Financier trades Beverly Hills Post Office mansion for $47M
One of year’s priciest deals closes in time to beat Measure ULA transfer tax
The Summitridge Estate sold for $47 million on March 31. The mansion sale not only beat the April 1 deadline for L.A.’s new ULA tax – it may rank among the priciest home deals in the Los Angeles market this year.
Located at 1426 Summitridge Drive, the mansion, situated on almost an acre, has an address in the exclusive Beverly Hills Post Office enclave, but it is based in the City of Los Angeles, where luxury home sales are liable for Los Angeles’ new ULA transfer tax.
As the first quarter of 2023 wraps up, the $47 million Summitridge Estate deal ranks in the top three mansion deals for the first quarter. 71 Beverly Park, formerly owned by actor Mark Wahlberg, sold for $55 million in February, and 67 Beverly Park Court traded for $52 million in February.
Kurt Rappaport of Westside Estate Agency listed The Summitridge Estate for seller Henry Winterstern, a financier and film producer. Winterstern bought the mansion for $2.9 million in 2012. He later demolished the previous structure, which was built before 1940, and constructed the current home.
The mansion was bought by an undisclosed buyer who was represented by Fred Bernstein and Ethan Peskowitz, also of WEA. Rappaport did not return a request for comment.
The initial ask for The Summitridge Estate in 2020 was $46.5 million. The sales price was nudged up 2.2 percent before the recent closing, according to listing sites.
Winterstern built the mansion on the site where 1940s celebrity couple Lana Turner and bandleader Artie Shaw lived during their six-month marriage.
To build the mansion, Winterstern acquired an adjacent lot. He spent seven years completing the three-level, six-bed, nine-bath home designed by Troy Adams. The mansion’s amenities include a car museum, a two-story living room and a theater.