A Holmby Hills megamansion with a troubled past marked the largest contract in a quiet week for the luxury home market in Los Angeles County.
The house with more than 30,000 square feet at 530 South Mapleton Drive, with a listing price of $39.8 million, was one of five homes that went into contract last week, according to the Eklund Weekly Luxury Report Los Angeles. Asking dollar volume across these properties was $77.3 million during the last week of the holiday season, according to the report.
Mapleton Drive was forfeited to the U.S. government as part of a settlement reached last year relating to a 2022 case brought by the Department of Justice against Gagik Khachatryan. The former Armenian politician and his family were accused of taking more than $20 million in bribes from businessman Sedrak Arustamyan. The money was given in exchange for special tax treatment. Khachatryan is the former minister of finance in Armenia and was also chair of Armenia’s State Revenue Committee.
The DOJ said in a statement at the time of the home’s forfeiture that 85 percent of the sale proceeds would be kept by the government, while the remainder would go to Khachatryan’s sons and a business they own.
The home sits on over an acre bordering the Los Angeles Country Club. It has 11 bedrooms, 27 bathrooms, a movie theater, salon, several pools, bars, pool house and staff quarters, according to the listing.
It originally hit the market in April 2022 for $63.5 million before moving on and off the market.
This week’s Eklund Weekly Luxury Report began reporting for the first time new listings aimed at showing a fuller view of supply and demand within L.A. County’s luxury market. The report covers homes priced at $4 million or more on the MLS system.
A total of 26 listings entered the market last week, bringing the total number of active listings to 875, according to the Eklund Gomes report. Of the new listings, two are condos and the rest single-family houses.
The largest of the new entrants is 1108 Wallace Ridge in Beverly Hills’ Trousdale Estates neighborhood. Wallace Ridge last sold in 2022 for $42 million to a trust tied to a Pasadena boutique law firm, property records show. It’s now asking $53 million.
Compass’ Ginger Glass and Alexandra Glass hold the listing.
The seven-bed, 14-bath home has more than 18,000 square feet. Highlights in the listing are a 20-foot water wall feature, 150-year-old olive tree from Italy, wellness center and a 2,000-bottle wine cellar.