Beverly Hills Flats Manse on Elm Drive Sells for $20M

A Beverly Hills Flats home didn’t have to wait long to find a buyer.

A trust tied to business-manager-to-the-stars Michael Karlin and accountant Marc Sniderman sold the mansion at 622 North Elm Drive in less than a month on the market for $19.9 million. The purchase price is just shy of the $19.95 million ask the home had when it went up for sale Jan. 13.

Karlin is a founding partner of NKSFB, a Los Angeles-based firm that provides high-profile and high-net-worth clients with business management, tax and audit, recording artist, touring and athlete services.

Property records show the trust purchased the home in 2015 for just under $13 million.

Carolwood Estates’ Richard Ehrlich represented the seller, while Carolwood’s Jonah Wilson negotiated on behalf of the mystery buyer.

The brokerage declined to comment on the buyer.

The five-bed, seven-bath home sits on over one-third of an acre, according to the listing. It has a second-story family room, bar, office, staff quarters and pool.

Elm Drive is the latest deal in what’s been an upswing in activity on the buy and sell side for The Flats.

TV executive David Salzman, president of the production firm behind “Dallas” And “Full House,” kicked off closings in the neighborhood this year. He sold his home at 702 North Sierra Drive for $17 million in January. Salzman bought the 9,900-square-foot property in 1993 in an off-market trade for an undisclosed sum.

Meanwhile, the neighborhood’s available inventory has been growing. The 7,500-square-foot home of late Hasbro CEO Brian Goldner and his wife Barbara Goldner at 610 North Canon Drive was listed for $27 million in December. The price has since been adjusted to $23.5 million. The following month, the Gloria Vanderbilt estate at 719 North Maple Drive hit the market for $16.5 million.

Compass’ Josh Flagg, the listing agent on the Vanderbilt property, told The Real Deal at the time of the listing The Flats are “thriving,” likening property there as akin to owning a Treasury bill.

The value is always increasing,” he said. “It’s the smartest investment through the good times and bad times.”