Michael Shabani tops bidding for Bird Streets mansion
Hammer price of $6.5M on mansion once listed at $30M
Michael Shabani, who runs Los Angeles-based investment firm Crown Equity, bought a 9,000-square-foot property in the Bird Streets area of Hollywood Hills that went up for auction last week and sold at a steep cut from a prior listing price of $30 million.
Shabani paid about $6.5 million for the property at 9240 Robin Drive, plus a 10 percent fee to the auction house, sources familiar with the deal told TRD.
The home was listed in early 2019 for $30 million and had been on and off the market since then. In December, the property was relisted with an asking price of $15.8 million. It was reduced to $13.5 million this month.
An auction for the property came last week, with no reserve, or minimum price threshold.
Completed in 2019, the hilltop Mediterranean-style mansion was developed by John Kocinski, a one-time Grand Prix motorcycle racer, and designed by architect Richard Robertson III.
The exclusive Bird Streets neighborhood has been historically popular with celebrities, though properties in the area have flopped in recent years.
In January 2020, a 17,000-square-foot home down the street at 9268 Robin Drive sold for $33 million. The property was initially expected to sell for $42 million to the same buyer, Taiwanese manufacturing industry titan Terry Gou.