The U.S. Department of Justice sought the forfeiture in 2022 of a $64 million Holmby Hills mansion located at 530 South Mapleton Drive, which was owned by the former finance minister of Armenia.
More than a year later, the case against Gagik Khachatryan continues, and his former chateau, which has been on and off the market during the past 18 months, was relisted Dec. 6 for about $40 million. Josh Altman, Matt Altman and Tommy Bubonic of The Altman Brothers at Douglas Elliman serve as the co-listing agents.
The current owner of the home is an entity called WRH LLC. The Department of Justice alleges Khachatryan purchased 530 South Mapleton with proceeds from a $20 million package of bribes, which he unlawfully received from a businessman in exchange for favorable tax treatment in Armenia.
A statement from the DOJ said its attorneys litigate forfeiture cases to recover funds stolen overseas by corrupt foreign officials. A DOJ representative said Khachatryan’s case has been “stayed,” or put on hold.
The exterior of the 34,000-square-foot mansion was designed by Richard Landry, nicknamed the king of the megamansion, and resembles a two-story French chateau country estate. However, the interior remains unfinished. Bubonic called it a good selling point.
“You can hand pick your own finishes,” he said.
When completed, the house will offer amenities such as an indoor and and outdoor swimming pool, a cinema and a steam room.
Josh Altman described 530 South Mapleton as a trophy home and noted that it is a neighbor of the Los Angeles Country Club. The location is near the Playboy Mansion, which sold for $100 million in 2016. Another neighbor is Spelling Manor which sold for $120 million in 2019 to an undisclosed buyer. Spelling Manor is currently listed for $155 million.
Aaron Kirman, founder of AKG Christie’s Real Estate and a veteran of the megamansion game, estimated that if a buyer would spend $18 million on finishing the home, its asking price could jump to $83 million or so.
“For the right person, there’s a profit,” Kirman said. “The house is a super trophy house. It’s on one of the best streets in Los Angeles.”