Sales of luxury homes plummeted in late 2022, with a 38.1 percent drop in the three months that ended Nov. 30, according to a year-over-year data comparison by Redfin.
But Los Angeles’ ultra-luxury market continued to make headlines. Rising interest rates and inflation did not dampen the appetite for palatial estates in Malibu, Bel-Air or other luxe enclaves, said Stephen Shapiro, co-founder of Westside Estates Agency, a major brokerage in Los Angeles’ ultra-luxe market.
“Those with huge net worth will satisfy their desire to buy, regardless of market conditions,” he said.
Here is a list of the most expensive home sales for 2022 in the L.A. market.
944 Airole Way | $141M
Nile Niami and the mansion (Getty, Concierge Auctions)
Developer Nile Niami’s Bel-Air megamansion project was nicknamed “The One.” The moniker absolutely lived up to its name, but not in the way Niami intended. His project fell into a contentious bankruptcy that made international news.
Niami sought to make The One the most extravagant residence in his portfolio of spec homes. He intended to list it at $500 million. Along with 21 bedrooms and 45 bathrooms, it would offer a nightclub, a casino, five swimming pools and a jellyfish aquarium.
But no one could live there. The house was put on the market before it got a certificate of occupancy.
Niami’s ambitious project racked up $190 million in debt. He made last-ditch efforts to keep control of the project, but it went to auction in March and sold to Richard Saghian, CEO of fast fashion company Fashion Nova. Saghian paid $126 million plus $15 million in commissions and fees, which penciled out to $1,342 per square foot.
Auctioneer Sotheby’s Concierge Auctions announced The One ranked as the priciest auction sale for a U.S. house in history. Branden and Rayni Williams of The Beverly Hills Estates and Stuart Vetterick of Hilton & Hyland represented the buyer. The Williamses and Aaron Kirman, formerly of Compass, currently affiliated with Christie’s, represented the seller.
10231 Charing Cross Road | $120M
10231 Charing Cross Road (Resnick and Nash)
Snapchat founder Evan Spiegel was reported to have purchased a 12,000-square-foot mansion across the street from The Playboy Mansion in an off-market deal.
Property records found that 10231 Charing Cross Road, in the exclusive Holmby Hills enclave, was sold in July for $120 million, or more than $10,000 per square foot. The seller was British billionaire Ian Livingstone.
Sitting on more than 2 acres of land, the four-bedroom, six-bathroom mansion features an indoor Olympic-sized swimming pool and spa, according to a 2014 MLS description of the house. There’s also two guest houses and an outdoor pool set alongside a waterfall.
In the past, 10231 Charing Cross Road has had a number of celebrity owners such as R&B star Kenneth “Babyface” Edmunds and former L.A. Dodgers owners Frank and Jamie McCourt. Listing agents were Stephen Resnick and Jonathan Nash. Representing the buyer was Drew Fenton. At the time of the deal, the agents were affiliated with Hilton & Hyland. They are currently affiliated with Carolwood.
27628 Pacific Coast Highway | $100M
Entertainment Studios/Allen Media Group ceo Byron Allen and 27628 Pacific Coast Highway (Allen Media Group, Jade Mills Estates)
Media mogul Byron Allen added a 10,700-square-foot cliffside Malibu estate to his portfolio in October. The 3.6-acre property was initially listed for $127 million by the seller Tammy Hughes Gustavson, daughter of the late Wayne Hughes who founded Glendale-based self-storage company Public Storage in 1972.
Situated in Malibu’s Paradise Cove, Allen’s new house offers 210 feet of beach frontage and a tennis court.
Jade Mills of Coldwell Banker represented the seller. Allen was represented by Terrence Hill of BT Equities, plus an in-house agent with Allen’s family office. Allen also owns trophy properties in Aspen, New York, Maui and Beverly Hills, according to media reports.
28060 Sea Lane Drive | $91M
Jon Burton and 28060 Sea Lane Drive, Malibu (LEGO Dimensions Wiki, Zillow, Getty)
A couple of weeks before 2022 ended, video game pioneer Jon Burton sold his 11,000-square-foot Malibu mansion located about a half mile away from Byron Allen’s Paradise Cove estate.
The deal for the eight-bedroom, 11-bathroom mansion penciled out to $5,668 per square- foot. The listing also offered a guest house that may stretch out to more than 5,000 square feet. The mansion’s initial asking price was $125 million.
