From the New York website: This is a pretty epic flip. An 11,200-square-foot Beverly Hills spec house is back on the market for $42 million, just a year and a half after being sold for $31 million.
The mansion, located at 1201 Laurel Way, has been plagued with lawsuits and accusations of “borderline illegal permitting,” according to Curbed. But that isn’t keeping the owners from seeking an ambitious $11 million profit.
In 2006, then-owner Richard Papalian tried to demolish the 4,318-square-foot, one-story house that had occupied the lot since 1957. Instead, the city allowed Papalian to tear down 50 percent of the structure; he tore down 90 percent instead, Curbed reports.
He then built the massive spec house standing nine feet taller than neighborhood restrictions permit. There were lawsuits, but nothing seemed to happen.
Then in October 2013, it hit the market for $36 million and sold four months later for $31 million. Now, the new owner is hoping to play the same game, apparently without doing any renovations, Curbed notes.
The house features six bedrooms, 10 bathrooms, glass walls, a screening room, personal gym, 1,000-bottle wine cellar, putting green, an infinity pool and a zen garden. [Curbed] – Christopher Cameron