A spec mansion perched above Malibu’s Billionaire’s Beach has sold for $32 million, after initially testing the market with a nearly $50 million asking price.
The estate was first listed in 2019 for $50 million, fully furnished. More recently, it was re-listed in February for $38 million.
The property, named Villa Splendido, sits on a 17-acre lot at 5046 Carbon Beach Terrace. It has five bedrooms and nine bathrooms and boasts a private driveway from Pacific Coast Highway, ocean views, infinity pool with a swim-accessible bar, guest house and wellness center that includes a gym and massage room.
Douglas Elliman’s Ani Dermenjian and Westside Estate Agency’s Kurt Rappaport were the listing agents. It’s unclear who represented the buyer, which property records show is a Texas-based LLC.
Malibu Real Estate Investments, led by Kirkor Suri and Bedros Oruncakiel, built Villa Splendido. Although the duo behind the development got their start in commercial real estate, they transitioned to residential in 2000, with ambitious plans to “conquer the Malibu residential real estate market,” their company’s website states.
Villa Splendido’s sale marks yet another trade in a year of blockbuster deals for Malibu.
Spec developer Scott Gillen closed earlier this month on the $61 million sale of The Edge. It marks the first sale within Gillen’s five-estate community, named The Case. The Edge, at 24186 Case Court, was first listed in 2020 for $75 million.
In June, Crown Pointe Estates at Malibu kicked off the month’s activity, selling its net-zero carbon spec home for $28.5 million. Laurene Powell Jobs later scooped up her fourth Malibu property for $94 million. There was also the sale of Oakley founder Jim Jannard’s Pacific Coast Highway estate, which reportedly sold to an unidentified Delaware LLC for a record $210 million.
Read more
Malibu spec home from developer Scott Gillen trades for $61M
Summer slowdown affects tally of LA luxury houses in contract
Soboroff Partners, Gerschel family sell Malibu’s Park at Cross Creek
A Holmby Hills megamansion owned by a former Armenian politician will be forfeited to the U.S. government and sold off for “the highest obtainable market price,” federal prosecutors said Monday.
The forfeiture of 530 South Mapleton Drive ends a two-year case involving Gagik Khachatryan and his family in which the Department of Justice alleged bribery money was used to pay for the home.
It will now be sold with 85 percent of the sale proceeds staying with the government and the remainder going to Khachatryan’s sons and a business they own. Some or all of the U.S. government’s proceeds will be recommended for transfer to the Armenian government, according to a DOJ statement.
The government’s complaint was originally filed in May 2022 and alleged Khachatryan and his family received more than $20 million in bribes from businessman Sedrak Arustamyan, who sought special tax treatment. Khachatryan previously served as Armenia’s minister of finance for a two-year stint ending in 2016. Prior to that, the ex-politician was chair of Armenia’s State Revenue Committee.
An FBI Eurasian Organized Crime Task Force and U.S. Marshals Service investigation helped bring the matter to court, along with assistance from Armenian prosecutors. A separate criminal case on the matter in Armenia is still pending.
The more than 30,000-square-foot home sits on 1.2 acres next to the Los Angeles Country Club. It was designed by Richard Landry, the architect often referred to as “King of the Megamansion.”
The estate has 11 bedrooms and 27 bathrooms. Other highlights include a garage that can fit eight or more vehicles, billiard room, movie theater, two-story library, pools and staff quarters, according to listing sites.
Douglas Elliman’s Josh Altman and Tommy Bubonic have the listing, which has an asking price of $39.8 million.
That’s a haircut from when the home first went up for sale two years ago for $63.5 million and has subsequently bounced on and off the market.
Read more
Disgraced Armenian official’s Holmby Hills chateau relists at $40M
Justice Department wants Armenian ex-politician’s LA mega-mansion
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Blending Expertise and Warmth in Luxury Real Estate: Hilary Farnum-Fasth Shines in Northwest Florida & Nashville, Tennessee
WATERSOUND BEACH, Fla., July 1, 2024 (Newswire.com)
– Hilary Farnum-Fasth, a distinguished leader in the real estate industry, has been named one of HousingWire’s Top 100 Women of Influence for 2024. This prestigious recognition celebrates her exceptional contributions and leadership in the real estate sector.
HousingWire’s annual list honors 100 women who have significantly impacted the housing economy, driving growth and inspiring their peers through innovation and dedication. Hilary’s inclusion in this elite group underscores her commitment to excellence and her influential role within the industry.
“I am truly honored to be recognized by HousingWire alongside such talented and inspiring women,” said Hilary Farnum-Fasth. “This acknowledgment highlights the dedication and hard work of my entire team at Corcoran Reverie. Together, we are committed to enhancing the real estate experience for our clients and making a positive impact on the communities we serve.”
As a co-founder and broker of Corcoran Reverie, Hilary has led the firm to remarkable success, particularly in the high-end real estate market along Scenic Highway 30A and Northwest Florida. Her visionary leadership and innovative approach have not only set industry standards but also fostered a culture of excellence and integrity within her team.
Hilary’s journey into real estate began with a passion for marketing and communication cultivated during her tenure in Disney’s management program. Transitioning into new development, she discovered a talent for luxury residential real estate, shaping the landscape of South Walton over nearly two decades and selling some of the area’s most significant homes and developments.
