The buyer of a newly built $58.5 million Bel Air mansion, identified in reports as hedge fund manager Adam Levinson, took out a $35.1 million mortgage to fund one of the most expensive home sales in Los Angeles this year.
The property, at 642 Saint Cloud Road, is a nine-bed, 15-bath property in East Gate Bel Air. Levinson and his wife, Brittany, closed on the home on May 16, records show.
(Source: Plus Design Group)
The lender for the new loan is Citibank, according to documents filed with Los Angeles County.
The seller is the Woodbridge Liquidation Trust, an entity tied to convicted fraudster Robert Shapiro. Shapiro, who orchestrated a $1.2 billion Ponzi scheme through his firm the Woodbridge Group, bought the one-acre site for $18.2 million in 2016. At the time, the property was a vacant development site. Woodbridge went bankrupt in 2017, and its assets have been liquidated incrementally over the years. The Bel-Air mansion was among its last assets, according to a previous report from Dirt.
The proceeds from the sale will go to Woodbridge’s creditors.
The home was completed this year and it never officially hit the market. It was built by a partnership between Viewpoint Collection and Plus Development, and had been marketed as a $75 million pocket listing.
(Source: Plus Design Group)
The deal ranks as the fourth-most expensive home sale in Los Angeles this year. The top spot currently belongs to Nile Niami’s The One, which sold at auction last March for roughly $126 million.
Levinson is the managing partner and chief investment officer of Singapore-based firm Graticule Asset Management Asia. He had already been involved in several real estate deals in Los Angeles. In 2019, he paid $37.5 million for a vacant lot in Bel Air. In the same year, he also bought designer Tom Ford’s home for $20 million. Levinson could not be reached for comment.