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The Real Deal Los Angeles

After selling one Beverly Hills home, Geoff Palmer purchases another for $10.3M

Controversial developer sold estate in Flats neighborhood earlier this month for $8.5M
By Subrina Hudson | March 22, 2017 12:45PM

N. Arden Drive home, Geoff and Anne Palmer (MLS/Getty Images)

Looks like developer Geoffrey Palmer is a fan of Beverly Hills Flats.

The real estate mogul sold a home on N. Sierra Drive earlier this month for $8.5 million. A week later, he bought a Spanish Colonial-style estate on N. Arden Drive for $10.3 million, or $1,502 a square foot, The Real Deal has learned.

Built in 1930 by L.A. architect Paul Williams, the 6,889-square-foot home has six bedrooms,10 bathrooms and a wrap-around terrace covered in roses. The backyard includes a pool, outdoor fireplace, cabana and a dining area with a barbecue and pizza oven. There’s also a detached one-bedroom, one-bathroom guest apartment above a three-car garage.

The home is registered to the developer’s wife, Anne Palmer, a trustee at the Los Angeles County Museum of Art, according to property records.

Palmer purchased the residence just under its asking price of $10.9 million. It first hit the market in August 2016, asking $11.9 million, before getting a price cut in October.

The seller is a trust associated with Barry Perlman. It’s unclear whether it is the same Barry Perlman who co-founded Lucky Brand jeans in 1989.

Billy Rose and Natasha Barrett of the Agency represented the seller. Susan Perryman of Hilton & Hyland was the buyer’s agent.

Palmer, one of President Donald Trump’s biggest campaign donors, was once dubbed Downtown’s worst developer by Curbed. The publication cited his  massive faux-Italianate apartment complexes such as the Orsini, the Medici and the Da Vinci, the latter of which burned down to a crisp last year.