Evan Metropoulos takes big loss on WeHo full-floor penthouse

“Whitebox” condo atop Sierra Towers sold at auction for fraction of $58M ask and well under purchase price

The penthouse takes up the entire top floor of The Sierra Towers building (Compass, Metropoulos & Co)
The penthouse takes up the entire top floor of The Sierra Towers building (Compass, Metropoulos & Co)

Evan Metropoulos has finally offloaded his full-floor penthouse atop West Hollywood’s Sierra Towers building, taking a big loss, and selling the property for less than a third of its original asking price.

The gutted penthouse sold for $17.5 million at a no-reserve auction, according to Dirt. The buyers are Dan Fischel and Sylvia Neil. Both are former University of Chicago Law School professors and Fischel is founder of consulting firm Compass Lexecon, the report noted.

Metropoulos first listed the unit in 2018 for $58 million, and 10 months later slashed the asking price to $38 million.

The penthouse at 9255 Doheny Road spans the entire 32nd floor and is two combined units. Together they total 7,000 square feet, and include a 4,000-square-foot wraparound balcony and glass walls. It comes with six parking spots.

Metropoulos, the son of billionaire investor Dean Metropoulos, bought one unit in 2012 and the other in 2015 for roughly $30 million combined.

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In May, Metropoulos enlisted Concierge Auctions to sell the unit to the highest bidder.

The penthouse at some point was gutted for customization, a process some call “whiteboxing” that became popular over the last few years. It has been completely stripped down to its concrete floors and bare ceiling.

Buyers often gut and renovate high-end homes after buying them and whiteboxing essentially takes care of one step for them.

[Dirt] — Dennis Lynch