The Hollywood Hills megamansion at 1 Electra Court – one of the more prominent properties tied to the alleged Woodbridge Group Ponzi scheme – sold to billionaire Frank Binder.
Originally listed for $35 million, Binder paid $29.5 million for the 4.5-acre property, according to real estate blog Yolanda’s Little Black Book. The mansion is the latest in the accelerating sell-off of assets owned by Woodbridge Group – the alleged investment front that had a habit of buying prime estates in Los Angeles, which are now being sold as part of liquidation proceedings.
It was built in 1990, and includes two swimming pools and rooftop lawns. It changed owners a few times before businessman Eddy Aslanian bought it for $4.4 million in 2002.
In 2013, Aslanian reportedly sold the estate and several acres of hillside land for $30 million to Megan Ellison. Ellison flipped the property, which was more than 9 acres then, to Woodbridge Group last year for almost $36 million. Woodbridge subsequently sold some of the land earlier this year for $12 million, shrinking the property to 4.5 acres.
Binder is heir to the fortune created by pharmaceutical giant Merck. After buying “The Stanley House” this summer for $33 million – the third-largest sale ever in the Hollywood Hills – Binder and his fiancée Alexandra Schuck have spent $62.5 million on luxury L.A. real estate this year. The Stanley House mansion was designed by Lenny Kravitz and features a nightclub. [Yolanda] – Gregory Cornfield