Woodbridge offloads infamous 1 Electra Court manse for $30M

Deal is major part of Woodbridge Group sell-off

1 Electra Court and buyers Frank Binder and Alexandra Schuck (Credit: Hilton&Hyland, myregistry.com)
1 Electra Court and buyers Frank Binder and Alexandra Schuck (Credit: Hilton&Hyland, myregistry.com)

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.

1 Electra Court (Credit: Hilton&Hyland)

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.

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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