Prince’s former manager bought a Los Angeles house for $2.75 million in March, gutted its dated interiors and turned an old dumbwaiter shaft into a lift; now he is asking nearly $5 million

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A longtime music executive who helped shape Prince’s career is now betting on a Los Angeles renovation. Bob Cavallo, the former manager of Prince and a producer associated with Purple Rain, bought a Nichols Canyon house for $2.75 million in March, stripped it back to its essentials, and has listed it for nearly $5 million, according to Mansion Global.The property, built in 1988, had not been meaningfully updated in at least two decades when Cavallo acquired it. Rather than preserve its dated interiors, he and renovation specialist Angie Williams undertook what Williams described as a “total gut,” transforming the house while keeping the character that made it worth saving. Read more details about it, as reported by Mansion Global, here:

A home with good bones

The Nichols Canyon property spans 3,762 square feet and includes four bedrooms. Although it needed extensive work, Cavallo saw potential in its proportions, high ceilings and hillside setting, according to Williams, who oversaw the renovation through her company, House of Renovo.Williams told Mansion Global that the house had “amazing bones” and generous room sizes, but that the interiors were badly in need of modernization. The renovation therefore focused on revealing the home’s strengths rather than turning it into something entirely different.The original Mediterranean design remained the guiding influence. Instead of replacing that identity with a starkly contemporary look, the team incorporated natural materials such as Calacatta marble, oak, Moroccan clay and Venetian plaster.The result is a renovation that feels intentional rather than generic. The house retains its architectural roots, but its finishes, layout and systems have been brought into a more current, polished condition.

An elevator from a dumbwaiter

One of the most practical changes involved the home’s vertical layout. Because the house is built into a hillside, its main living areas sit above the garage entrance, creating a challenge for anyone arriving with groceries, luggage or mobility concerns.The renovation team solved that problem by converting an old dumbwaiter shaft into an elevator. The change makes the home easier to navigate while preserving the existing structure and avoiding a more invasive addition.It is the kind of improvement that may not photograph as dramatically as a marble kitchen or a designer bathroom, but it can make a major difference in daily life. In a hillside Los Angeles home, easy movement between levels is not a luxury so much as a functional necessity.The elevator also reflects the broader approach to the renovation. Rather than simply adding square footage or chasing trends, Cavallo and Williams focused on making the existing house work better for modern living.

Outside as well as inside

The work was not limited to the interior. The exterior was entirely re-stuccoed, and the roof was replaced, according to Mansion Global. Those are less glamorous improvements than a new kitchen, but they are essential to protecting a home in Los Angeles’s climate and ensuring that the renovation holds up over time.The decision to replace the roof and refresh the exterior also signals that this was not a cosmetic flip. A buyer would be purchasing a home that has been renewed from its structural envelope inward, rather than one that has only received surface-level upgrades.That matters in a market where buyers are increasingly wary of properties that look renovated but still hide aging systems or deferred maintenance. A full exterior refresh, combined with a complete interior overhaul, suggests a more serious investment in the property’s long-term condition.

From family purchase to flip

Cavallo initially bought the Nichols Canyon home for a family member, according to listing agent Angie Williams. When those plans changed, he decided to renovate the property and sell it instead.That shift turned a personal purchase into a real estate project. Cavallo’s background in the music industry may not seem directly related to home renovation, but the same instincts that guide a producer or manager, such as recognizing potential, assembling the right team and knowing when to invest, can translate well into property development.The numbers show the scale of that bet. Cavallo paid $2.75 million in March, then invested in a complete renovation that included new finishes, structural updates, an elevator and exterior work. The home is now listed for just under $5 million.If it sells near that price, the project would represent a substantial gain, though the final profit will depend on the full cost of acquisition, renovation, carrying costs and transaction fees. Mansion Global did not report the renovation budget.

Why Nichols Canyon matters

Nichols Canyon is a sought-after pocket of the Hollywood Hills, known for its winding streets, hillside homes and proximity to central Los Angeles. Properties there often appeal to buyers who want privacy and views without being far from the city’s studios, restaurants and cultural life.The area’s terrain also shapes its homes. Hillside properties can offer dramatic settings and generous views, but they can require more thoughtful design around access, drainage, parking and movement between levels. Cavallo’s decision to add an elevator speaks directly to that reality.The listing arrives at a moment when Los Angeles luxury real estate remains highly competitive, but also selective. Buyers may be willing to pay a premium for a home that has been thoughtfully renovated, especially when the work addresses both style and function.

A renovation with a story

Cavallo’s connection to Prince gives the listing a natural hook, but the house itself is the real story. It began as a dated 1988 Mediterranean-style property, was purchased for a family member, then became a full-scale renovation project after those plans changed.By preserving the home’s bones while updating nearly everything else, Cavallo and Williams have created a property that feels both renewed and rooted in its original character. The converted dumbwaiter shaft, in particular, shows how a practical constraint can become an opportunity for smarter design.Now listed for nearly $5 million, the Nichols Canyon house is a test of whether that vision will resonate with buyers. If it does, it will be another example of how a well-executed renovation can turn an overlooked property into one of Los Angeles’s more compelling listings.