A Holmby Hills megamansion owned by a former Armenian politician will be forfeited to the U.S. government and sold off for “the highest obtainable market price,” federal prosecutors said Monday.
The forfeiture of 530 South Mapleton Drive ends a two-year case involving Gagik Khachatryan and his family in which the Department of Justice alleged bribery money was used to pay for the home.
It will now be sold with 85 percent of the sale proceeds staying with the government and the remainder going to Khachatryan’s sons and a business they own. Some or all of the U.S. government’s proceeds will be recommended for transfer to the Armenian government, according to a DOJ statement.
The government’s complaint was originally filed in May 2022 and alleged Khachatryan and his family received more than $20 million in bribes from businessman Sedrak Arustamyan, who sought special tax treatment. Khachatryan previously served as Armenia’s minister of finance for a two-year stint ending in 2016. Prior to that, the ex-politician was chair of Armenia’s State Revenue Committee.
An FBI Eurasian Organized Crime Task Force and U.S. Marshals Service investigation helped bring the matter to court, along with assistance from Armenian prosecutors. A separate criminal case on the matter in Armenia is still pending.
The more than 30,000-square-foot home sits on 1.2 acres next to the Los Angeles Country Club. It was designed by Richard Landry, the architect often referred to as “King of the Megamansion.”
The estate has 11 bedrooms and 27 bathrooms. Other highlights include a garage that can fit eight or more vehicles, billiard room, movie theater, two-story library, pools and staff quarters, according to listing sites.
Douglas Elliman’s Josh Altman and Tommy Bubonic have the listing, which has an asking price of $39.8 million.
That’s a haircut from when the home first went up for sale two years ago for $63.5 million and has subsequently bounced on and off the market.
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