Nick Gross Finds Buyer for West Hollywood Edition Penthouse

Proponents of L.A.’s luxury condo market may have just scored another win.

Penthouse B at the West Hollywood Edition found a buyer last week to also make it the seven-day period’s top signed contract based on asking price, according to the Eklund Weekly Luxury Report Los Angeles from Douglas Elliman’s Eklund Gomes team.

The unit, located at 9040 West Sunset Boulevard, is listed for $13.5 million.

The sellers are husband-and-wife Nick and Natasha Gross. Nick is the son of divorced billionaires Sue Gross, founder of the Sue J. Gross Foundation, and Pacific Investment Management Company cofounder Bill Gross.

A trust tied to Sue Gross, along with the couple, bought the home in 2019 for $15.7 million, according to records found through PropertyShark.

The Beverly Hills Estates’ Branden Williams and Laugharn Pierose hold the listing for the penthouse. Marketing materials liken the unit’s teak wood and travertine finishes to an “exotic Balinese hotel.”

The home has three beds and four baths across 3,850 square feet, in addition to a 1,000-square-foot deck.

Residents of the Edition live the luxury hotel life with 24-hour security, room service, a doorman, valet service and access to an on-site nightclub.

Deal activity around high-rise living typically takes a backseat to the mammoth inventory of single-family homes in L.A. County’s residential market. However, last week saw three condominium contracts inked compared to none in the prior reporting period, according to Eklund Gomes. The team’s weekly roundup counts Los Angeles County listings of $4 million or more in the Multiple Listing Service.

Among single-family homes, the priciest property to go into contract during the reporting period was a Palos Verdes Estates home asking $10.9 million.

The property, at 2804 Paseo Del Mar, is listed by Vista Sotheby’s International Realty’s Chris Adlam.

The seller is a trust tied to Charles E. Parks and his wife Kathleen Parks, according to property records. Charles founded Carson-based multifamily plumbing services company AMPAM Parks Mechanical with his brother John Parks in 1997. Private equity firm Gemspring Capital Management paid an undisclosed sum for a majority stake in the business in 2023.

The over 8,300-square-foot home has six beds and nine baths sitting on about half an acre. It touts lots of outdoor entertainment space, including three fireplaces, several lounge areas, pool and spa and two areas for backyard BBQs. Other highlights include an eight-car garage and elevator.

Across Los Angeles County’s high-end housing market were signs of a possible balancing between supply and demand as contract activity ramped, while new active listings cooled.

A total of 23 homes went into contact last week, according to the Eklund report. Asking dollar volume of those contracts rose 37 percent to $153.3 million from the prior week.

That occurred as new listings were more than halved last week to 37 properties entering the MLS.