Beverly Park Manse Heads Back to Market for $80 Million

A residential compound in Beverly Hills’ tony Beverly Park has reentered the market with a new look as the seller seeks to entice buyers with an 11 percent price cut.

The roughly 28,000-square-foot home at 73 Beverly Park Lane headed back on the market last week with an asking price just under $80 million, or $2,807 per square foot. It was Los Angeles County’s priciest listing last week, according to the Eklund Weekly Luxury Report Los Angeles.

The weekly report, compiled by Marcy Roth of Douglas Elliman’s Eklund Gomes team, looks at new listings and signed contracts listed for $4 million or more in the Multiple Listing Service.

The Beverly Park mansion, located in a gated community where business titans and celebrities reside, sits just a few steps from 71 Beverly Park Lane, which Paris Hilton and husband Carter Reum paid $63.1 million for in June.

The latest neighborhood listing first went up for sale last May in hopes of nabbing nearly $90 million. It was taken off the market in March.

The speculative development is owned by Paradigm Developers’ Todd DeMann, according to property and state records. Paradigm built the property with Harrison Design and Mike Moser Studio.

The developer dreamed up nearly every luxury, including a primary suite running about 5,000 square feet, screening room, two kitchens, home office, outdoor kitchen and fruit tree orchard.

Buyers also have the option of snapping up the adjacent parcel, which has approved plans to build an equally expansive mansion of about 29,000 square feet at 74 Beverly Park Lane. Combined properties would span 4.5 acres.

Compass’ David Kramer and Carolwood Estates’ Drew Fenton hold the listing.

Elsewhere last week, Eklund Gomes reported 705 Palisades Beach Road in Santa Monica as last week’s top home to go into contract.

The nearly 4,000-square-foot residence has four bedrooms and five bathrooms with an asking price just under $16 million, or $3,991 per square foot.

It hit the market in late October and is listed by Pardee Properties’ Colette Stevens.

Property and state records show the home is owned by a limited liability company, managed by Sherri Conn in Fort Worth, Texas. An individual of the same name and Texas address tracks to the CFO of family office Wildcat Partner Holdings and is also vice president of property management firm Tarrant Management.

The Santa Monica residence touts about 60 feet facing the beach, outdoor dining, a pool and elevator.

It also comes with a link to Hollywood history, with the home once owned by late actor and filmmaker Douglas Fairbanks. “The Mark of Zorro” and “Robin Hood” actor established film production company United Artists with Charlie Chaplin, Mary Pickford and D.W. Griffith in 1919.

Market pulse

Overall, last week’s signed contract activity in the county showed a rebound from the past few weeks’ doldrums.

The Eklund Gomes team reported 19 signed contracts equating to $143.3 million in volume. That’s 10 more contracts and a spike of nearly 170 percent in volume compared to a year ago.

Forty-five homes were either listed or re-listed last week, which brought the market’s total inventory to 1,204 properties, according to the Eklund Gomes report.

Despite the week-to-week swings, a measure of dealmaking in the third quarter showed the County’s high end on the up.

Third-quarter closings jumped 21 percent year-over-year to 497 trades for L.A. County properties listed in the MLS for $4 million or more, according to data compiled by Westside Estate Agency. Volume in that same period rose 25 percent from the year-ago period to $784.4 million.