“Being recognized by HousingWire is not just a personal achievement but a reflection of our collective efforts at Corcoran Reverie,” Hilary added. “I am grateful for the support of my colleagues, clients, and the entire real estate community. This honor inspires me to continue pushing boundaries and striving for excellence.”
Hilary’s influence extends beyond her professional achievements. She is deeply committed to community involvement and philanthropy, supporting various local initiatives and organizations, including The Sonders Group, The Seaside School, Guardians ad Litem of Northwest Florida, Food for Thought, and The United Way of Northwest Florida.
Together with Jacob Watkins, Hilary forms a top-ranked team at Corcoran Reverie, known for their mastery of new construction development, local real estate knowledge, and proven negotiation skills. Their strategic partnership and visionary leadership earned them recognition as the 21st Small Team based on volume in Florida on RealTrends’ rankings for 2024 and the 114th Small Team in the nation based on volume. Collectively, they have an impressive combined lifetime sales of over $4 billion.
Hilary resides in the vibrant community of South Walton with her family, embracing all that the coastal lifestyle offers. Her warm personality, coupled with her career achievements, has earned her recognition both within and outside the industry.
Corcoran Reverie stands as a premier real estate brokerage, specializing in high-end properties throughout Northwest Florida, from Destin to Panama City Beach, along Scenic Highway 30A, and in the greater Nashville area. Boasting a team of dedicated professionals and a steadfast commitment to exceptional service, Corcoran Reverie delivers unparalleled expertise and personalized experiences, ensuring every client receives the utmost in luxury and care.
About HousingWire
HousingWire is the leading source of news and information for the U.S. mortgage and housing markets. Its annual Women of Influence list recognizes women leaders who are driving the housing economy forward with their exceptional contributions.
Megamansions and eye-watering price tags didn’t dominate last week’s roundup of Los Angeles County signed contracts as activity continued to slow.
A dozen contracts were signed last week for total sales of $101.8 million, according to the Eklund Weekly Luxury Report for Los Angeles County. That’s down from the 18 signed in the previous week between June 10 and June 16, when total volume hit $152 million.
Little change occurred in days on the market with last week’s average sitting at 73, compared to the prior week’s 72, according to the report.
Malibu appears to be bucking the slowdown.
The city had the No. 1 and No. 2 largest signed contracts last week. Those come amid some record-breaking closings so far this year, including Oakley and Red Digital Cinema founder Jim Jannard reportedly selling his compound in the beachside city for $210 million to an unknown buyer. There was also Laurene Powell Jobs, who snapped up her fourth Malibu property for $94 million. She is the widow of Apple co-founder Steve Jobs.
Last week, a nearly 13,000-square-foot home at 5046 Carbon Beach Terrace went under active contract. The five-bedroom, nine-bathroom property has a listing price of $38 million.
Dubbed Villa Splendido, the home looks out over Billionaire’s Beach and sits on a 17-acre lot.
Kurt Rappaport of Westside Estate Agency and Ani Dermenjian of Douglas Elliman have the listing.
The property includes a wellness center, elevator, private office, guest house, infinity pool, outdoor pizza oven and bar.
It’s a steep drop in asking prices between the No. 1 contract signed and the No. 2 in last week’s recap.
Read more
Malibu home of Martin Luther King Jr.’s son listed for sale
Oakley founder sells Malibu estate for $210M, a state record
The home at 28834 Boniface Drive in Malibu had the second-largest contract signed, with a listing price of $7.5 million.
Robert Edie of Compass has the listing.
The Boniface Drive home totals five bedrooms and four bathrooms on over half an acre.
Eklund-Gomes began releasing its report on luxury residential pending deals earlier this month, rounding up signed contracts in Los Angeles County. The weekly recap looks at residential properties priced at $4 million or more.
A Malibu home owned by the youngest son of Martin Luther King Jr. and Coretta Scott King has been listed for sale.
Dexter Scott King, who passed away in January after a battle with prostate cancer, served as chair of the Atlanta nonprofit King Center. The center was established by Dexter’s mother as a memorial aimed at continuing his father’s legacy, located next to the Ebenezer Baptist Church where his father served as pastor. Dexter King also served as president of the King Estate, which managed and licensed use of his father’s likeness.
Dexter King’s name comes from the Dexter Avenue Baptist Church in Montgomery, Ala., where his father served as a pastor.
Dexter’s wife, Leah King, placed the Malibu property at 28177 Rey De Copas Lane on the market for just under $6 million. She is represented by The Oppenheim Group’s Jason Oppenheim, Chelsea Lazkani and Katy Johnson.
The Kings had listed the Malibu home once before in early 2015 for $4.9 million and took it off the market later that year.
The house totals 6,823 square feet with four bedrooms and six bathrooms. It sits on a 1.2-acre lot, close to the beach.
Exterior highlights include gardens, a waterfall spa and patios looking out to Santa Monica Bay. Inside, there’s a theater, elevator, office, gym and chef’s kitchen. It has a guard gate, a second driveway gate and “mature hedging, tropical trees and manicured gardens with no neighbors in sight,” according to the listing on the Oppenheim Group website.
