A mansion perched above the Sunset Strip has sold at a foreclosure auction for $15.9 million, The Real Deal has learned.
The 10,400-square-foot home, located at 1871 North Stanley Avenue, changed hands in a public auction on Oct. 27.
Chicago-based entity Cam XV Trust, the lender on the asset, lodged the winning bid, according to a deed dated Nov. 15. The trust acquired the loan on the property in September of last year. At the time of the foreclosure sale, the amount of unpaid debt on the property was $21 million. The trust could not be reached for comment.
The six-bed, nine-bath home was previously on the market for nearly $22 million, according to Zillow. The mansion, supposedly infused with positive energy from a “museum-quality curated crystal collection,” has features such as a cascading water wall, multiple gyms, an infinity pool and parking for more than 20 cars.
The previous owners of the property, a partnership between New York firm Kodiak Financial Group and Finance California, fell behind on $17.7 million in debt, according to a default notice from October of last year. By January, the unpaid principal on the property had grown to $18.6 million. The partnership secured the original $14.5 million mortgage on the property in February 2020.
The deal is emblematic of the distress seeping into Los Angeles’ wealthiest enclaves. In September, investor Cody Holmes filed for bankruptcy on 9301 Cherokee Lane, a seven-bed, 11-bath mansion in Beverly Hills. The property, described in listings as a “luxurious estate reminiscent of (a) Santa Barbara-style resort,” had an estimated value of $25 million, according to a court filing.
Months earlier, investor Kaysan Ghasseminejad filed for bankruptcy on a Beverly Hills mansion that sits adjacent to the Los Angeles Country Club golf course. The home is about a block away from the Owlwood Estate — previously home to actor Tony Curtis and pop duo Sonny and Cher — which sold for $88 million in 2021.