UPDATED May 21, 11:28 a.m. A buyer from Saudi Arabia has purchased two neighboring homes in Bel Air to put together a massive $52.2-million estate.
The deal includes a mega-mansion on Bentley Circle that sold for $45 million — the most expensive sale so far this year in Los Angeles, The Wall Street Journal reported. The deal also includes a home next door designed by legendary architect Richard Neutra for $7.2 million.
The seller is Rafael Zakaria, an L.A.-based diamond manufacturer who purchased the land for $6.6 million in 2013.
The spec mansion was listed for $48 million when it hit the market three months ago. Zakaria spent four years building the estate over 20,000 square feet, with seven bedrooms, 10 bathrooms, 20-person movie theatre, gym, spa and 16-car garage. The property also includes a 200-foot circular infinity pool and tennis court.
The deal is a jolt to the spec home industry as reports of price cuts and plummeting sales have dominated the year so far.
The Neutra-designed home, known as the Hammerman Residence, will house the buyer’s staff, according to Florence Mattar of Coldwell Banker Global Luxury, who represented the new owner. The house was built in 1954 and includes four bedrooms, five bathrooms and 4,300 square feet of space. It was listed for $10.5 million after a $3-million price cut in January 2018. The listing for the home was handled by Aaron Kirman of Compass, who shared the listing for the larger home with Rayni Williams and Branden Williams of Hilton & Hyland. [WSJ] — Gregory Cornfield
This post has been amended to note the brokers handling the listings for each property.