Read more
Laurene Powell Jobs spends $94M to buy fourth Malibu estate
Crown Pointe confirms “net zero” appetite with $29M Malibu sale
Chris Cortazzo on how he became the biggest broker in Malibu
Los Angeles County’s luxury homes market stumbled last week with buyers hitting pause on signed contracts.
That’s the recap from Eklund-Gomes’ signed contracts report for June 10 to June 16. The weekly roundup culls data from the MLS, counting signed contracts for single-family homes and condos listed at $4 million or more.
Eighteen single-family contracts were signed last week in L.A. County, which was off 33 percent from the previous week.
Total contract volume for the same reporting period was $152 million, which is down from the prior week’s $185.5 million.
A Bel-Air mansion at 657 Perugia Way, with an asking price of just under $28 million, was last week’s top contract. The 1930s home was originally listed in January before re-appearing on the market for rent by Carolwood Estates’ David Parnes.
The home totals 8,434 square feet with seven bedrooms and 10 baths, boasting views of the Bel-Air Country Club.
South of Bel-Air, a home in Manhattan Beach had last week’s next largest signed contract.
The 7,454-square-foot home at 3216 The Strand has a list price of $22.5 million and is currently under active contract. The home originally hit the market in February with an asking price of $25 million.
Pacifica Properties Group’s Christa Lyons and Matt Morris have the listing.
Deals in the South Bay city have been on a tear, as home prices jumped 21 percent last month compared to a year ago with median prices at $3.4 million, according to Redfin. More Manhattan Beach homes sold last month than the year-ago comparison, although median days on the market ticked up 17 to 51.
Eklund-Gomes rolled out its inaugural weekly luxury residential report for L.A. County last week, based on a Manhattan report produced by Olshan Realty.
Read more
Eklund-Gomes LA report debuts with “House of the Moon”
Erewhon owners emerge as buyers of $23M Bel-Air mansion
$150M listing catapults Manhattan Beach to top of ultra luxe market
Bel-Air’s Vivenda da Lua, or House of the Moon, went into contract with an asking price of $15.8 million, making it Los Angeles County’s biggest pending sale last week.
The nine-bedroom, eight-bathroom home at 10651 Chalon Road sits in the top spot in the inaugural report for the county from brokerage Eklund-Gomes. Called the Eklund Weekly Luxury Report L.A., the weekly roundup tracks signed contracts of residential properties with prices of $4 million or more. All data is sourced from MLS.
Property records show Vivenda da Lua’s seller is a family trust tied to the late interior designer Erika Brunson, for whom the estate was designed.
Coldwell Banker Realty’s Joyce Rey has the listing for the property, which totals 9,183 square feet. Its design was modeled after a Spanish Portuguese villa.
Highlights of the Bob Ray Offenhauser-designed property include a three-story main house, attached guest suite, pool, gardens, library and Zen room.
The home hit the market in November for just under $20 million before a series of price cuts.
Overall, single-family homes in the county sat on the market for an average of 60 days, with prices averaging $6.9 million, according to the Eklund-Gomes report.
The House of the Moon sits less than two miles from another Bel-Air property, named Villa Del Amor at 10936 Chalon Road, which entered the market last week for $115 million. It’s owned by financiers and Sugarfina board directors Paul Kessler and Diana Derycz-Kessler.
The county’s second-largest contract last week is a home once owned by Muhammad Ali. The Hancock Park property at 55 Fremont Place is under contract for $13 million.
Property records show a notice of default sent Feb. 7 on the 10,567-square-foot home. It went to auction in April.
The Beverly Hills Estates’ Stefani Stolper and Kristen Lawson, along with Coldwell Banker’s June Ahn, are the listing agents.
The Fremont Place home was previously listed in 2022 for about $17 million by Michael Lawson, former Los Angeles Urban League CEO, and Mattie McFadden-Lawson.
Across Los Angeles County, a total of 27 single-family home contracts in the $4 million-plus market segment were inked between June 3 and June 9 for $185.5 million in volume, according to the Eklund-Gomes report.
Elsewhere in the country, Miami-Dade County counted 25 home and condo contracts totaling $220.5 million for the same period ended June 9, according to Eklund-Gomes Weekly Luxury Report Miami. The brokerage’s New York report counted 24 properties under contract totaling $193 million, according to a report for the same week from Olshan Realty.
Olshan produces a weekly luxury market report for Manhattan, with Eklund producing a similar roundup for Miami, Austin and now L.
Read more
Investor couple behind Sugarfina price their Bel-Air mansion at $115M
Hancock Park manse where Muhammad Ali lived lists for $17M
Erewhon owners emerge as buyers of $23M Bel-Air mansion
Fashion designer Sue Wong is selling a historic Old Hollywood estate lined with gold leaf and hand-painted frescoes in Los Feliz for $32 million — or $1 million more with furniture.
The vintage designer has listed the 11,700-square-foot estate once owned by 1920s movie star Madge Bellamy at 4320 Cedarhurst Circle, the Wall Street Journal reported.
Wong bought the 26-room mansion known as The Cedars in 2004 for $5.3 million. She then spent two years and millions of dollars restoring it to its original splendor.
She then scoured the world for antiques, furniture and upholstery to match its style. She now calls it “the ultimate, iconic goddess of Hollywood.”
