The Los Angeles luxury residential market is in a long slump but Rockstar Energy founder Russell Weiner hasn’t gotten that memo. Or if he has, the billionaire has chosen to crumple it up, toss it in his mouth and chase it with one of his caffeine-charged beverages.
A mere two weeks ago, Weiner scooped up a mansion in the Bird Streets enclave from tech honcho Lynda Weinman for $16.5 million. That was a drastic price chop from the $27 million that Weinman had spent on the 12,530-square-foot home two years ago.
Now, Weiner — whose net worth is $4 billion, according to Forbes — wants to pull off the ultimate flip.
He has relisted the home for $27.9 million, about $11.5 million more than he paid and even more than Weinman had purchased it for, according to the Los Angeles Times.
As would be expected no major changes have been done to the six-bedroom, 10-bedroom estate in the two weeks since he purchased it.
Katelyn Byrd of Coldwell Banker Residential Brokerage is handling the listing.
Weiner is something of a collector of high-end homes, having scooped up former N.B.A. player Carlos Boozer’s Sunset Strip estate in 2006, along with a Beverly Hills compound in 2015 that had once belonged to Madonna. He paid $19 million for that one. After extensively renovating the mansion, he listed it for $49 million nearly two years ago. But it still hasn’t sold and in February he shaved $4 million off the price tag. [LAT] — Alison Stateman