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The Real Deal Los Angeles

Discounted Shark house relists with private jet membership

The home was in escrow with a Chinese buyer, but deal fell through
By Natalie Hoberman | December 11, 2018 08:00AM

Sam Real and Shark House bedroom. (Credit: Twitter and iStock)

Not even live sharks have been enough to lure a buyer to a Beverly Hills spec home.

So now the seller of the “Shark house” is tossing in a two-year private jet membership with the 12,000-square-foot house, recently re-listed for $29 million, The Real Deal has learned.

It first hit the market asking $35 million in June.

Sam Real, the listing agent from Engel & Volkers, said the new amenity — a NetJets membership — was a nod to the “big tech money guys” who have business in San Francisco and are constantly commuting. Several of them have been touring the property, Real added.

NetJet memberships work by allowing individuals and companies to purchase a fraction of an aircraft. The smallest share — 1/16th — will typically get an individual 50 hours of flying time per year. Shares range anywhere from hundreds of thousands to $20 million, Forbes reported.

In September, a wealthy Chinese buyer was in escrow for close to the property’s original $35 million asking price. The deal ultimately fell through because of government controls limiting the outflow of Chinese capital, Real said.

Built by developer Ario Fakheri, the newly constructed home includes seven bedrooms, 11 bathrooms, a spa and gym, and of course, a shark tank. The floating saltwater tank contains at least seven stingrays, three different kinds of sharks, a starfish and three yellow tangs.

There’s also a living wall in the home that features coral bells, spike moss and button ferns. Other amenities include a water filtration system throughout, aroma therapy, cigar room, movie theater and wellness center.

While buyers outbid for homes in the mid-tier market, where inventory is especially tight, the high-end real estate market — featuring the top 10 percent — has been showing signs of cooling recently. In the third quarter, buyers in that segment closed just 82 sales, down 16 percent from the prior year, according to Douglas Elliman. A flood of new spec homes also hit the market in recent months, such as Elite Investment Management’s $88 million home in Bel Air.

Real, however, attributes the Shark home’s re-listing to a fourth quarter slump, characterized by an “especially slow December.”