The Cedars, named for the trees that once surrounded the eclectic mansion, was built in 1926 for French film director Maurice Tourneur, who directed Bellamy in the film “Lorna Doone,” Wong said. The director, who returned to France without moving in, sold it to the Hellman banking family, who sold it to Bellamy.
The gardens reminded her of Versailles, Bellamy wrote in her autobiography. Each bedroom had its own marble fireplace. The primary bathroom had a red Venetian-glass window.
“I felt like a little dog that had just been handed a gold-plated bone,” Bellamy, who died in 1990, wrote.
The 10-bedroom, 12-bathroom estate includes the main mansion, a guesthouse and an adjacent lot with a house where Wong’s late mother lived. The compound, on two lots, is close to three-quarters of an acre, according to the listing by Christophe Choo of Coldwell Banker Realty.
The opulent two-story mansion has gold-leaf detailing, gilded columns and hand-painted frescoes. A 48-foot ballroom has beamed ceilings. One bedroom has a Moroccan theme. Gold lions throughout the house are a tribute to the MGM film studio.
Outside, a swimming pool is surrounded by landscaped gardens.
Wong, who owns other homes in L.A., Malibu and on the Hawaiian island of Maui, said she’s selling the property because she wants to simplify her life.
Los Feliz, not far from film studios in Hollywood and Burbank, has long been popular with celebrities, musicians and writers.
“It’s a very eclectic area,” Choo told the WSJ. “Not flashy like Beverly Hills, but it has a lot of great architecture.”
While homes built in the 1920s are common, he said, it’s rare to find one as opulent as The Cedars. But sellers of historic homes don’t always get top dollar.
A Tudor-style home built a century ago in Los Feliz recently sold for $7.33 million, nearly a quarter of its initial $26 million asking price.
A year ago, however, Brad Pitt bought a Mid-century showpiece in Los Feliz for $5.5 million from Getty Oil heiress Aileen Getty — after she paid $33 million for his historic Craftsman estate.
Luxury sales in Los Angeles have slowed significantly because of Measure ULA, a new tax on commercial and luxury home sales, but Choo said he sees the market picking up.
Orange County has recorded its most expensive home sale so far this year: a $38 million trade of a newly developed mansion in Newport Coast.
A trust tied to Las Vegas-based Tony Huang bought 20 Coastline, an 18,300-square-foot home in Crystal Cove, according to property records filed with Orange County. Compass announced the deal on Thursday, but did not disclose the buyer or sellers.
20 Coastline (20 Coastline via David Heath of Western Exposure)20 Coastline (20 Coastline via David Heath of Western Exposure)
Rex McKown and Marcy Weinstein at Compass represented the seller in the off-market deal, while Michelle Queyrel Linovitz at Coldwell Banker Realty represented the buyer.
Thomas and Annette Haigh sold the 0.8-acre site, records show. The two bought the site for $8.5 million, when it was a vacant piece of land, and built the six-bedroom, 10.5-bath home.
The buyer signed an option to buy the new development in March 2022, records show. The home has a pool, sport court and exercise room, according to MLS data.
Before this deal, the most expensive deal to close this year across Orange County was 7 Montage Way in Laguna Beach, according to records. Compass’ Mimi Bladow represented the buyer, according to online listings, which records show was Jonathan Caine.
These pricey trades are boosting the median sales price of luxury homes, according to a report from appraiser Jonathan Miller for Douglas Elliman.
The median price for homes in the upper 10 percent of sales prices was about $4.4 million in the first quarter, up from $3.7 million in the first quarter of 2023.
Listings for homes for luxury single-family homes — the upper 10 percent of all sale prices — are also up about 11 percent year-over-year, according to a Miller Samuel report.
A spec home in Beverly Hills Post Office has hit the market for $29.5 million, more than eight years after the developer, Yosef Dangor, bought the property.
Josh Flagg at Compass and Spencer Payson at Beverly Hills Estates are co-listing the home at 9705 Oak Pass Road for sale, according to an announcement from the brokerage.
9705 Oak Pass Road (Marc Angeles, Getty)
The seven-bedroom, 8,800-square-foot home was designed by Noah Walker, an L.A.-area architect famous for designing some of the county’s costliest homes. The contemporary-style “architectural masterpiece” is located in a gated community, according to listing notes.
An entity tied to Dangor bought the property for $3 million in 2016, records show, and scored an $8 million loan from Anchor Loans in Westlake Village on the site last year.
9705 Oak Pass Road (Marc Angeles, Getty)
Beverly Hills Post Office, though the area shares the same famous 90210 zip code with the city of Beverly Hills, technically lies in the city of Los Angeles. That means Dangor will have to shell out a 5.5 percent transfer tax if the property sells for $10 million or more.
The property is flush with amenities — a Himalayan salt sauna, pool, spa, outdoor kitchen, fire pit, steam showers, movie theater and gym.
The listing discloses a 2 percent buyer’s agent fee, though it’s subject to negotiation.
Flagg, who stars on Bravo’s “Million Dollar Listing L.A.,” jumped to Compass from Douglas Elliman last month. The listing marks one of his first deals under the Compass brand.
Joshua Tree’s housing market during its pandemic surge looked like an investment oasis, but instead it may have been a mirage.
