A couple of celebrity links apparently didn’t help former Shahs of Sunset star Lilly Ghalichi and her husband Dara Mir get their price on the Bel Air mansion that was once the home of auto industry legend Lee Iaccoca.
Ghalichi and Mir listed 10614 Chalon Rd. for $32 million on April 29. It sold to a so-far undisclosed buyer for $27.7 million this week, according to updates on listing websites and agents associated with the deal.
The $4.3 million drop from the asking price appears to reflect a softening market. Prices for luxury homes have been dropping nationally, down 17.8 percent in year-over-year comparison for a three month period that ended April, according to research by Redfin that was released on June 10. The report said that there are only two recent instances when steeper declines were noted. It was the three months ending June 30, 2020, with a 23.6 percent decline, and the three months ending May 31, 2020, with a decline of 21.6 percent. Both declines took place during the beginning of the COVID pandemic, before uncertainty was supplanted by a desire among many for bigger homes with plentiful outdoor areas, fueling a red-hot run for the luxury market.
The Redfin research blamed economic uncertainty, a volatile stock market and rising mortgage rates for the recent decline in closing prices for luxe homes. The Fed raised interest rates by three-quarters of a percentage point on June 15, in an aggressive attempt to tame inflation.
Despite not meeting the asking price, Ghalichi and Mir still appear to have done well on the deal. They bought 10614 Chalon Rd. in April 2020 for $19.5 million. The six-bedroom, eight-bath Tuscan-style estate sits on over an acre near the Bel-Air Country Club and Hotel Bel-Air. The couple made several updates to the house, replacing the floors, renovating the bathrooms and kitchen, and adding smart-home tech and LED lighting. They preserved a dining room where Iacocca entertained VIPs such as Frank Sinatra. Ghalichi and Mir are moving to a spec home that they built, according to media reports.
Tyrone McKillen and Andrew Hurley of Compass served as the listing agents. Christopher Cortazzo and Ginger Glass, also of Compass, represented the buyer. A buyer was not identified. An email to Glass requesting comment on the buyer has not gotten a response.