Top sales: May brings cooling to L.A.’s high-end market
Despite two sales above $20 million, L.A. County’s high-end market showed signs of cooling during May. Homes selling at a discount were a common theme for L.A.’s priciest deals, with all the top properties trading for significantly less than the original asking price. Here’s a larger look.
Beverly Hills — $23.5 million
In a deal between two limited liability companies, a newly built mansion on North Bedford Drive traded for $8 million less than the asking price of $31.5 million.
The Georgian-inspired home by architect Richard Manion originally sought as much as $36.5 million when it first came to market last year.
Walnut cabinetry, starburst-patterned marble floors and a dining room ceiling embellished with silver leaf are among features of note. The six-bedroom, 10-bathroom floor plan has a formal living room with an adjacent bar, a chef’s kitchen with two islands, a theater, a wine cellar and a gym.
A swimming pool and one-bedroom pool house also lie on just over half an acre of landscaped grounds.
Linda May and Drew Fenton of Hilton & Hyland were the listing agents. Dustin Nicholas of Nicholas Property Group represented the buyer.
Malibu — $21.5 million
On Pacific Coast Highway, a modern Mediterranean-style home changed hands for about $8.5 million less than the asking price of $29.95 million.
Set behind gates on more than an acre, the single-story house was previously owned by Kim Lubell, who co-founded the True Religion denim brand. Lubell sold the house in 2015 for $18.45 million after asking as much as $26.5 million for the property.
Built in 2001, the five-bedroom, six-bathroom house features a U-shaped design that surrounds a courtyard entry. Inside, there are cathedral-style ceilings with distressed beams, hand-plastered walls, a chef’s kitchen and an office. Three stone fireplaces were imported from Europe.
Outside, ocean views create a backdrop for a putting green, sports court and swimming pool. A private stairway leads from the property to Malibu Road.
Christopher Cortazzo of Compass was the listing agent. Jonathan Nash of Hilton & Hyland represented the buyer, a limited liability company.
Beverly Crest — $11 million
A corporate entity tied to Top Dawg Entertainment founder Anthony Tiffith, who represents some of the biggest names in hip-hop, paid about $2 million less than the asking price for a newly built home on Bowmont Drive.
The 13,100-square-foot showplace, which was completed this year, sits on two-thirds of an acre, with views extending from Century City to the coastline.
Designed by architect Jay Vanos, the three-story house dazzles with white marble slabs, walls of glass and modern chandeliers. A living room with 26-foot-high ceilings, a game room with a golf simulator, a home theater and a Turkish bath are among features of note. There are seven bedrooms and 9.5 bathrooms, including a corner master suite.
Stephen Apelian and Joyce Rey of Coldwell Banker were the listing agents. Ugene Dozier of Vista Sotheby’s International Realty represented the buyer.
Beverly Crest — $10.45 million
On Clear View Drive, a contemporary-style home that was built last year sold to Edward and Emily Greenspan, art collectors and owners of consulting and advisory firm Tag Arts, for about $550,000 million less than the asking price.
Originally listed in December for about $15 million, the multilevel house saw its price slashed to about $11 million in late March as stay-at-home restrictions were placed on Californians due to the coronavirus.
A glass walkway crosses a reflecting pool to reach the house, which has five bedrooms, eight bathrooms and nearly 8,800 square feet. Inside, the open-concept floor plan has pocketing doors that connect indoor-outdoor spaces, a 1,500-bottle wine cellar and a lounge with a bar.
Decking surrounds an infinity-edge swimming pool and spa in the backyard. A subterranean garage lies below.
Ginger Glass of Compass represented both buyer and seller in the deal.
Inside the homes of the rich and famous.
Glimpse their lives and latest real estate deals in our weekly Hot Property newsletter.
You may occasionally receive promotional content from the Los Angeles Times.