Breaking even in Bel Air: Harridge Development CEO sells home at price he paid
The sale comes amid a greater softening of LA high-end resi market
Amid Los Angeles’ softening high-end residential market, Harridge Development Group’s CEO has sold his Bel Air home for about what he paid for it four years ago, The Real Deal has learned.
David Schwartzman sold the Mid-century home for $6.24 million to Thibault Christian Stracke, global head of credit research at investment firm Pimco.
Schwartzman paid $6.25 million for the property in 2015, records show. For the purchase, Stracke secured a $4.4-million loan from Bank of America, according to records.
The 4,300-square-foot home is located on Vestone Way, and includes five bedrooms and 6.5 bathrooms. The property spans nearly three acres and features a pool and a gated motor court with a four-car garage.
Gregory Dean of the Dean Company had the listing. Chad Lund of Douglas Elliman represented Stracke.
L.A.’s luxury housing market in the middle of a widespread slowdown, and Bel Air is not immuned. Serena Williams recently sold her home for nearly $4 million less than it had originally listed. On the much higher-end, celebrity surgeon Raj Kanodia recently cut the price of his spec home by $60 million and last week, the price for a massive 258-acre plot of land was cut by 40 percent to $75 million.
Earlier this year, Wilshire-based Harridge won city approval for its Crossroads of the World megaproject in Downtown, after three years in the entitlement process. The mixed-use development calls for 950 residential units, 308 hotel rooms and 190,000 square feet of commercial space.
The firm also has several other developments in the pipeline, including a mixed-use project with 555 residential units in Koreatown, a 676-home project in San Pedro, and an 18-acre condominium community development near where the L.A. Rams stadium is being built in Inglewood.