Developer Barry Shy has once again cut the price of a Beverly Hills mansion that has been lingering on the market since early 2016.
Shy first listed the estate at 1024 Summit Drive in March of 2016 at $34.5 million. A year later he dropped the ask to $28 million. He still couldn’t find a buyer, so now Shy is asking $22.5 million.
Since the original listing in 2016, the home has been discounted by 35 percent.
Shy purchased the estate in 2013 for $10.6 million, records show.
An analysis by The Real Deal of the luxury homes market in L.A. County from January 2017 to December 2018 showed that some of the priciest enclaves are seeing major price drops and fewer closings. Beverly Hills ranked as one of the neighborhoods that’s had the highest average price cuts. Prices dropped by an average of about 11 percent there from their original list prices in the period.
The estate that Shy is selling was originally designed by midcentury architect William S. Beckett, and was then updated in 2015. Until 2003, a granddaughter of Jean Paul Getty, patriarch of the Getty family, owned the home for 33 years.
It includes 13,500 square feet of living space, seven bedrooms, eight bathrooms, a billiards room, a theatre, a two-bedroom guesthouse and a six-car garage. The master suite on the second level has a private terrace and a spa overlooking Beverly Hills.
The outdoor space on the one-acre property includes a garden, a poolside bar and grill and an infinity pool. It’s near the Holmby Hills neighborhood, and just north of Sunset Boulevard.
Agents Mauricio Umansky and Adi Perez of The Agency have the listing.
Shy is known for developing large properties in Downtown Los Angeles. Last year, he reignited plans for a 32-story, 239-unit development at 920 South Hill Street. He also set in motion plans for SB Omega – a 38-story, 452-unit tower at 601 S. Main Street – a few months after he listed the site for $100 million.