Bird Streets bite back: Pioneer in online computer course gets lesson in LA luxury market

Lynda Weinman took a $10.5M loss on her Bird Streets mansion, as local market continues to cool

TRD LOS ANGELES /
September 06, 2019 02:00 PM
Russ Weiner, Lynda Weinman and the Bird Streets home
Russ Weiner, Lynda Weinman and the Bird Streets home

Lynda Weinman, who made a fortune developing online computer training courses, got a lesson in the current state of the Los Angeles luxury real estate market. Weinman unloaded her contemporary mansion in the exclusive Bird Streets section for a $10.5 million loss, according to Variety.

Weinman bought the 12,530-square-foot manse more than two years ago for $27 million, according to the report. The recent sale for $16.5 million pencils out to a near 40% loss.

Russ Weiner, who founded Rockstar energy drink was the buyer. He already owns several homes in Los Angeles. In February, Weiner slashed the price on his own Beverly Hills mansion on the market, from $49 million to $36 million.

The severe price cut for the manse perched in the Hollywood Hills, underscores the recent downturn in the luxury housing market in L.A., with the Bird Streets enclave and its pricey spec homes being particularly hard hit.

Weinman was originally hoping to make a $2 million profit on the six bedroom, nine bathroom home, which she listed for $29 million in June 2018, Variety reported. Josh & Matt Altman of Douglas Elliman had the listing, and Patty Waltcher of Coldwell Banker represented the buyer, according to the report. [Variety]Alison Stateman


Related Article

arrow_forward_ios
Russ Weiner, Lynda Weinman and the Bird Streets home

Bird Streets bite back: Pioneer in online computer course gets lesson in LA luxury market

Doc Rivers and his Bird Street home (Credit: Keith Allison|Flickr)

Doc Rivers’ Bird Streets home hits market

Jho Low and 1423 Oriole Drive (Credit: Getty Images and The Pinnacle List)

US authorities list Jho Low’s Bird Streets spec mansion amid 1MDB scandal

Clipped wings: How the Bird Streets celebrity enclave fell from its lofty perch

arrow_forward_ios