Beverly Hills properties once owned by convicted RE Ponzi schemer Shapiro sell for $69M

TRD LOS ANGELES /
Jan.January 06, 2020 04:16 PM
Carla House at 1966 Carla Ridge and Robert Shapiro
Carla House at 1966 Carla Ridge and Robert Shapiro

Five Southern California properties once owned by convicted real estate Ponzi schemer Robert Shapiro have sold for a total of $69.1 million, according to documents filed with the Securities and Exchange Commission. One of the properties is the Carla House, a 20,500-square-foot Beverly Hills home designed by Noah Walker, that sold for $35 million.

A liquidation entity for Shapiro’s Woodbridge Group of Companies sold four residences in Beverly Hills and a small office building in Los Angeles, according to the SEC documents, first spotted by Bisnow. The SEC documents did not reveal the buyers or break down how much each property sold for.

The Beverly Hills properties that sold include the Carla House at 1966 Carla Ridge; a four-bedroom home at 375 Trousdale Place as well as an adjacent lot at 385 Trousdale; and 9230 Robin Drive, a 0.95-acre residential site. The Los Angeles property is 8124 West 3rd Street, a 9,100-square-foot office building.

Compass’ Sally Forster Jones and her colleague Tomer Fridman had the listing for Carla House, which was put on the market in July for $46 million, or about $2,300 a foot. The sale of the seven-bedroom, nine-bathroom house closed Dec. 27 for $35 million, or $1,750 a foot, according to Compass’ website. Jones couldn’t be reached for comment, but on Dec. 28 she posted on her Instagram account regarding the deal.

“Was an absolute pleasure working on this architectural marvel,” she wrote. “Bittersweet to see it sold.”

The trust was formed following the bankruptcy of Woodbridge. Shapiro pleaded guilty in August to orchestrating a $1.3 billion real estate Ponzi scheme that allegedly defrauded more than 7,000 investors, many of them elederly . Shapiro was sentenced to 25 years in prison in October.

According to investigators, Woodbridge promised investors that their cash would be used to build and buy luxury properties that would yield high returns. Shapiro and the company were accused of instead buying properties through a web of legal entities to obscure ownership.

Investigators said properties and development sites worth hundreds of millions of dollars were purchased in Los Angeles and across the country, with Shapiro admitting that he “misappropriated” between $25 million and $95 million in investor funds. Among the properties was the historic Owlwood Estate, a 12,200-square-foot home that Shapiro bought for $90 million in 2016.

Shapiro is also on the hook to pay the SEC $120 million as part of a civil settlement with the agency.


Related Articles

arrow_forward_ios
Lauren Sanchez and Jeff Bezos with the property at 1441 Angelo Drive (Credit: Getty Images and Redfin)

A $90 million patch of dirt: A look at Jeff Bezos’ other record LA deal this week

Amazon CEO Jeff Bezos with the home (Credit: Pintrest and Getty Images)

Jeff Bezos buys David Geffen’s Beverly Hills estate for record $165M

John Mirisch

Meet Sacramento’s worst nightmare: Beverly Hills mayor John Mirisch

A judge will let Hearst estate be used as cash collateral (Credit: iStock)

Start your timer: Leonard Ross has 4 months to sell Hearst mansion

William Randolph Hearst by his former home (Credit: Getty Images and Zillow)

Hearst estate owner pleads with court to let him sell mansion

Frank Binder and Alexandra Schuck, with 1 Electra Court (Credit: Hilton & Hyland)

Merck billionaire plans to tear down 1 Electra Court and go twice as big

A home for Illya Kovalchuk when he hangs up the skates (Credit: Redfin and Getty Images)

Ex-King Kovalchuk buys Beverly Hills manse then bids LA adieu

Beverly Hills agent Steve Frankel (Credit: iStock)

Compass rings in New Year by poaching another Coldwell agent

arrow_forward_ios
Loading...