A Georgian-style mansion of nearly 12,000 square feet has gone through foreclosure and arrived on the market in the exclusive Beverly Hills Flats neighborhood at an asking price of $21.9 million.
The ask comes to $1,849 per square foot for the property at 705 N. Alta Drive, which was listed on May 13, six months after going into foreclosure. Gregory Dean, founder and principal broker The Dean Company, holds the listing.
“You don’t see foreclosures in the flats of Beverly Hills very often,” Dean said.
But legal wrangling over the house is over, and a first open house is scheduled May 22 at the six-bed, 11-bath home with marble and wood floors.
Amenities include an elevator, a servants’ quarters, library and a pool. Built in 2001, the home has not gone through a major remodel since the previous owner, Haim Revah, lived there.
Revah is a co- founder of a pioneering denim brand JNCO. The brand’s wide-legged jeans were favored by skateboarders and fans of electronic dance music in the 1990s.
According to court documents, Revah invested much of his gains from JNCO into commercial real estate that fell into distress during the Great Recession of 2008. He leveraged his home to stay afloat, and eventually alleged that he became a victim of predatory lenders.
National Mortgage Resources, a Los Angeles-based lender that now owns 705 N. Alta Dr., started foreclosure proceedings around 2017. In August 2020, a debt validation notice said that a total delinquency for the case was more than $5.5 million. Legal proceedings on this matter wrapped up by 2021.
The price tag for the Alta Drive house seems to align with comps from neighboring homes. A house on neighboring Cinthia Dr. sold for $21.1 million in 2021. Another home for 619 N. Mountain Dr. sold for $22.3 million in 2021.
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