The market in the California desert has dried up after exploding four years ago, the Wall Street Journal reported. Those who bought homes in recent years — which are typically modest, despite some architectural marvels — are facing a difficult dilemma if they choose to sell.
Joshua Tree home values jumped significantly during peak Covid. In July 2020, the typical value in the area was $217,007, according to the Zillow Home Value Index. Two years later, that number had more than doubled to $467,348. But as of February this year, the typical home value fell to $385,941.
Approximately 40 percent of the market’s 199 listed homes have seen price reductions, Bryan Wynwood, a local agent told WSJ. Buyers are also grappling with increased interest and mortgage rates from the height of the pandemic, which is having an impact on markets across the nation.
Wynwood did, however, admit that the price boom was unsustainable.
During the height of the pandemic, homes were often sold in under two weeks. But in February, those that did sell were on the market for a median of 106 days, according to Redfin.
One factor impacting Joshua Tree’s housing market is its popularity as a tourist destination. In 2021, more than 3 million people visited the area, according to the National Park Service. The trickle effect has increased demand — and supply — of short-term rentals, which have nearly doubled in four years, upping competition and dragging down long-term rents.
Investors who bet on long-term rentals are not making as much money as expected, so buyers are thinking twice about the potential payoff they can deliver in the future. According to one source WSJ spoke with, sales may instead be driven by investors looking at short-term rental assets.
The Joshua Tree property, which looks like a horizontal reflective skyscraper resting in the desert, was listed for $18 million last year — making it the most expensive house ever built in Joshua Tree, a bit over two hours east of Los Angeles.
Over 400 days later, according to its Zillow listing, and after many short-term rentals and plenty of interest from potential buyers — ranging from celebrities to billionaires to art collectors — there are still no takers.
While the 5,500-square-foot home, known as the Invisible House, has attracted a lot of known figures such as Alicia Keys and Demi Lovato, along with influencers and brands Hermés and BMW, finding a buyer has proven a challenge for Aaron Kirman and Matt Adamo of AKG Christie’s International, who represent the property owner.
The uniqueness of the home, the high price range for its remote location and a challenging 2023 market were all contributing factors, according to Adamo.
“It makes it much more difficult,” he said. “2023 one of the hardest markets that we faced, and the buyer pool for this is small, 3 percent of the buyers who are looking.”
Selling a property of this type doesn’t come easy even in a robust market like Joshua Tree, where the average home price is $450,000.
“Joshua Tree is a hot market despite the high interest rates, has really gained traction and scaled even over the last five years, especially during the pandemic,” said Tyler Neale, an agent at Sotheby’s International Realty who’s not associated with the listing. “It’s a popular place for Angelenos, and yet this property is an outlier from the norm in that market in every way.”
“Most spectacular” Airbnb
The character of the property has everything to do with the owner, the film producer and artist Chris Hanley, who along with his wife Roberta were drawn to Joshua Tree and purchased the land there.
The Hanleys were behind movies such as “American Psycho,” “Virgin Suicides” and “Spring Breakers.”
The concept for the Invisible House originated over a decade ago, when Chris Hanley came up with the design and approached Polish American architect Tomas Osinski to bring it to life. Its name describes how the house reflects the surrounding sky, rock and sand in a way that the structure seems to disappear into the landscape.
They began construction in 2013. The design is inspired by New York, where Hanley grew up “feeling comfortable with the monoliths.”
The home is located on a 90-acre property on the border with Joshua Tree National Park, making it the largest parcel of land that shares a border with the park. It was completed in March 2019.
It’s clear Hanley was involved in every inch of the home’s creation.
“It has 36-inch steel beams, maybe the biggest of any residential house in California,” he said proudly.
The house also has sustainability features, including a fully solarcool glass exterior with reflective light filtering and a solar thermal smart system for controlling the pool and hot water.
Once the couple built it, the plan was to live in it.
“We never thought in a million years that it was going to end up being some influencer house,” Hanley said.
As they had more guests come over, the house generated more and more interest from people they didn’t know.
“By the time Alicia Keys came in 2020, she wanted it for five weeks,” Hanley recalled. “So the house is kind of like one of these science fiction forms — it was no longer just Chris and Roberta Hanley’s residential dwelling, it had taken on a form in social media and media at large.”
Eventually it became one of the most desirable Airbnbs in the world, with CEO Brian Chesky calling it a “piece of modern art” and “one of the most spectacular homes in the world on all of Airbnb.”
After that, things really took off and the Hanleys started making rental income from brands including Hermés, BMW and others.
“The amount of income that comes, it’s better than most office buildings,” Adamo said. “You’re getting a potential 6 percent CAP rate.”
Joshua Tree was in fact one of the top two short-term rental markets in California and one of the top 25 in the U.S., according to AirDNA data cited by The New York Times.
Hanley said the house generates around $900,000 each year since 2021 in net income.
That may still not be enough for most buyers to justify the listing price.
“There is no Airbnb price or nightly rate that will make a property of $18 million cash flow that’s practical,” Neale said in reference to the rental revenue. “It’s a hard proposition even as a short-term rental at that price.”
“I don’t think it’s inflated, because it is a piece of art, but it is a hard proposition,” he noted.
