The CEO and founder of Cypress Equity Investments has sold his Brentwood home — an estate just minutes away from the real estate investment firm’s headquarters on Wilshire Blvd.
Michael Sorochinsky sold the 9,800-square-foot mansion for $13.9 million, records show, well above the $3.5 million he spent to purchase it in 2012.
In 2015, Sorochinsky secured a $4 million mortgage for the property from Comerica Bank, replacing an original $2.45 million mortgage from Rabobank, secured shortly after he purchased the home.
The mansion at 456 N Carmelina Ave was originally listed in January for $15 million. It includes a garage for up to eight cars as well as a gym, infinity pool and sports court.
As Sorochinsky moves out of the neighborhood, other investment honchos are looking to move in. This month, hedge fund executive Jeffrey Feinberg bought a $44 million Brentwood estate from spec developer Ramtin Ray Nosrati.
Cypress Equity also completed a large sale during the pandemic. In April, the company sold a 494-unit complex in Glendale for $290 million.
Still, the firm remains an active developer in multiple markets. It secured a $23.7 million construction loan in April to build a 212-unit multifamily development in Tamarac, Florida, and in February revealed plans for a 115-unit residential complex in Santa Monica, California.