Scalpel: Surgeon-turned-developer slices asking on Bel Air spec manse

Raj Kanodia, a celebrity doctor, will also rent the massive property for $1.5M a month

May.May 22, 2019 01:00 PM
Raj Kanodia’s Bel Air spec home (Credit: Simon Berlyn)
Raj Kanodia’s Bel Air spec home (Credit: Simon Berlyn)

Amid a widespread decline in Los Angeles’ high-end residential housing market, a celebrity surgeon-turned-spec developer is ready to sell his massive Bel Air mansion project at a big price cut.

Raj Kanodia told CNBC that he will consider offers starting at just over $120 million on his 34,000-square-foot glass-box style home. Kanodia listed the property a year ago for $180 million.

He’s also willing to rent it out for $1.5 million a month.

“In Las Vegas terms it’s called ‘all in,’” he told CNBC. “I’m all in times a million.”

The house hit the market as median sales prices topped out and deals soon slowed for high-end homes. Sales have remained sluggish in the last several months in L.A.

When Kanodia listed the house last July, developer Bruce Makowsky had recently cut the price on his spec mansion next door, from $250 million to $188 million. That put the properties in direct competition for top sale in L.A.

Kanodia and Makowsky are just two of a number of spec developers left holding onto high-end homes built during the bubble in that exclusive market. Makowsky has since dropped his price again, to $150 million.

Kanodia recently took out a loan secured by the home with Bank of Internet — now called Axos Bank — although he said he has enough equity in the house to pay off any loan, according to CNBC. He reportedly spent $50 million to develop the 1.2-acre estate.

Kanodia said he’ll live in the house himself and sell his home next door if he can’t find a buyer.

“If the bubble bursts… I will accept whatever is there,” he said. [CNBC]Dennis Lynch

Related Articles

(Credit: Berlyn Photography via

L.A. businessperson Charles Cohen bought Makowsky’s “Billionaire” house

Mohamed Hadid (Credit: Getty Images and iStock)

Court trial, demolition day set for Mohamed Hadid spec mansion

Fawaz Alhokair is reportedly buyer behind Makowsky spec mansion (Credit: Berlyn Photography via

Saudi retail magnate behind $94M Makowsy manse deal: report

A federal court judge in LA tossed out Zillow lawsuit filed by developer Bruce Makowsky (Credit: iStock)

LA judge tosses out Bruce Makowsky lawsuit against Zillow

Lori Loughlin and Mossimo Giannulli are reportedly trying to sell their Bel Air estate

Lori Loughlin, Mossimo Giannulli asking $29M for Bel Air estate

Mohamed Hadid is facing a judge's order to tear down his Bel Air mansion, something that hasn't happened to an LA homeowner in 35 years. (Credit: Getty Images, iStock)

Hadid mansion case has echoes of a Saudi sheikh

Mohamed Hadid and the mansion (Credit: Getty Images, iStock, and Mega via TMZ)

Judge puts Hadid’s Bel Air mansion on demolition fast-track

Four homes have been bought for a combined $400 million recently in L.A. (Credit: iStock, Wikipedia, and Westside Estate Agency)

The $100M club: LA’s priciest mansions are having a moment