One of the few properties actually built by luxury home developer Woodbridge Group of Companies hit the market, two years after federal authorities charged the firm with orchestrating a $1.2 billion Ponzi scheme.
Dubbed the Carla House, the Trousdale Estates mansion is on the market for $46 million, The Real Deal has learned.
The property traded hands in February to an entity known as “Woodbridge Wind-Down Entity,” managed by Fredrick Chin. A judge appointed him last year to liquidate Woodbridge’s numerous properties and assets, in order to pay back investors authorities say were defrauded in the scheme.
Led by CEO Robert Shapiro, the Sherman Oaks-based company would pay top-dollar to acquire development lots, then pay architects to design ultra high-end spec homes. A Securities and Exchange Commission lawsuit against the company charged that Shapiro would defraud investors by selling them on the prospect enormous returns from a home development deal. But few of those homes were built.
Many of the land-only plots have been sold already, even those garnering price tags in the millions.
Sitting on a 1.2-acre lot, the Trousdale Estates spec mansion on Carla Ridge Road spans 20,000 square feet and includes seven bedrooms. The home has all the trimmings of an exclusive listing, including an elevator, 80-foot swimming pool and movie theater. Designed by architect Noah Walker, it also features expansive decks overlooking the Hollywood Hills.
Tomer Fridman and Sally Forster Jones of Compass have the listing.
Any sale would require approval from a bankruptcy court. But that has happened as several of Woodbridge’s former properties have already been unloaded. In March, Chin oversaw the sale of an 82,000-square-foot lot in Bel Air for $37.5 million.
Still in the Woodbridge portfolio is the tony Owlwood Estate now on the market for $115 million. Woodbridge had sought $180 million for the massive home, formerly owned by Sonny Bono and Cher.
Though Shapiro was arrested on federal charges in April, the legal turmoil is far from over. Also that month, lawyers tasked with recovering funds for defrauded investors filed a suit against Comerica Bank, which held accounts belonging to Woodbridge. The federal lawsuit alleges Comerica turned a “blind eye” to the suspicious activity.