Paying $ 13.3 million in cash for a house is unfathomable to most people, especially those of the relatively tender age of 33. But for Mike Schein, it’s probably more of another fun little purchase at his local dealership. After all, the New Yorker’s new excavations in Los Angeles cost little more money than some of the many rare and exotic vehicles he owns. Well, in fact, at least one of his cars – his fabulous 1994 McLaren F1 – is probably worth significantly more than his Palisades mansion.
Schein himself is not an entertainer or a mogul, at least in the traditional sense, but his epic car collection and willingness to share it with other automobile fans – at least visually – have made him a legend in auto junkie circles. In contrast to many other collectors, Schein does not let his rides gather dust in secret garage dungeons or prevent photographers from taking snapshots. No, he drives his cars – hard. He also frequently shares photos of his collection on his public Instagram account, which Gear & Grit has described as “literally car porn.”
And what a collection it is! Schein owns several highly coveted cars worth well over $ 1 million apiece – including a Ferrari F40, Ferrari F50, Ferrari LaFerrari, Porsche Carrera GT, and a Porsche 959. But without a doubt, the highlight of his vehicle trophy case is the one that consider many transmissions to be the automotive holy grail – a McLaren F1, one of only 106 examples ever built. Scheins F1 originally belonged to the Sultan of Brunei. In 2006, Schein’s father, Marvin Schein, paid $ 1.7 million for the car at auction. And in the decade since then, its value has probably increased tenfold – Mike Schein put the car up for sale in 2018 with a $ 22 million question, but ultimately changed his mind about giving it up.
In case you’re wondering who would pay more than $ 20 million for a car, current F1 owners include car-crazy tycoons like the Sultan of Brunei – yes, he still owns several examples – Jay Leno, billionaire Lawrence Stroll, and Ralph Lauren , she owns three copies. Other owners were tech billionaires like Larry Ellison and Elon Musk, though these two gentlemen sold their respective F1 years ago. Leno, who also drives his F1 frequently, has described the car as “the best investment I’ve ever made”. (Also, if they called a McLaren F1 “just a car,” many car enthusiasts would be bursting with rage; after all, this particular road car is widely considered to be the best of all time.)
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But let’s talk about real estate. Schein doesn’t necessarily sleep in his cars, he was recently married to the architect Lea Teitelbaum. A small property purchase in the marriage seems to be a matter of course. And even at $ 13.3 million, this particular home seems like good business – the lush property spans nearly an acre of land overlooking the LA Basin. It’s also on a private road near the tip of the Riviera section of Pacific Palisades, long considered one of the most prestigious and beautiful neighborhoods in LA.
(For those wondering about annoying money matters: Schein is the paternal grandson of the late Henry Schein, who founded the dental and medical products company named after him in 1932. Today, Henry Schein employs around 20,000 people worldwide and earned more than 10 billion US dollars Dollar sales last year. It was also named one of the most ethical companies in the world.)
Compass’s Fran Flanagan and Liz Jones held the Palisades list; Alexis Demirjian from Douglas Elliman represented the buyers.
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