Beverly Hills mansion with ties to 1MDB masterminds sells for $27M

Jho Low and Riza Aziz built home — allegedly stolen cash — after spec mansion developer Mohamed Hadid sold property

Los Angeles /
Feb.February 05, 2021 03:00 PM
Jho Low, Riza Aziz and Mohamed Hadid with the Trousdale Estates mansion (Photos via Getty, Redfin)

Jho Low, Riza Aziz and Mohamed Hadid with the Trousdale Estates mansion (Photos via Getty, Redfin)

A Trousdale Estates mansion in Beverly Hills that was built in part with money stolen in the 1MDB scandal just sold for $27.4 million.

In the latest sale, Steven Gilfenbain bought the 13,000-square-foot mansion at 912 North Hillcrest Road, according to the Los Angeles Times. He is founder of the grape distribution company Stevco Inc. The home had hit the market last summer for $30 million.

The story of the property starts in 2007, when spec mansion developer Mohamed Hadid bought the property for one of his spec projects. He built an Egyptian-themed home — pyramid included — and sold it to now-infamous fugitive Jho Low.

912 North Hillcrest Road (Redfin)

912 North Hillcrest Road (Redfin)

U.S. and Malaysian law enforcement allege Low was the mastermind behind a years-long scheme that laundered $4.5 billion from Malaysia’s sovereign wealth fund, 1MDB.

Low used the stolen funds to buy numerous pricey properties around L.A. and the country. The federal government seized those it could and has been auctioning them to recoup money for victims of the fraud.

Low later transferred the Trousdale Estates property to his partner, Riza Aziz, who was later charged with laundering $250 million from 1MDB. Aziz and Low worked together often, most notably producing Martin Scorsese’s “The Wolf of Wall Street” that starred Leonardo DiCaprio.

Aziz reportedly spent around $40 million rebuilding and adding onto the mansion with plans to gift it to his stepfather, but he didn’t finish before the federal government charged him for his role in the scandal. He pleaded not guilty, but agreed to return $107 million in assets.

As part of that deal, he sold the North Hillcrest home for $19 million to a Delaware-based limited liability company. The new owner finished construction, cleaned up landscaping, and cleared out the construction equipment that was reportedly left on site. The home has six bedrooms and 11 bathrooms on over an acre of land. Westside Agency’s Fred Bernstein and Ethan Peskowitz had the listing. Westside’s Orah Nassirzadeh brought the buyer. [LAT] — Dennis Lynch


Related Articles

arrow_forward_ios
Ellen DeGeneres and Portia de Rossi with their Beverly Hills home (Getty, Redfin)
Ellen DeGeneres looks to flip Adam Levine’s old pad for $54M
Ellen DeGeneres looks to flip Adam Levine’s old pad for $54M
Lily Collins and her Beverly Hills home (Getty, Nicholas Property Group)
“Emily in Paris” star Lily Collins finds buyer for Beverly Hills home
“Emily in Paris” star Lily Collins finds buyer for Beverly Hills home
Fredrik Eklund and his Beverly Hills home (Getty, Redfin)
Fredrik Eklund reps himself in $7M Beverly Hills buy
Fredrik Eklund reps himself in $7M Beverly Hills buy
Founders Fund partners Peter Thiel and Keith Rabois (Getty/Illustration by Kevin Rebong for The Real Deal)
Silicon Valley’s Founders Fund inks Miami lease
Silicon Valley’s Founders Fund inks Miami lease
Steve Wynn and 1210 Benedict Canyon Drive (Getty, Compass)
Steve Wynn rolls dice with $110M mansion listing
Steve Wynn rolls dice with $110M mansion listing
Sylvester Stallone and his Beverly Hills estate (Getty, Google Maps)
Weighing in at $130M: Sly Stallone lists massive mansion
Weighing in at $130M: Sly Stallone lists massive mansion
Liam Payne and his Monte Nido home (Getty, Redfin)
Plotting new direction, Liam Payne sells Monte Nido compound
Plotting new direction, Liam Payne sells Monte Nido compound
Liam, Chris and Luke Hemsworth with their Malibu home (Getty, Zillow)
Hemsworth bros sell Malibu crash pad
Hemsworth bros sell Malibu crash pad
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...