“Pyramid in Egypt”
The decision to sell came when the Hanleys realized that the house was getting big and they were ready to move on to other projects.
“When I make a movie, it needs to get out, it needs to be experienced,” Hanley said. “And this was starting to get so experienced by so many people.“
While they have a property management company, they are not looking to become landlords long-term.
“We’re not in the hospitality business,” he said. “We’re creating new forms.”
They’re already on to the next project, which is the Starburst House located nearby in Joshua Tree.
Starburst House
Hanley has big ambitions for his properties and is not shy about it.
“It’s become this kind of social destination, very much like a pyramid in Egypt or something like that, where you just want to go to see this form,” he explained. “It somehow relates to the world at large, there’s some thought that there’s an interaction between extraterrestrial or other life forms or other forms of consciousness that are constantly taking place.”
Needless to say, not everyone can afford to stay at the Invisible House, but everyone can at least follow the Instagram account. It’s available for rent from $2,689 to $7,500 per night, according to property manager Fieldtrip Hospitality.
Demi Lovato was one guest who said she saw aliens there, as per The Wall Street Journal, and the buyer is likely to be someone who has an appreciation for metaphysical experiences, real or imaginary.
The agents trying to sell the property have their work cut out for them: They’ve had a hard time imagining the ideal buyer.
Speaking about potential buyers, Adamo was nostalgic for a minute about the crypto craze of 2021, when newly minted millionaires were quick to invest in real estate and would appreciate the artistic vision behind the property.
“We’ve had billionaires, investors from other countries and everything in between,” he said. “We’ve had brands and CEOs look at this for company retreats, art collectors.”
They had one proposal to build “something in the metaverse” and an idea of partial ownership, which didn’t work out.
Given the level of public and social media interest the house has generated, the buyer is unlikely to be a recluse or a hermit. There is a public performance aspect to the space.
Still, the image of the perfect buyer remains elusive.
“We haven’t figured out who the perfect buyer is for the property, because if we had it would be sold by now,” Adamo said.
Adnan Sen, the developer and founder of Beverly Hills-focused luxury real estate firm Sen Properties, has sold the property known as the Laurel House for $31 million, according to a Zillow listing.
The nearly 1-acre estate, located at 1000 Laurel Way in Beverly Hills, includes nine bedrooms, 14 bathrooms, and spans more than 15,800 square feet. Architect William Hefner designed the home, which traded on Feb. 27.
Pate Stevens of The Agency held the listing. The unidentified buyer was represented by Dustin Nicholas of Nicholas Property Group, which specializes in off-market deals.
Sen and his properties have appeared previously on the Netflix reality series “Selling Sunset.”
In one episode focused on a separate property, Sen priced the home at $100 million, while Oppenheim Group’s Davina Potratz suggested $70 million, according to Screenrant.
“You guys every day [you are] not selling, it’s costing me a fortune,” he told the agents.
Sen Properties acquired the Laurel House for $8.75 million in 2016, according to PropertyShark records.
The main house features three kitchens — a chef’s kitchen, second catering kitchen, plus an outdoor kitchen.There are also two offices, a 12-seat screening room, a wine cellar with a tasting room and a gym with an infrared sauna. The outdoor area includes a pool with built-in seating, fire pits and trees.
The estate comes with a one-bedroom guest house and a “gallery garage” for up to 10 cars.
Tribeca, short for the “Triangle Below Canal Street,” has evolved from an industrial landscape into one of New York City’s most sought-after residential areas. Its ascent to the upper echelons of the city’s real estate market is a testament to its distinctive character and appeal.
The neighborhood has a rich history, reflected in its picturesque cobblestone streets and landmark buildings, which have been meticulously converted into high-end lofts and apartments.
As a result, Tribeca has not only drawn in a significant number of influential residents and celebrities, but it has also maintained a positive image in the media and public perception, further fueling its desirability and market value.
Key Takeaways
The transformation from industrial to residential luxury
Tribeca attracted A-list celebrities who’ve invested in real estate
Median sale price saw a 3% year-over-year increase in Q3 2021
The median sale price at approximately $3.325 million.
Near the Financial District and waterfront, enhancing quality of life.
Contributes to a highly desirable living environment.
History of This Hood
Tribeca, today known for its industrial chic lofts and status as one of NYC’s premier neighborhoods, has undergone a considerable transformation over centuries. Originally, the area referred to as Tribeca (Triangle Below Canal Street) was part of a farmland worked on by the Dutch settlers. In the 17th century, the land belonged to figures such as Roeleff Jansen.
By the 1800s, the neighborhood began to flourish due to commercial development, particularly with the advent of the Washington Market as a hub for produce and meats. Industrial growth ensued rapidly, and warehouses and lofty buildings came to characterize the district’s architecture.
The urban decline in the mid-20th century saw many industrial buildings fall into neglect. However, the area experienced a resurgence as artists and creatives sought affordable living and studio spaces in these spacious structures during the 1970s. A vital factor in Tribeca’s gentrification was the adaptive reuse of these industrial buildings into high-end lofts and residences, raising property values substantially.
