Sportswear founder sells another $20M LA home

UPDATED, Sept. 7, 12:10 p.m.: The Los Angeles luxury market ​​is still going strong and JEM Sportswear founder Jeff Marine is cashing in.

Marine sold his second L.A.-area property for $20 million or more, this one a 17,000-square-foot Beverly Park home, according to the Los Angeles Times. The $29 million off-market deal went to a Hong Kong-based limited liability company, according to the report.

In mid-August, Marine sold a Malibu beach house for $20 million. The buyer was Iconiq Capital co-founder Will Griffith. His company is a prominent Silicon Valley money manager with clients including Mark Zuckerberg, Jack Dorsey, and Sheryl Sandberg.

In the latest sale, the home at 53 Beverly Park Way has eight bedrooms and 11 bathrooms, according to Zillow. It sits on over 2.5 acres and includes a home theater, a wine cellar, an elevator, a guest house, pool and tennis court. Built in 2005, the home was listed for rent in 2018, asking as much as $135,000 per month.

The deal is one of the more expensive ones in Beverly Park this summer. Hankey Group’s Rufus Hankey bought Sumner Redstone’s former estate in June for $27 million.

Villa Firenze a 10-acre estate, sold at auction in April for $51 million, a record for an auction, but far below its original $165 million asking price.

Sylvester Stallone was reportedly looking to sell his massive Beverly Park estate earlier this year for around $130 million, but it never formally hit the market.

[LAT] — Dennis Lynch 

Correction: A previous version of this article provided the incorrect square footage of the home.