UPDATED SEPT. 12 at 1:10 p.m.:
A mansion at 717 North Palm Drive has traded for $33.6 million, breaking this year’s record for priciest sale in the Beverly Hills Flats neighborhood.
The previous record holder was a June deal for 812 North Bedford Drive, which sold for $25 million.
The 9,600-square-foot mansion at 717 North Palm was sold in an off-market deal for $3,209 per square foot on Aug. 30 by investor Alon Abady of Abady Holdings. The deal had been recorded by listing site Realtor.com; neither the listing site nor Abady confirmed a listing price.
Abady bought the home for $25 million from Simon Cowell, the “America’s Got Talent” creator in August 2020. Then he leased the home for $140,000 per month to a renter, who eventually purchased the home. The buyer was Intania LLC, according to property records.
Mauricio Umansky of The Agency represented the buyers. Farrah Brittany of The Agency represented the seller, Abady confirmed in a text. The agents could not comment for this story because they signed a non-disclosure agreement.
The five-bedroom, eight-bathroom home went through a few renovations under Cowell’s ownership, Abady confirmed. In 2017, the home went through a major renovation. Amenities include an outside patio area with heated floors and a retractable roof.
Comparable neighborhood sales this year include a $13 million close for 628 North Elm Drive on Aug 17. Also, there was a $24.6 million deal on 613 North Canon Drive in late July, according to Zillow.
Addition: Previous story did not include the name of the buyer.
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The deal for 717 North Palm ends a summer marked by deals in the Beverly Hills area which closed well below their asking price. Entrepreneur Russell Weiner sold 34 Beverly Park Circle for $25 million; it was listed for about $30 million in 2023. Another mansion, owned by California Pizza Kitchen co-founder Larry Flax and his wife Joan, sold for $34.4 million last month. The mansion located at 55 Beverly Park Way was initially listed for $48.5 million.
Low inventory and high demand from buyers keep the market strong, said Rochelle Atlas Maize of brokerage Nourmand & Associates. But high interest rates, the WGA and SAG strikes and even the Measure ULA tax has put a damper on the market. Sellers fear that the tax will force prices down in areas where the tax is levied, as well as its neighbors, Maize said.
“Properties are trading a little lower. Homes stay on the market a little longer,” she said.