Who says LA spec homes can’t sell? This one in Hidden Hills broke a record

An entity tied to a private portfolio lender sold the nearly 15K sf mansion
By Natalie Hoberman | June 11, 2019 02:00PM

Partners Capital Solutions Gary Leff and the property

Partners Capital Solutions Gary Leff and the property

A Hidden Hills spec home that shaved $2.5 million off its original asking price still managed to secure the highest sale ever in the exclusive neighborhood.

The nearly 15,000-square-foot mansion sold for $22.2 million, exceeding the previous mark of $19.75 million set by uber power couple Kim Kardashian and Kanye West about five years ago.  The Los Angeles Times first reported the most recent sale, which closed last week.

The sale comes amid an overall softening in Los Angeles’ high-end residential housing market.

Records show the LLC, Hidden Paradise Investors, has owned the property since 2015, when it paid $4.4 million for the land. The LLC and registered agent, Heather Farley, are tied to Partners Capital Solutions, which is a private portfolio lender.

The buyer remains unclear. The property — the largest in the Hidden Hills neighborhood — first hit the market seeking $25 million in February.

Located on Paradise Valley Road, the sprawling mansion sits on 7.4 acres and has six bedrooms and nine bathrooms. The property includes a 65-foot swimming pool, a 1,600-square-foot barn, sand volleyball court, and more than half-a-mile of private golf cart trails.

Marc and Sara Shevin of Berkshire Hathaway HomeServices had the listing. Jordan Cohen of RE/MAX Olson & Associates represented the buyer. The Shevins declined to confirm the identity of the seller. Farley and Cohen could not be reached.