Developer Asks $46M for First Beverly Hills Spec Home

Richard Heyman, the developer behind House of Blues Sunset Strip and the hotel Dream Hollywood, has unveiled his first ultraluxe spec home project with an asking price of $46 million.

His company, Heyman Development, built the mansion at 1625 Summitridge Drive in Beverly Hills, and listed it on Nov 8. Heyman said that the interior living space stretches out to 16,000 square feet, which means the price pencils to about $2,870 per- square foot. The seven-bed, 11-bath house also features 3,000 square feet of subterranean garage space.

Heyman placed a focus on ultraluxe residences during the pandemic, when his hospitality business experienced a slowdown.

“Most homes are just a black-and-white box, so we thought we could do better by providing a resort-like experience,” he told The Real Deal in an email. “I wanted to go on vacation while at home and my first intention was to build the property for myself but fell in love with the process and energy of residential design and development.”

Amenities include a fitness center and an indoor theater that can seat up to 30 people. There’s also a 2,500-square-foot nightclub lounge and a pickleball court located on the 0.8-acre lot.

Listing agents are Branden and Rayni Williams of The Beverly Hills Estates and Valerie Fitzgerald of the self-named Valerie Fitzgerald Group at Coldwell Banker.

Heyman acquired the lot in 2015 for $6.5 million. Then he knocked down the existing structure, a four-bed home that was built in 1976.

The mansion at 1625 Summitridge has the distinction of being a sizable structure in an area that will not be affected by the city of Los Angeles’ proposed Wildlife Ordinance. The controversial bill limits the size of new development homes in the city of Los Angeles areas bounded by the 405 and 101 freeways.

While a representative of LA City Councilmember Katy Yaroslavsky’s office said no new discussion of the proposed Wildlife Ordinance has been scheduled, the development community has held back on starting new projects in areas affected by the proposed law. Many forecast that developers will be restrained from building big houses in those areas.

Ramtin Ray Nosrati of Huntington Estate Properties forecast that if the proposed law is eventually passed, competition will grow for existing big houses in LA and neighboring cities.

“People want more space with all the bells and whistles,” Nosrati said. “The movie theaters, the game rooms, gyms, the open floor plans, big closets and kitchens. There are not going to be many more of them in the next six to seven years. I think the prices are going to increase. The ones being permitted and built now will be more valuable.”

Heyman made his mark in Hollywood by developing projects such as House of Blues Sunset Strip in the 1990s, which closed in 2015. He later moved into hotels. His former company, Relevant Group, developed the hotel Dream Hollywood. Relevant also produced the Tommie Hollywood and Thompson Hollywood, both branded by Hyatt. Relevant lost both properties to foreclosure earlier this year.