Saudi retail magnate behind $94M Makowsy manse deal: report

Loan-infused buy would come four years after $88M Park Ave. purchase

TRD LOS ANGELES /
Feb.February 26, 2020 12:50 PM
Fawaz Alhokair is reportedly buyer behind Makowsky spec mansion (Credit: Berlyn Photography via Dirt.com)
Fawaz Alhokair is reportedly buyer behind Makowsky spec mansion (Credit: Berlyn Photography via Dirt.com)

Saudi Arabian retail entrepreneur Fawaz Alhokair is reportedly behind one of the limited liability companies who purchased Bruce Makowsky’s L.A. spec mansion “The Billionaire” for $94 million last October.

According to Variety, one of the LLCs that own the 924 Bel Air Rd. property, Billy Beez USA, was traced back to Alhokair.

Alhokair did not confirm his purchase to Variety, and a message left with the Fawaz Alhokair Group Wednesday was not returned. The real estate agents on the deal, Rayni and Branden WIlliams of Hilton & Hyland, Shawn Elliott of Nestseekers, and Ben Bacal of Side have declined to discuss the transaction, citing non-disclosure agreements.

Alhokair’s purchase would come four years after he spent $87.7 million on a New York City penthouse at 432 Park Avenue, a deal perhaps most notable for property co-developer CIM Group furnishing Alhokair with a $56 million loan, or nearly two-thirds of the purchase price.

“The Billionaire” purchase is also primarily financed through one mega-loan, this one a 10-year, $58.2 million pact that the buyer took out from HSBC Bank USA, which Bloomberg first reported.

Makowksy’s 38,000-square foot spec mansion has entered local real estate lore with its initial $250 million asking price, and bells and whistles that include a room filled to the brim with candy and a Louis Vuitton designed bowling alley.

It is one of a handful of Westside properties that sold at or near $100 million within the past seven months, a high-end buying spree punctuated by Jeff Bezos snapping up David Geffen’s Beverly Hills home for $165 million.

Makowsky and his mansion resurfaced last week when a federal judge tossed a negligence lawsuit that a Makowsky LLC filed against Zillow.

Alhokair’s eponymous company was started with his two brothers in 1990, franchising several familiar United States shopping brands including Gap and Nine West. Alhokair has appeared on television in the past year including CNBC to promote the initial public offering of one of his companies, shopping mall operator Arabian Centres.

It is not clear if Alhokair is, in fact, a billionaire. Forbes took him off its billionaire’s list in 2018 after the Saudi Arabian government detained him and other businessmen, and released Alhokair in exchange for giving up part of his fortune. [Variety]Matthew Blake


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