One of Bel Air’s biggest mansions has sold for $75 million, one of the highest prices paid for a home in Los Angeles this year.
Prolific spec builder Ardie Tavangarian unloaded the massive 25,000-square-foot home to a buyer from China, according to the Wall Street Journal.
The Arya Group founder listed the behemoth abode in November for $88 million. So the sale actually represented a 15 percent discount on the original asking.
The deal comes just a couple of weeks after the $120 million sale of Petra Ecclestone’s 123-room Spelling Manor estate in Beverly Hills, which set a record in Los Angeles County. Ecclestone originally listed the palatial estate for $200 million in 2016.
The two giant sales might inject some new confidence into the L.A. luxury residential market, which has been in a recent slump. Many sellers have had to shave millions off their asking prices on properties that continue to linger on the market.
The Bel Air home, meanwhile, has all the trappings of luxury. The eight-bedroom mansion includes a movie theater, art studio, car elevator, infinity pool, and a slew of other amenities, according to the Journal. It has 20,000 square feet of additional outdoor decks.
Tavangarian said last fall he designed and built the home for his family, but decided to sell when it grew in size and scope.
Tavangarian fared better on the market than some other spec home builders in Bel Air.
Bruce Makowsky has dropped the price of a 38,000-square-foot mansion from $250 million to $150 million over the last two years. Makowsky’s neighbor, Raj Kanodia, said he’ll take offers around $120 million for a home he listed a year ago for $180 million. A Holmby Hills estate near Spelling Manor also recently hit the market for $70 million. [WSJ] — Dennis Lynch