Ilan Kenig, the CEO of multifamily firm FMB Development, is in danger of parting with a Beverly Hills mansion just months after losing a Pacific Palisades home to foreclosure, The Real Deal has learned.
The property, at 385 Trousdale Place, is a 5,500-square-foot property at the Trousdale Estates section of Beverly Hills. The site has approved plans and permits for a 13,000-square-foot estate designed by architecture firm Woods + Dangaran, according to a listing on Zillow. The property was being marketed with an adjacent property at 375 Trousdale Place.
Miami firm A&S Capital filed a default notice on the asset on December 9, according to Los Angeles County property records. The firm did not respond to a request for comment. A&S provided a $19.5 million construction mortgage on the property in April 2022, records show. At the time the default notice was filed, the unpaid debt on the home was at $17.9 million.
The development adds to the financial pressure on Kenig, who is embroiled in a legal dispute with his partners, including Rabbi Yoshiyahu Yosef Pinto, who was jailed for bribery in Israel before being appointed as Morocco’s chief rabbinical judge. In a lawsuit filed in February last year, Kenig accused Pinto of reducing his “multimillion-dollar empire to ashes” and staging a “hostile takeover” of his business.
The Trousdale Place default adds to the number of properties, which Kenig owns personally or through FMB, that are under siege from lenders. In May, Kenig lost a 7,000-square-foot home, located at 1355 Berea Place in the Pacific Palisades, and accumulated $500,000 in unpaid credit card debt. At the time, he had reportedly filed for bankruptcy on six FMB projects. He also claimed in court documents that “almost all” of FMB’s projects were in default.
Kenig could not be reached for comment.