Beverly Hills Home Sells For $24 Million

Westside Estate Agency nabbed the priciest resi contract in Los Angeles County last week with a manse asking $25 million.

The home at 703 North Arden Drive in the coveted Beverly Hills’ 90210 zip code, which spans more than 10,000 square feet, went into contract last week, topping all other local contracts — based on a report compiled by Marcy Roth of Douglas Elliman’s Eklund Gomes team. The Eklund Weekly Luxury Report Los Angeles rounds up single-family homes and condominiums listed in the Multiple Listing Service for $4 million or more and lists the top contracts based on asking price.

The five-bedroom, 12-bathroom Mediterranean style estate on a roughly 23,000-square-foot lot officially sold on Wednesday for $24 million, or $2,345 per square foot, according to Zillow and Redfin, after less than a month on the market. It boasts a chef’s kitchen, paneled library, theater, gym, a guest house, pool and staff suite.

Kurt Rappaport of Westside Estate Agency held the listing for the Arden Drive manse, representing both the buyer and seller. Rappaport declined to comment on the buyer, but confirmed the sellers were Kevin Wall and Sue Smalley, founders of investment firm PTK Global.

The Beverly Hills property was one of 27 contracts recorded in the Eklund Gomes report for last week with a total asking volume of $206 million. This is down slightly from the same period last year which saw 28 contracts, totaling nearly $222 million.

The second priciest home to go into contract was in Brentwood at 645 Tuallitan Road. The home didn’t last long on the market, having been listed on May 15 with a $16.5 million, or $1,992 per square foot, ask. It went into contract on May 20, and the sale was still pending as of Thursday.

Built in 1992, the Steven Ehrlich-designed property was originally commissioned by Oscar-winning screenwriter Tom Schulman — known for “Dead Poets Society” and “Indecent Proposal” — and won the AIA National Award for Architecture in 1997.

The seller was architectural preservationist Michael LaFetra, who purchased the home from Schulman in 2014 for $10.5 million. Cory Weiss of Douglas Elliman holds the listing for the six-bedroom property which sits on 1.3 acres and includes two residential wings.