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

Sep.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 Articles

From top left, clockwise: 9601 Oak Pass Road, 915 Amalfi Drive, 915 Amalfi Drive, and 337 S Anita Avenue (Credit: Redfin)

Here are the top resi sales in LA County

Jeff Greene in front of his Beverly Hills abode, listed at $129 million (Credit: Zillow)

Here are LA County’s priciest resi listings last week

Homes on Robin and Oriole Drive

This Bird won’t sing: Home sale prices on Bird Streets don’t match sky-high listings

The 5 priciest residential sales

Here are the 5 priciest resi sales in LA County last week

The top five listings of the last seven days

Here are the priciest resi listings in LA County last week

Russell Weiner and the Bird Streets home

Russell Weiner wants to flip his newly-bought Bird Streets manse like a Rockstar

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