Spec developer eyes $35M manse in place of Beverly Hills teardown

FMB in works on 20,000 SF mansion designed by Hamid Omrani

Developer Ilan Kenig and a rendering of 702 North Crescent (Nest Seekers Int'l, FMB Development, iStock)
Developer Ilan Kenig and a rendering of 702 North Crescent (Nest Seekers Int'l, FMB Development, iStock)

The Flats of Beverly Hills stands out as an historic enclave of the famously wealthy city––but its residents aren’t literally living large.

At least not in the eyes of a spec developer who sees the sprinkling of century-old homes on the northwest edge of the city––nestled between its Golden Triangle and the low-key, upscale Holmby Hills district of L.A.–– as ripe for redevelopment on a rare double lot that could feature more than the routinely elegant homes that are typical of the Flats.

Beverly Hills-based FMB Development, helmed by Ilan Kenig, got a chance to put that vision into action when a house with a double lot in the neighborhood became available late last year. The developer acquired the 6,000-square-foot house, located at 702 N. Crescent Dr., for an undisclosed amount. In the 1940s, the place was the home of Sam Spiegel, the producer of Oscar-winning movies such as Lawrence of Arabia and On the Waterfront. He threw parties where Marilyn Monroe was on the guest list.

On June 8, the place was listed as a teardown with a work in progress at $35 million. Plans call for an eight-bed, eight-bath, 20,000-square-foot home–a price that comes to $1,750-per-square-foot. It’s planned as a two-level home, with a gym, a 12-seat movie theater, a 12 car garage, hardwood and marble floors and an infinity pool.

List site Zillow gave two comps in Beverly Hills: 1005 Woodland Dr., a seven-bed, nine-bath 12,220 square-foot mansion outside the Flats, is listed for $32.5 million, or $2,663 per square foot. There’s also 809 Rexford Dr., which asks $19.8 million for a six-bed, nine-bath, 13,000-square-foot $1,520-per-square-foot, which is located at the edge of the Flats.

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FMB hired Hamid Omrani, an architect known for building big houses in Beverly Hills, to design a mansion for the address. Omrani had built more than 200 homes in Beverly Hills, according to the architect’s office.

By 2024, the Omrani designed house is scheduled to be completed. If someone buys it before house completion, the buyer will be able to customize the mansion.

“They can be part of the design process,” said Shawn Elliott of Nest Seekers International, who serves as the lead listing agent. “As we move along, the house will be subject to what the team of the developer, the architect and designers want.”

Lia Vydria and Stefano Zoccatelli of Nest Seekers International share the listing.

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