The grounds of the estate are located on more than 6 acres and includes a private road and 229 feet of beachfront.
The identity of the buyer was not revealed. Buyer-side agents were Paul Lester and Aileen Comora of The Agency. Kurt Rappaport of Westside Estate Agency and Lisa Laughlin of Sotheby’s International Realty served as the listing agents.
9904 Kip Drive | $75M
Drake with the new property at 9904 Kip Dr in Beverly Hills (Hilton by Hyland, getty)
In March, hip-hop star Drake, whose full name is Aubrey Drake Graham, spent $75 million, or $3,091 per square foot, for a more than 24,000-square-foot listing in the Beverly Hills Post Office enclave. The property features a main house, a guest house and quarters for the house staff. The grounds also include a tennis court and a mosaic-tiled pool. The seller, British pop star Robbie Williams, initially asked $85 million for the house.
Kurt Rappaport of Westside Estate Agency served as the listing agent. Marc Bretter of Maywood Property Group represented the buyer.
33218 Pacific Coast Highway | $70.4M
From left: Kim Kardashian and Cindy Crawford with 33128 Pacific Coast Highway (Getty, Redfin)
Malibu welcomed yet another A-lister deal in September when Kim Kardashian bought supermodel Cindy Crawford’s 6-acre beachside estate in an off-market deal. The estate was originally listed for $99.5 million in March. The price was chopped to $89.7 million in July.
The four-bedroom, six-bath, two-story house includes a gym and a home theater. It also features a beachside pool and spa, and a full-size tennis court.
Jade Mills of Coldwell Banker Realty served as the listing agent. Tomer Fridman of Compass represented the buyer.
49 Beverly Park Circle | $70M
Alec Gores with 49 Beverly Clark Place (Getty, Luxury Architecture)
Private equity titan Alec Gores unloaded a 31,000-square-foot Beverly Park estate in March with an off-market deal that penciled out to $2,258 per square foot.
The buyer was an Irvine-based LLC linked to Hao Tang, a Hong Kong-based gaming tycoon.
The 11-bedroom, 21-bathroom mansion in the gated Beverly Park enclave was designed by architect Richard Landry. The residence’s style is reminiscent of a French Norman castle. Jade Mills of Coldwell Banker and Samira Gores, Christine Martin and Tiffany Martin of The Agency held the listing, according to media reports.
9137 Cordell Drive | $70M
9137 Cordell Drive (Zillow)
An address where Ronald Reagan lived during the 1940s, 9137 Cordell sold in September to an undisclosed buyer. The listing was sold by a group linked to Vancouver Canucks Chairman Francesco Aquilini.
Listing sites and agent websites did not give much information on the home’s square footage and its amenities. The house went through an extensive remodel in 2017. The three-level home was constructed on a lot that stretches out to almost three-quarters of an acre.
Branden and Rayni Williams of the Beverly Hills Estates served as the listing agents. Kurt Rappaport of Westside Estate Agency represented the buyer.
330 South Mapleton Drive | $61M
330 South Mapleton Drive (Zillow)
Ian Livingstone made another appearance on the 2022 Los Angeles’ trophy real estate list when he sold this Holmby Hills listing for $61 million. The 32,000-square-foot mansion traded for about $1,928 per square foot to real estate investor George Daneshgar.
According to media reports, the home is situated on more than an acre lot and features a two-story library, an indoor pool and a detached guesthouse. Neighbors include The Playboy Mansion.
642 St. Cloud Road | $58.5M
Adam Levinson and 642 Saint Cloud Road (LinkedIn/Adam Levinson, Plus Design Group, iStock)
Adam Levinson, managing partner of Graticule Asset Management Asia, bought this Bel-Air home for $58.5 million in an off-market deal. The seller of the 30,000-square-foot house was Woodbridge Liquidation Trust.
Media reports said the deal penciled out to $1,950 per square foot for the nine-bedroom, 15-bathroom home. Grounds included an infinity pool, manicured and a literal glass-walled house.
- San Francisco’s most expensive residential sales of 2022
- These are LA’s top 10 residential deals of 2021
- Bezos Geffen Katzenberg dominate LA’s biggest resi sales of 2020
[/readmore]