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The Real Deal Los Angeles

Two properties tied to Woodbridge scandal sell in Beverly Hills

Court approved sales of homes for $14M and $7M
January 30, 2019 05:00PM

The home at 711 Walden Drive in Beverly Hills sold for $13.8 million

Two more properties tied to Woodbridge Group of Companies’ alleged $1.2 billion Ponzi scheme have sold in Beverly Hills.

The first was a mansion at 711 Walden Drive that sold for $13.8 million to buyers Nathalie and Bernard A. Khalili, according to Bloomberg. The seller was Riley Creek Investments LLC, a Delaware-based entity tied to Woodbridge that filed for bankruptcy in 2017.

The Spanish Contemporary home includes 8,200 square feet of space, five bedrooms, 8.5 bathrooms and a double-height library. The U.S. Bankruptcy Court approved the sale on January 4. Sally Forster Jones of Compass had the listing, and Michael Libow of Coldwell Banker represented the buyers.

This month, the court also approved the sale of another Beverly Hills home connected to Woodbridge through Cannington Investments, LLC. It’s located at 1118 Tower Road, and it was sold to Barrie Clapham for $7.3 million – $650,000 less than what it was listed for on Redfin.

The Spanish Colonial home was built in 1926 and includes 5,900 square feet of space, five bedrooms and 5.5 bathrooms. The 0.3-acre property also includes a pool and spa. Jon Grauman with the Agency had the listing for the deal, which is in escrow.

The homes are the latest in the sell-off of assets owned by Sherman Oaks-based Woodbridge Group, which filed for bankruptcy in 2017.

In December, billionaire Frank Binder bought one of the more prominent properties tied to the alleged investment front at 1 Electra Court for $30 million. [Bloomberg] – Gregory Cornfield