The founder of a Singapore-based hedge fund has paid $58.5 million for a newly developed mansion in Bel-Air once connected to a $1.2-billion Ponzi scheme.
Adam Levinson, managing partner and chief investment officer for Graticule Asset Management Asia, bought the 30,000 square-foot home at 642 St. Cloud Rd., Dirt.com reported. The seller was Woodbridge Liquidation Trust.
He and his wife, Brittany Levinson, bought the nine-bedroom, 15-bath home in East Gate Bel-Air, marking the fourth biggest deal of the year in Los Angeles.
The one-acre property last sold for $18.2 million in 2016, when it was acquired as vacant land by the Woodbridge Group, a now-defunct $1.2-billion Ponzi scheme run by real estate developer Robert Shapiro.
While Woodbridge went bankrupt in 2017, the process of liquidating the company’s vast holdings has taken years, according to Dirt. The Bel-Air mansion was among its final assets.
The vacant lot was developed by Viewpoint Collection, based in the West Side’s Rancho Park, in collaboration with Plus Development, based in Hollywood, and the Westlake-based BULLI design firm, then sold on behalf of Woodbridge’s creditors.
Completed this year, the house never officially hit the market before Levinson scooped it up – though it had been billed as a $75-million pocket listing.
The terraced estate includes a three-story main house hewn from a mix of glass, steel and exotic stone, a guesthouse, plus two separate garages with space for at least a dozen cars.
The many-layered house has walls of glass overlooking Los Angeles.
There’s an infinity-edged swimming pool, plus lush gardens with palm trees, bougainvillea and manicured hedges.
Levinson, a financier born and raised in Detroit, is no stranger to L.A. real estate. In 2019, he paid $37.5 million for a 82,000-square-foot vacant lot in Bel-Air.
He then paid Tom Ford $20 million for the designer’s longtime Bel-Air house — a Richard Neutra-designed modernist structure known as the Brown-Sidney house.
With his new $58 million home, the value of Levinson’s Bel-Air portfolio has swollen to $116 million, according to Dirt.com.
[Dirt] – Dana Bartholomew