Entrepreneur lands a spot in Beverly Crest to build new Paul McClean design
Chicago entrepreneur Ted Foxman has bought a Beverly Crest property that he intends to develop for $5.8 million.
The purchase, which closed in July, included plans for a contemporary showplace designed by noted architect Paul McClean. Last year, a McClean-designed house in the Bird Streets neighborhood sold for $32.8 million. Another of his projects, a 20,000-square-foot spec mansion called Opus, is currently for sale in Beverly Hills at just under $77 million
Renderings for Foxman’s proposed residence show a multilevel house boasting clean lines, floor-to-ceiling windows and marble wall slabs. A long swimming pool with a waterfall edge will run the length of the roughly half-acre property.
Interior designer Lonni Paul has been tapped to assist in the design of the home and its interior. Paul, of Los Angeles-based Lonni Paul Design, has done work for such Hollywood stars as Robert Downey Jr., William H. Macy and Felicity Huffman.
The property, which currently holds a Midcentury Modern-style house dating to 1957, previously sold three years ago for $4.25 million, records show. In the Beverly Hills Post Office area, where the property is located, the median sale price for single-family home sales in June was $3.825 million, according to CoreLogic.
Foxman sold his Eagle Test Systems, a manufacturer of semiconductor testing equipment, a decade ago to Teradyne Inc. in a deal worth $250 million. He currently serves as chief operating officer and executive vice president for the Illinois-based company.
Mick Partridge and Justin Alexander of Hilton & Hyland handled both ends of the deal.
Inside the homes of the rich and famous.
Glimpse their lives and latest real estate deals in our weekly newsletter.
You may occasionally receive promotional content from the Los Angeles Times.