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

Mar.March 22, 2017 12:45 PM

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.

Related Articles

Geoff Palmer proposes building 15-story apartment tower at 2321-2327 South Flower Street (Credit: Getty Images, Google Maps)

Geoff Palmer plans 280-unit apartment tower in South LA

Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Geoff Palmer and Orsini II

Geoff Palmer nabs $128M refinancing on DTLA resi complex

Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion

CoreLogic's Andrew LePage and Orange County (Credit: Wikipedia)

SoCal housing market shows signs of life, with a caveat: report

Bridge Housing CEO Cynthia Parker and a rendering of the view from Walnut and Anaheim (Credit: SVA Architects)

Fully affordable complex set to rise in vacant Long Beach lot

Tracy Tutor and her Brentwood home

Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home

Anton Lessine and 321 South Bristol Avenue, and Behati Prinsloo and Adam Levine with their home (Credit: Getty Images and Zillow)

This week in celeb real estate: Adam Levine unloads $45M home, a Hollywood film producer sells in Brentwood…and more