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Fashionista Allen Schwartz takes $16M for Brentwood house
Mandeville Canyon estate trades at 20% discount from original price
Fashion executive Allen Schwartz, who manufactures dresses under the ABS Collection brand, sold his Brentwood area mansion at a discount for $16 million, or $4,468 per square foot on Sept. 22, according to the listing site Zillow.
The 3,600-square-foot residence located at 2383 Mandeville Canyon Road had been on the market for about a year. It had been listed for about $20 million in October 2021. In May, the price dropped to $18 million. The final sales price represents 20 percent off the original asking.
Listing agents on the property were Cindy Ambuehi and Nikki Gwaltney of Compass. Representing the buyers were Jim Ostridge of Compass and Lea Porter of Beverly Hills Estates. The buyer’s identity was not disclosed.
The deal took place during a decline for sales of luxe houses around the nation. From June to August, luxury home sales declined 28 percent compared to the same time in 2021, according to Redfin. However Schwartz’s former home joined a handful of other prominent luxury Los Angeles area closings during September.
One such deal is Kim Kardashian’s $70 million buy in September of a beachfront estate at 33218 Pacific Coast Highway in Malibu. Also in Malibu, 5012 Carbon Beach Terrace, above the Billionaire’s Beach enclave, traded for $38 million. And there was a $70 million closing for 9137 Cordell Drive in the Hollywood Hills’ Bird Streets in the past month.
Also, the deal comes about nine months after Schwartz sold his ABS brand to investment group Five Oak Brand Management Advisors for an undisclosed sum.
Located in Brentwood’s Mandeville Canyon district, Schwartz’s former home offers amenities such as a clay tennis court and waterfalls situated by walking paths on the more than acre grounds of the residence. The listing agent’s description of the grounds said it was composed of three separate parcels, which could be subdivided into separate lots.
Zillow compared Schwartz’s former home to a 5,100-square-foot home at 2399 Mandeville Canyon Road, which it valued at about $12 million, or $2,361- per square foot.