Singer and actress Miley Cyrus picked up a mid-century home in Hidden Hills for $5 million in an off-market transaction late last month.
Cyrus bought the 1.2-acre property through a trust from actor Scott Baio’s brother, Steven Baio, according to the Los Angeles Times.
The property was last on the market last summer for just over $5 million and was up for lease at $39,000 per month. Cyrus’ new 1957-built home spans 6,000 square feet with six bedrooms and 4.5 bathrooms. It’s also got a trademark mid-century sunken living room and a lagoon-style swimming pool.
Off-market deals are a big no-no under a controversial rule recently adopted by the National Association of Realtors. Violations carry fines up to $5,000 per deal.
The rule is meant to put an end to so-called pocket listings — it requires that a property be publicly listed on a multiple listing service within 24 hours of any sort of marketing is done for the property. Its deeply unpopular in L.A., where pocket listings offer privacy that many celebrity clients want.
While some agents publicly say they’ll support lawsuits against the rule rather than openly defy it, it’s clear that other agents have no qualms about cutting off-market deals.
The rule came into effect on May 1. Since then, NBA all-star Chris Paul has sold his Encino home for $11.1 million in an off-market deal. Coldwell Banker agent Joyce Rey also marketed a property on Instagram without an MLS listing.