$10.2M price cut on Drake’s one-time Beverly Hills rental

A partnership led by developer and Compass broker Michael Chen is now offering a $10.2 million discount on a Beverly Hills home once rented to rapper Drake.

The 18,169-square-foot home, located at 1108 Wallace Ridge in Trousdale Estates, now has an asking price of $54.85 million, according to Zillow. The seven-bed, 14-bath home, also known as Elementi, was first listed in April of last year after a six-year construction process.

The property, designed by architecture firm SAOTA, is the only home in Trousdale Estates with a permitted daylight basement, according to the listing. The mansion also has features such as a 20-foot water wall, a 2,000-bottle wine cellar, a home theater, a wellness center and a gym. The home also has a courtyard with a 150-year-old Mediterranean olive tree that was shipped from Italy.

Aaron Kirman, one of the brokers handling the listing, said that the seller agreed to the reduction to hasten a sale.

“He’s not desperate to sell, but he does want to sell. He’s motivated to get it off the books,” Kirman said.

Drake rented the property sometime last year, previous reports show. Representatives for Drake told Dirt that he only stayed in the home “briefly.” He paid around $215,000 per month during his stay, according to the New York Post.

Chen bought the property for $15 million in 2014 through his firm Luxford Investment Group, property records show. After buying the site, Chen and his partner demolished the 6,300-square-foot home on the property, according to a previous report from CNBC.

TRD recently featured the home in our Deconstruct Podcast. In the episode, Kirman talked about his strategies for selling the property, then one of the priciest homes in the market in Los Angeles.