LA’s five biggest residential sales in October
Sales of ultra-luxury L.A. homes have slowed, but they haven’t slowed to a stop.
October’s top five L.A. County residential sales all topped $10 million, and the priciest came in at a cool $100 million, according to The Real Deal’s research.
On the whole, sale prices continue to inch up across the region due to a prolonged period of low inventory, according to a recent report by Douglas Elliman. The third quarter of 2016 saw single-digit jumps in both pricing and velocity. Still, luxury homes sat on the market for 12 percent, or 10 days, longer than they did last year.
Here are last month’s top five sales.
1. 301 North Carolwood Drive — $100 million
Tom Gores’ $100 million deal for a spec home in Holmby Hills took the top spot in October. The 38,000-square-foot property, which was listed for $150 million, includes a 10-bedroom newly-built home with 20 bathrooms. Developer Gala Asher bought the 2.17 acre lot in Holmby Hills that formerly housed Barbara Streisand’s “Mon Rêve” estate for $13.25 million in 2014. Gores, the CEO of Platinum Equity and owner of the Detroit Pistons, swapped undeveloped lots in Bel Air in exchange for the property. The neighborhood has been on a roll. The nearby Playboy Mansion also recently sold for $100 million, and the estate of the late comedian Danny Thomas is listed for $135 million.
2. 1020 Ridgedale Drive — $14.6 million
British television producer and creator of the “American Idol” franchise Simon Fuller sold his 8,000 square foot Beverly Hills home for $14.6 million, $1.3 million below the last asking price and significantly less than the original ask of $21.5 million. Fuller bought it for $8.5 million in 2005 and had it on the market for 2.5 years before eventually securing a buyer. The home comes with a celebrity neighbor. Directly to the north is music producer David Geffen’s pad.
3. 118 South Cliffwood Avenue — $12.65 million
The buyer of this 8,500 square-foot Beaux-Arts-style Brentwood home is none other than Daniel Shak, the American semi-professional poker player and hedge fund manager. He recently sued his ex-wife Beth Shak for allegedly failing to disclose the nearly $1 million value of her collection of 1,200 shoes in their divorce. The property was built in 2015 by dentist Alex Soleimani, who first bought the site for $3.2 million in 2011.
4. 6902 Wildlife Road — $12.5 million
Singer and songwriter Pink sold her home in the gated Point Dume Estate for just $12.5 million, well below its original $14 million asking price. The Malibu neighborhood is so desirable because it comes with a private path to Little Point Dume Beach. The 7,450 square-foot, six-bedroom Balinese-inspired California bungalow has ocean views and a terraced back yard. The seller is a trust registered to Nancy Chapman, a highly-regarded Hollywood business manager. Shen Shulz of Sotheby’s International Realty represented the buyer.
5. 434 South Windsor Boulevard –$11.3 million
Luxury home developers Quigg refurbished and retrofitted this 10,600 square-foot residence in the historic neighborhood of Windsor Square in Hancock Park, first built in 1916. It has six bedrooms, a modern chef’s kitchen, a theater, and a swimming pool. It was sold at a slight discount to Thomas Swan III, co-CEO and director of the Swan Group, which has a business portfolio in manufacturing and distribution of heating, plumbing and water products as well as commercial real estate.