Illustrating the surging market for high-end real estate in Los Angeles, nightclub and restaurant mogul Sam Nazarian has purchased a Bel-Air estate from Paramount Chief Executive Brad Grey for $25 million and simultaneously listed it for sale at $33.5 million.
Masked by tall privacy hedges, the gated Traditional-style house was designed by Richard Manion and completed in 2006.
The home, which has 10,616 square feet of space, is entered through a two-story foyer that opens to a formal living room and theater. Other public areas include a wood-paneled library with a wet bar, a chef's kitchen and a gym.
The master suite has his and hers bathrooms and closets for a total of five bedrooms and eight bathrooms. There's also a separate security office and a pilates studio with a bath.
Outdoors, grounds of more than an acre contain formal gardens, large expanses of lawn and a swimming pool with a spa. A large motor court sits at the front of the home.
Kurt Rappaport of Westside Estate Agency handled the recent sale, which occurred off-market, and holds the current listing for Nazarian.
Grey bought the house in 2009 for $22 million, records show. In 2000, the home went for $8.93 million.
Nazarian recently spun off the real estate development side of his company, SBE, creating a new subsidiary called Dakota Development. The Los Angeles-based company will include a new division focused on buying, developing and renovating high-end residential estates.
He founded SBE Entertainment Group, an investment and holding company with interests in high-end restaurants, real estate and hotels, in 2002.