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

Los Angeles /
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

arrow_forward_ios
Robert Shapiro and Ariana Grande, with the home (Credit: Jon Kopaloff/FilmMagic via Getty Images, and Google Maps)

Ariana Grande’s new Bird Streets pad was in Ponzi schemer’s portfolio

Ariana Grande’s new Bird Streets pad was in Ponzi schemer’s portfolio
Government sells fugitive Jho Low's Bird Streets home (Credit: Taylor Hill/Getty Images)

Jho Low’s government-seized Bird Streets home sells for a song

Jho Low’s government-seized Bird Streets home sells for a song
Sources say Gou is behind $33 million Bird Streets purchase (Credit: Hilton and Hyland and Wikipedia)

Bird Streets home flies off the market for $33M to reported Taiwanese buyer

Bird Streets home flies off the market for $33M to reported Taiwanese buyer
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

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

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

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

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

Here are the priciest resi listings in LA County last week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...