An American Dream: This Time Capsule in Pacific Palisades for $4.8M

Take a good look at this home that time forgot, now on the market for $4.8 million. Most likely to be torn down by the next owner, it is the embodiment of one man's American dream.

The original owner, according to listing agent Ray Lyon, was a plumber who had come to the United States from Italy. His work took him to this parklike area of Pacific Palisades, where he fell in love with the land.

He saved up, and in 1965, he bought a plot of land for $15,000. You read that right: Fifteen thousand dollars. Over the years, he constructed his dream home. The resulting 4,600-square-foot, five-bedroom, six-bath structure was finished in 1978.

"The property was his baby," Lyon says. The owner and his wife, who lived there for decades, have since died, and the home is being sold by his family. "It's kind of like going back in time. It had an early 1970s influence, even the furniture."

However, the owner must have also had a keen eye toward the future of booming real estate. "We believe when he bought it, it was one of the last parcels [of available land]," Lyon adds.

Indeed, the home is one of the last properties on the now exclusive road, in a historic neighborhood, surrounded by Will Rogers State Park. In fact, it's so close to the park, the land under the home may have at one time been part of the original Will Rogers estate, according to the agent. (After the movie star died, his widow donated their 186-acre ranch to the California State Parks in 1944.)

There's privacy, natural beauty, and of course, lovely views. And there are some pretty pricey homes nearby. "It's a very prestigious address," the agent says. And with prestige comes a high asking, even for a fixer-upper. The views alone can command the attention of home buyers, sky-high cost aside.

Set on a hillside, looking out to the canyon and the ocean "makes it very unique," Lyon says. You can check out the video of the property for more aerial views.

The bucolic location also holds appeal in this sprawling city. In the middle of L.A. you are a quick walk into the park, where you can enjoy a picnic, hike to Inspiration Point, or catch a polo match.

If you weren't looking to tear down, rebuild, and flip a newly constructed home for a quick buck, a renovation could work. The home offers an open floor plan, lots of light, and we're guessing, fairly decent plumbing.

Move in for another 40 years, and trust us, you'll be living your own American dream.