After a couple of price cuts, the mansion at 1108 Wallace Ridge in Beverly Hills’s Trousdale Estates enclave sold for $42 million, according to listing sites.
The recent sale was the latest in a string of 2022 deals where ultra luxe mansions in Los Angeles sold for much less than their ask.
The seven-bedroom, 14-bathroom mansion was initially listed in April 2021 for $65 million. About 10 months later, it was relisted for $54.8 million.
The 18,169-square-foot mansion finally sold for $2,312-per-square-foot in a deal that was posted on listing sites July 22. Representing the buyer was the husband-and-wife team of Branden and Rayni Williams of The Beverly Hills Estates. The couple declined a request for comment. The identity of the buyer was not revealed.
The Williamses also worked on the seller’s side along with Aaron Kirman and Michael Chen, both of Compass. The partnership which developed the Wallace Ridge home was led by Chen. The listing agents also did not answer requests for comment.
A comparable house for sale is a 18,000-square-foot mansion located at 1047 North Bundy Drive. The Brentwood area manse was listed June 18 for $48 million, or $2,666 per square foot.
The listings at both 1047 North Bundy and 1108 Wallace Ridge hit the market during a year when many ultra luxe properties have not sold for their asking price. Two of the biggest examples are custom spec mansions The One and 777 Sarbonne, which were put together by high-end developers such as Nile Niami and Alex Khadavi. Both megamansions were put up for auction after bankruptcies and sold for about half of their original listing price. For example, 777 Sarbonne was listed for $87 million, but sold at auction for $46.5 million.
During a sales hearing for 777 Sarbonne, the bankruptcy judge Sheri Bluebond remarked that every major property in the Bel Air neighborhood of 777 Sarbonne had sold under its asking price.
High-end properties in other exclusive L.A. neighborhoods also recently sold under asking price. Grammy winner Adam Levine and his supermodel wife Behati Prinsloo sold a 3-acre Pacific Palisades estate for $51 million, which is one of the priciest Los Angeles residential sales of the year. However, its ask was $57 million. Another celebrity-driven deal that made a splash was pop star Robbie Williams’ $49 million purchase of the mansion at 312 North Faring Drive in Holmby Hills. The home was purchased in March, but was listed originally in January for $58 million.
The mansion at 1108 Wallace Ridge also has a celebrity angle. Hip hop star Drake rented the house for a short time in 2021. Amenities include a screening room and a gym. Designed by architecture firm SAOTA, the house includes unique designs such as a 20-foot cascading water wall, which is placed behind a 150-year-old olive tree imported from Italy.
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