Beverly Hills price chop: Mogul sells spec mansion at 40% discount

The asking price on the home was $55M
April 23, 2019 01:00PM

Doug Barnes and home on Oxford Way (Credit: Realtor)

The founder of a chain of eyewear stores sold his Beverly Hills spec mansion at a sharp discount from its original asking price.

Doug Barnes, who founded Eyemart Express, sold the estate for $35 million, according to Variety. That was nearly 40% less than the $55 million original offer.

The buyer of the 14,280-square-foot home was an entity tied to Hristo Yordanov Hristov, according to the report. He is CEO of a Bulgarian freight company. The purchase could be a sign that foreign buyers may still have an appetite for high-end residential real estate in Los Angeles.

Despite the steep price drop, the sale marks Beverly Hills’ most expensive residential deal in 2019.

The residence boasts seven bedrooms and 11 bathrooms. The two-story modern home also features a saltwater pool, movie theater, billiards room and expansive backyard.

Barnes and his wife, Molly, tapped spec home developer Gala Asher to build it about eight years ago. They paid $8.3 million to acquire the land in 2011, and later listed the completed spec home for $55 million in March 2015.

Ginger Glass of Coldwell Banker had the listing. Jimmy Heckenberg of Rodeo Realty represented the buyer.

The Barnes’ — who live in a 23,000-square-foot estate in Dallas where the eyewear company is headquartered — weren’t the only ones having trouble offloading a Beverly Hills mansion. The billionaire founder of Rockstar Energy Drink recently chopped the price of his 12,000-square-foot estate to $36 million. It first hit the market at $49 million nearly two years ago. [Variety]Natalie Hoberman