model built on productivity, innovation and sustainable growth.

The latter is harder. It requires structural reform, long-term thinking and political discipline.

But it is also the only path that leads to genuine, lasting prosperity.

The question is no longer whether Australia has been lucky.

It is whether it can evolve before that luck runs out.

Paul Miron is the Co-Founder & Fund Manager of Msquared Capital.

‘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.

As housing drives wealth and policy debate, the real risk is an economy hooked on growth without productivity to sustain it.