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The Real Deal Los Angeles

Billionaire heir drops $20M off asking price 10 months after listing

Evan Metropoulos listed his gutted 2-unit spread for $58M last spring
January 24, 2019 09:00AM

Evan Metropolous and 9255 Doheny Road West Hollywood (Credit: Twitter and Sotheby’s)

When Evan Metropoulos listed a gutted 7,000-square-foot unit for $58 million last year, brokers fawned over the stripped penthouse unit in West Hollywood as the latest example of a “whiteboxing” trend taking hold.

Yet time has shown that buyers may not want boxy white units as much as spec developers once thought.

The billionaire heir has shed $20 million off his original ask in 10 months, the Los Angeles Times reported. He’s now seeking $38 million, a 34 percent haircut.

Located in the Sierra Towers, an exclusive enclave for celebrities, the 32nd-floor penthouse is comprised of two units. Beyond an expansive space, the unit includes a 4,000-square-foot wraparound balcony and six parking spaces.

Amenities at the building, located on Doheny Road, include 24-hour security, a swimming pool and gym. Rihanna, Elton John and Sandra Bullock are among some of the celebrities to have owned units at the luxury tower.

Mauricio Umansky at the Agency shares the listing with Josh and Matt Altman at Douglas Elliman.

Metropoulos is the son of Dean Metropoulos, founder of Pabst Brewing Company and Hostess Brands, and the brother of Daren Metropoulos, who owns the Playboy Mansion. In 2017, he plunked down $65 million to buy comedian Danny Thomas’s former 2.5-acre mansion in the Trousdale Estates.

His price chop in West Hollywood is the latest sign that sellers are feeling the heat in L.A.’s high-end market. Earlier this month, luxury spec home developer Bruce Makowsky dropped the asking on his massive Bel Air home to $150 million. It originally listed at $250 million. [LAT] – Natalie Hoberman