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Movie star Burt Lancaster had a condominium in Century City, as did Ruth and Elliot Handler, co-founders of the Mattel toy company. Ronald Reagan, while he was president, maintained his “Western White House” there. Today, celebrities including actor Matthew Perry and chef Nobu Matsuhisa look over Los Angeles from their Century City properties in the sky.

For most, luxury living in Los Angeles evokes visions of sprawling estates. But since the 1960s, Century City has offered an alternative, exemplifying each decade’s notion…