$25M trade marks priciest Beverly Hills sale so far this year

An estate located at 812 N. Bedford Drive in Beverly Hills has sold for $25 million. Nearly midway through 2023, it ranks as the priciest sale in Beverly Hills, according to agents knowledgeable in one of Los Angeles County’s most exclusive cities.

That stands in sharp contrast to last year, when the priciest Beverly Hills sale by the same date was hip-hop star Drake’s $75 million purchase of 9904 Kip Drive. Not to mention the $70 million sale of Alec Gores’ place at 49 Beverly Park Circle just across the city line in L.A., plus the sale that spring of 44 Airole Way, a.k.a. The One, in Bel-Air for a cool $141 million.

Granted, the June 7 sale for $25 million may not hold the record for long. At least one pricier listing in Beverly Hills is currently in contract at 802 Foothill Road, which was marketed for about $30 million and as of June 8 is accepting backup offers.

Research from Amalfi Estates found that at this point, about three sales over $20 million have occurred in Beverly Hills this year, compared to seven sales at the same point in 2022. Anthony Marguleas, founder of Amalfi Estates, said a decline in transactions is happening for a variety of reasons. 

“It’s high interest rates, the banking crisis, fall off from ULA tax, the Writers Guild Strike. These things typically happen once in a lifetime, but they’re all happening at the same time this year,” Marguleas said.

Other Beverly Hills sales over $20 million this year are 809 Alpine Drive, which sold for $23 million in March, and 524 N. Beverly Drive, which sold for $21 million the same month. 

812 N. Bedford Drive has been on and off the market since 2021, when the estate’s asking price was $33 million. Since then, the 14,000-square-foot home has been through a few price cuts. Its most recent ask was $28 million. It experienced a 10 percent drop from the most recent ask to the close. 

The sale represents the first time the property has traded since 1988, when it sold for $3.8 million. 

The seller for the recent deal was Unitec Industries Establishment, an entity which has another Los Angeles area address in Tarzana. The buyer was unknown. 

Both buyer and seller were represented by Kurt Rappaport of Westside Estate Agency. Rappaport did not reply to a request for comment.

812 N. Bedford Drive is based on almost an acre of land. The double lot features two houses. The main house, built in a Mediterranean style, offers six bedrooms. Another two-story house features five bedrooms. The grounds feature a tennis court and a pool. 

Read more

Los Angeles

Beverly Hills mansion linked to Kurdistan family sells for $27M

Los Angeles

Studio chief makes $16M deal for Beverly Hills Flats mansion

Los Angeles

Beverly Hills Flats trophy home trades for $23M