Lynda Weinman, who made a fortune developing online computer training courses, got a lesson in the current state of the Los Angeles luxury real estate market. Weinman unloaded her contemporary mansion in the exclusive Bird Streets section for a $10.5 million loss, according to Variety.
Weinman bought the 12,530-square-foot manse more than two years ago for $27 million, according to the report. The recent sale for $16.5 million pencils out to a near 40% loss.
Russ Weiner, who founded Rockstar energy drink was the buyer. He already owns several homes in Los Angeles. In February, Weiner slashed the price on his own Beverly Hills mansion on the market, from $49 million to $36 million.
The severe price cut for the manse perched in the Hollywood Hills, underscores the recent downturn in the luxury housing market in L.A., with the Bird Streets enclave and its pricey spec homes being particularly hard hit.
Weinman was originally hoping to make a $2 million profit on the six bedroom, nine bathroom home, which she listed for $29 million in June 2018, Variety reported. Josh & Matt Altman of Douglas Elliman had the listing, and Patty Waltcher of Coldwell Banker represented the buyer, according to the report. [Variety] — Alison Stateman