The most expensive LA home sale of the year just closed

Deal includes a spec mansion that went for $45M and the neighboring home, which closed at $7.2 million.

TRD LOS ANGELES /
May.May 20, 2019 05:00 PM
From left: 201 Bentley and 281 Bentley
From left: 201 Bentley and 281 Bentley

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. 


Related Articles

arrow_forward_ios
Jason Oppenheim and Josh Flagg (Credit: Alberto E. Rodriguez/Getty Images and iStock)

Pent-up demand lives! L.A. County home deals up year-over-year

Pent-up demand lives! L.A. County home deals up year-over-year
Frederik Eklund and a rendering of 8899 Beverly Boulevard (Getty, building courtesy of 8899 Beverly)

In tough market, West Hollywood condo developer plans $100M listing

In tough market, West Hollywood condo developer plans $100M listing
Mohamed Hadid and Mike Feuer, with the mansion (Credit: Rochelle Brodin/Getty Images, and Earl Gibson III/Getty Images)

Still standing: Demolition of Hadid mansion hits impasse

Still standing: Demolition of Hadid mansion hits impasse
An illustration of Fortress Investment Group CEO Wesley Edens (Credit: Craig Barritt/Getty Images, and Zillow)

Do I hear $90M? Fortress now wants to auction Hearst estate

Do I hear $90M? Fortress now wants to auction Hearst estate
Mauricio Umansky and the office (Credit: Google Maps)

The Agency closes Palm Springs office amid larger cuts

The Agency closes Palm Springs office amid larger cuts
LeBron James and the home at 9955 Beverly Grove Dr.

Another palace for the king: LeBron James buys Beverly Hills mansion: sources

Another palace for the king: LeBron James buys Beverly Hills mansion: sources
Ardie Tavangarian and Elon Musk (Credit: Noam Galai and Saul Martinez, via Getty Images)

Developer Ardie Tavangarian buys four homes from Elon Musk

Developer Ardie Tavangarian buys four homes from Elon Musk
The Hearst mansion's fate is tied into bankruptcy court. (Credit: Istock)

Hearst mansion owner’s bankrupt LLC got a $150K federal bailout

Hearst mansion owner’s bankrupt LLC got a $150K federal bailout
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...