The party’s almost over at the Beverly Hills home of nightlife impresario Sam Nazarian. The only guest still lingering by the bar is his business partner, formerly-bankrupt developer and “Real Housewives of Beverly Hills” star Paul Kemsley.
An entity tied to Nazarian purchased the Italianate Villa home at 1404 Dawnridge Drive in September 2016 for $6.5 million, and listed it last week for $12.7 million. Kemsley — who sold many of his holdings after hitting bankruptcy in 2009 — invested an unknown amount in the estate, and is now selling it in a JV with Nazarian.
The duo “refurbished” the 8,679-square-foot property, which has six bedrooms and seven bathrooms with a screening room, bar and library, Kemsley told The Real Deal. The home has walls of glass that open to an outdoor pool, according to listing details.
Drew Fenton of Hilton & Hyland and Mauricio Umansky of the Agency have the listing.
Kemsley, chairman of soccer club New York Cosmos, plans to develop and sell more properties as part of his JV with Nazarian.
“I have decided to reignite my property business here in L.A. and across the states and I’m doing this with my old friend and established real estate investor Sammy Nazarian,” Kemsley said in an emailed statement. “We are actively looking for development sites and commercial opportunities.”
The home was previously owned by Pascal Mouawad, co-guardian of luxury jeweler Mouawad National Co., according to property records.
In March, a family trust connected to Nazarian sold its 6,080-square-foot penthouse in the 42-story Century building at 1 W. Century Drive for $15.2 million, or $2,500 a square foot. That same month Nazarian confirmed SBE was in advanced talks to merge with Hakkasan Group, a global nightlife and lifestyle brand.
Before his bankruptcy proceedings, Kemsley’s portfolio included 183 Madison Avenue, 104 5th Avenue and the Burberry building in London.