Where Are Pacific Palisades Land Values Going?

Amalfi Estates’ founder, Anthony Marguleas, loves data. As a broker focused on the Pacific Palisades, he may not have liked the story the most recent numbers have been telling on the state of the market.

On the good side, fears that speculative developers would be scooping up big discounts on property in the tony community have been put to rest so far. Marguleas’ data, culled from the Multiple Listing Service, indicates only one buyer has three Palisades properties to its name. Three buyers purchased two properties.

Now, for the not so good: the decline in lot values isn’t close to bottoming out. The trend of roughly 100 lots getting listed each month began slowing in May and appears to be doing the same this month. This means the buyer’s market is prolonged in the Palisades and the original estimate that the values would bottom out this summer is also pushed back.

ICE raids, tariffs and rates

Add the U.S. Immigration and Customs Enforcement raids that began earlier this month among real estate’s biggest headaches this year.

Executives sounded off about the impact of the raids on construction sites and new construction as President Donald Trump added further confusion by seemingly shifting his stance on enforcement in recent weeks. Within a matter of three days Trump went from suggesting “changes are coming” to acknowledging the raids’ drain on the farming and hospitality industries. He later said detention and deportation efforts needed to be expanded in cities such as Los Angeles, Chicago and New York.

Developer Rick Caruso’s been vocal on the matter since June 6, the day ICE raided multiple businesses in downtown’s Fashion District.

“I don’t think we should be throwing out of the country hard working, good people that we need in our community,” Caruso said to applause from a crowd at the Connect Los Angeles conference that took place in Downtown Los Angeles on Wednesday.

Paris Hilton’s big buy

Paris Hilton is loading up the moving van, after paying $63.1 million for Mark Wahlberg’s former compound in the tony Beverly Park community.

It was a quick close with the home going into contract on Monday and closing Friday. The property was listed for $68 million and was first listed in March.

That’s good news for Hilton, who lost her Malibu home in the wildfires.

The seller of 71 Beverly Park was an LLC tied to Gu Fang, wife of Chinese billionaire Xu Hang. The LLC purchased the over 30,000-square-foot compound from Wahlberg at the discounted price of $55 million in 2023. That’s about $33 million less than what Wahlberg had hoped to get for the megamansion when it was listed for $87.5 million in 2022.

Fashion Nova founder pays $32M for Beverly Hills pad

Richard Saghian’s made another local real estate play.

The founder of fast-fashion firm Fashion Nova paid $32 million for 1414 Donhill Drive in a trade that closed Wednesday. Saghian walked away with a deal, with the 13,000-square-foot home first hitting the market in May for $44 million.

Sources told The Real Deal the pad is a temporary one for Saghian as he waits out work being done to the megamansion known as The One. The executive turned heads in 2022, when he emerged as the winning bidder on the $141 million purchase of 944 Airole Way in Bel-Air. The massive estate, built by developer Nile Niami, comes in at over 100,000 square feet and has 21 beds and 49 baths.

Custom Brentwood home priced at $45M

A serial entrepreneur family that has their businesses tied up in local gas stations and commercial real estate put their dream home on the market.

When Saeed Kohanoff and his son Justin Kohanoff bought the land for 822 North Kenter Avenue 13 years ago, they intended to build a sprawling estate for the whole family, complete with plenty of space to host large events. When Justin’s two younger siblings decided to move out of state for college, he said it dawned on his father that it was too much house for just him and his wife.

So, the home’s now on the market with a $45 million asking price.

The new owner won’t have to leave home too often with the property touting a 300-foot driveway, pickleball court, gym, elevator and about 600 olive and Ficus trees decorating the grounds.