Today, the region boasts a blend of historic charm with modern elegance, echoing its past through cobblestone streets and restored cast-iron façades. Tribeca’s historic legacy, combined with its luxury living accommodations, resonates deeply with affluent buyers, leading to its standing as one of the most expensive neighborhoods in NYC.
Real Estate Dynamics in Tribeca
The Tribeca neighborhood is synonymous with luxury real estate and soaring property values. These characteristics are shaped by upscale developments, market movements, and high-value sales that set the tone for the area.
Luxury Developments
Tribeca is home to some of the most luxurious residential buildings in New York City. Notable properties include 443 Greenwich Street, where celebrities and affluent buyers find privacy and exclusivity. According to a report, Tribeca even attracted A-list celebrities who’ve invested in its real estate, further elevating the neighborhood’s allure.
Market Trends
The market in Tribeca has witnessed significant year-over-year increases in median sale prices, indicating a growing demand for high-end properties. For instance, Tribeca’s median sale price saw a 3% year-over-year increase in Q3 2021, as reported by PropertyShark. This trend reflects robust sales volumes and the sustained appeal of the neighborhood among upscale buyers.
Property Value Indicators
Several indicators point to Tribeca’s high property values. For example, median sale prices in the neighborhood often surpass other NYC areas comfortably. A specific data point from December 2021 shows Tribeca’s median sale price at approximately $3.895 million, as highlighted by Redfin.
Geographical Advantages
The value of Tribeca’s real estate is significantly boosted by its strategic location within New York City, offering both the convenience of proximity to the economic powerhouse of the Financial District and the prestige and natural beauty of its waterfront views.
Tribeca is just a stone’s throw away from the Financial District, New York City’s economic engine. This proximity allows residents easy commutes to some of the world’s most influential financial institutions. It’s a particularly appealing feature for professionals in the finance sector who value short travel times to their offices.
The neighborhood’s waterfront edge is a sought-after feature, providing scenic views and leisure opportunities along the Hudson River. Properties with water views often command higher prices, and in Tribeca, the demand for these properties accentuates their exclusivity and luxury appeal.
Cultural and Social Scene
1. Film and Arts
Tribeca Film Festival: An annual event co-founded by Robert De Niro, Jane Rosenthal, and Craig Hatkoff. It showcases a diverse selection of films, from independent to mainstream, documentaries to narratives, and features to shorts. The festival also includes panel discussions, filmmaker Q&As, and master classes, making it a comprehensive celebration of the cinematic arts. It’s not just about screenings; the festival transforms various venues across Tribeca into hubs for film enthusiasts, industry professionals, and celebrities.
Tribeca Art Night: A quarterly event that invites art lovers to explore galleries and art spaces throughout the neighborhood in a single evening. Participants get to experience openings, exhibitions, and special performances, highlighting the area’s rich artistic offerings.
2. Galleries and Museums
Postmasters Gallery: Known for its commitment to experimental and contemporary art, Postmasters is a prime example of Tribeca’s dynamic art scene. The gallery features works by emerging and established artists, spanning a range of mediums and themes.
3. Dining and Nightlife
Tribeca Grill: Co-owned by Robert De Niro, this upscale restaurant is a staple in the Tribeca dining scene.
4. Architecture and Design
Cast-Iron Historic District: This area showcases the architectural beauty of Tribeca’s cast-iron buildings. Notable structures include the White Building at 361 Broadway and the Gunther Building at 469 Broome Street, which are admired for their ornate facades and historical significance.
Staple Street Skybridge: A striking example of Tribeca’s unique urban landscape, this pedestrian bridge connects two buildings over Staple Street. It’s a favorite subject for photographers and a visual reminder of the neighborhood’s industrial past.
5. Parks and Recreation
Hudson River Park: This linear park stretches along the Manhattan West Side waterfront and offers a multitude of recreational activities, from jogging and biking to kayaking and sailing.
Washington Market Park: A community park that serves as a green oasis for Tribeca residents. It features a large playground, basketball courts, and community gardens. The park also hosts seasonal events, including a popular Halloween parade and a summer concert series, fostering a strong sense of community.
Quality of Life
Tribeca’s high quality of life is largely attributable to its exceptional education options, abundant green spaces, and a strong sense of safety and community cohesion.
Education and Schools
Tribeca is home to prestigious educational institutions that cater to all age groups. Schools like Stuyvesant High School cater to academically gifted students, contributing to the neighborhood’s intellectual environment. Quality education is a significant factor for families considering residence in this area.
Green Spaces and Parks
Residents of Tribeca benefit from numerous well-maintained green spaces and parks. The area’s waterfront access allows for parks such as Hudson River Park, offering a scenic respite from urban living. These green areas provide not only recreation but also community-building opportunities.
Safety and Community
Tribeca is known for its low crime rates and vigilant community efforts that make it one of the safest neighborhoods in New York City. The area’s cohesive community and active neighborhood associations contribute to a sense of security and belonging among residents.
Transportation and Accessibility
Tribeca’s status as one of the most expensive neighborhoods in NYC is partially due to its excellent transportation and accessibility. Residents enjoy multiple subway lines that traverse the area, including the 1, 2, 3, A, C, E, N, R, W, and 6 trains. These provide rapid transit to destinations throughout the city, making commutes and travel for both leisure and business exceptionally convenient.
