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.
The mansions, the prices, the market.
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