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.