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Los Angeles

Bird Streets home’s $24M sale ranks in top deals for city of LA this year

Previous owners include imprisoned developer Robert Shapiro

Bird Street home sells for $23.7M
1432 Tanager Way (Google Maps, Getty)

A Paul McClean-designed Bird Streets mansion has sold for $23.7 million, marking one of the priciest deals in the city of Los Angeles so far this year. 

The 10,500-square-foot estate, located at 1432 Tanager Way, was built by luxury development firm Bird Street Builders. It has amenities such as a fitness center, a spa with sauna and a movie theater, according to a listing on Zillow. 

The seller is LY Holding 26, an LLC managed by Liron Atia. In 2020, the limited liability company bought the property from a trust liquidating the assets of developer Robert Shapiro, who went to prison in connection with the $1.3 billion Ponzi scheme involving Woodbridge Group. The Securities and Exchange Commission ordered Shapiro to pay $100 million in civil penalties, plus the disgorgement of $18.5 million in “ill-gotten gains.”

According to records filed with the SEC, Atia bought the property when it was still under construction. At the time of the purchase, there was still $10 million worth of construction yet to finish at the site. 

The home was first listed in July last year for $26 million. After a price reduction to just under $24 million, the home went into contract in early January. 

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The buyer is TechNova Capital CA LLC, an entity that links to a British Virgin Islands firm called Cosmic First Enterprise Limited.

The deal ranks as the fifth-priciest deal in the city of Los Angeles so far this year, according to Zillow. The most expensive home sale in the city closed earlier this month, when media heiress Taylor Thomson sold a Bel-Air mansion for $27 million. Other deals in the top three include the $25.6 million sale of a Sunset Strip estate and a $25.3 million Brentwood Park transaction involving the founders of skincare brand Proactiv.   

Measure ULA, a special transfer tax of 5.5 percent on real estate sales of $10 million or more, has put a damper on luxury home sales in the city of Los Angeles since it went into effect last year, even becoming the villain on a reality TV show about the luxe residential brokerage business.