Lori Loughlin and Mossimo Giannulli are parting with their 12,000-square-foot Bel Air mansion at a steep discount, ahead of the couple’s sentencing for their admitted part in the college admissions scandal.
The mansion hit the market for $28.7 million in January, but a source told Variety that the former “Full House” star and Giannulli accepted an $18.7 million offer from Tinder co-founder Justin Mateen.
Giannulli is reportedly a prolific real estate investor in the Los Angeles area.
In May, the couple in admitted in federal court to paying hundreds of thousands of dollars to secure their daughter a spot at the University of Southern California. Loughlin and Giannulli will be sentenced on Aug. 21. She is expected to receive two months in jail, and he is expected to receive five months, according to reports. They had each faced up to 45 years in prison.
The two were among 33 parents across the country that the Justice Department indicted in March 2019 in the largest-ever college admissions investigation.
The couple paid $14 million for the Bel Air estate in 2015, and poured more money into renovations.
Mateen is an L.A. native with a considerable portfolio of real estate in the area, including an estate in Holmby Hills and a condo at the West Hollywood Edition building, Variety reported. Josh Flagg with Rodeo Realty represented Mateen in the Bel Air deal.
Mateen resigned as Tinder’s chief marketing officer in 2014 amid sexual harassment allegations. He’s since also invested in co-living startup Ollie.
The Bel Air home encompasses about two-thirds of an acre and overlooks a golf course. Loughlin and Giannulli’s renovations brought some contemporary design to the Mediterranean-style property. The grounds include a courtyard and a lap-lane pool. [Variety] — Dennis Lynch