Evan Metropoulos’ West Hollywood penthouse heads to auction

Three years after listing his West Hollywood penthouse for $58 million — and after one massive price cut — Evan Metropoulos will auction off the “whitebox” unit.

Metropoulos, whose father is billionaire investor Dean Metropoulos, hired Concierge Auctions to sell the 7,000-square-foot unfinished unit in Sierra Towers, the Wall Street Journal reported.

The no reserve auction means there is no minimum price for bidding.

In January 2019, Evan Metropoulos slashed the price to $38 million, and it now stands at $33.5 million, according to the report. The unit at 9255 Doheny Road features a 4,000-square-foot wraparound terrace and glass walls.

The property is actually two units. Metropoulos bought the first one in 2012 and the second three years later, for a combined $30 million, the report noted. The tower itself boasts a bevvy of celebrity residents including Elton John, Cher and Courteney Cox.

Metropoulos also owns a Beverly Hills mansion, which he bought for $65 million in 2017; and another estate in Key Biscayne, Florida.

He isn’t the first to choose the risky auction route to offload a luxury property. In February, the 28,600-square-foot Villa Firenze estate in Beverly Park sold for $51 million at auction. While that marked a record-high auction amount, it was a fraction of the 12.5-acre property’s original $160 million asking price.

[WSJ] — Isabella Farr