In addition to subway options, Tribeca has several bus routes, such as the M20 and M55, which offer reliable service. For those looking to travel on foot or by bike, plenty of pedestrian- and cyclist-friendly pathways are available, with the Hudson River Park providing scenic routes along the waterfront.
Subway Accessibility:
Lines: 1, 2, 3, A, C, E, N, R, W, 6
Multiple stations for easy access
Bus Service:
Main Routes: M20, M55
Convenient for cross-town trips
Alternative Transport:
Biking and walking pathways
Proximity to Hudson River Park
The neighborhood’s proximity to major thoroughfares such as West Street and Canal Street also eases vehicular traffic into and out of the area. The combination of these transportation amenities affirms Tribeca’s appeal to those seeking an accessible yet upscale living experience in New York City.
Influential Residents and Celebrity Appeal
Tribeca, known for its cobblestone streets and converted industrial buildings, has become synonymous with luxury and exclusivity. This Manhattan neighborhood attracts a wealthy and influential demographic, including numerous celebrities. The presence of these high-profile residents has significantly contributed to the area’s allure and, consequently, its real estate prices.
Notable Residents:
Hollywood A-listers: Tribeca’s private lofts and spacious apartments have become favored residences for movie stars such as Meryl Streep and Leonardo DiCaprio.
Music Icons: Music legends like Justin Timberlake have chosen Tribeca for its tranquility and privacy.
Industry Magnates: Beyond entertainment, the neighborhood is also home to entrepreneurs and business leaders, adding to the district’s reputation for affluence like Jay-Z and Beyoncé.
Frequently Asked Questions
What factors contribute to the high costs of living in Tribeca?
The high living costs in Tribeca are influenced by its prime location, historical significance, and limited inventory of luxury residences. Demand outstrips supply, leading to higher prices.
How does the average rent in Tribeca compare to other upscale neighborhoods in NYC?
Tribeca’s average rent consistently outpaces other affluent NYC neighborhoods. In 2023, the average monthly rent was around $8,090, showcasing its premium status.
What are the unique features of Tribeca that justify its upscale real estate prices?
Tribeca offers a distinct blend of restored industrial buildings, cobbled streets, and a vibrant cultural scene. Its unique aesthetics and historical character contribute to its high real estate valuation.
In terms of real estate, what amenities make Tribeca one of the most sought-after neighborhoods?
Real estate in Tribeca often includes amenities like private elevators, roof decks, 24-hour concierge services, and in-building fitness centers, making it a coveted location for affluent buyers.
Can you detail the trends in Tribeca’s real estate market over the recent years?
Tribeca’s real estate market has experienced significant growth, with consistent demand for luxury properties, despite broader market fluctuations. This has resulted in a steady rise in property values over the years.
How does Tribeca’s cost per square foot compare to other luxurious areas in Manhattan?
Tribeca’s cost per square foot ranks among the highest in Manhattan, often surpassing other luxury neighborhoods due to its desirable loft apartments and high-end residential projects.
Final Words
Tribeca’s evolution from an industrial area to one of New York City’s most prestigious residential neighborhoods exemplifies urban transformation at its finest. Its blend of historic charm and modern luxury, combined with a vibrant cultural scene and waterfront beauty, creates an unmatched living environment.
The presence of influential residents and celebrities, along with high-end developments, continues to elevate Tribeca’s status and desirability.
This neighborhood stands as a testament to the value of strategic urban planning and community investment, securing its place as a top choice for those seeking luxury, convenience, and quality of life in NYC. Ultimately
Jack Nourafshan, CEO of Los Angeles-based Reliable Properties, is the buyer that took home a $36 million mansion in Beverly Hills from the daughter of a former Uzbekistan president, The Real Deal has learned.
Chelsea View, a limited liability company controlled by Nourafshan, bought the property, according to state business and property records.
Lola Karimova-Tillyaeva, the daughter of former Uzbekistan President Islam Karimov and her husband, Timur Tillyaev, sold the two-story mansion at 900 North Crescent Drive earlier this month. The home was developed by famous spec home builder Mohamed Hadid.
Drew Fenton at Carolwood Estates brokered the deal on behalf of the seller. Broker Lea Porter of The Beverly Hills Estates represented the buyer along with Zac Mostame of Carolwood Estates.
Nourafshan bought the property using a $26.1 million mortgage from Deutsche Bank, according to loan documents. The mortgage has an adjustable rate, meaning it fluctuates based on the U.S. Treasury Index.
Reliable Properties mostly builds multifamily properties and was one of the largest developers in L.A. in 2020, according to TRD data. The firm also owns a number of retail properties.
Nourafshan’s new home includes a 15,000-square-foot basement with a ballroom that can seat 250, a Turkish-style bath and a 50-seat movie theater. It also has a 60-foot-long infinity pool.
The home was first on the market for $58 million in 2021.
Ludwig Mies van der Rohe is said to have popularized the famous phrase, âLess is moreââand in doing so, he set a standard for many of his successors in the fields of architecture and design. But standards, by their very nature, are confining, and an increasing number of decorators are liberating themselves from the harsh limits imposed by stripped-down, pared-back aesthetics. Indeed, maximalism is making a meteoric ascent in popularity, and these four residences prove why.
As a term, âmaximalismâ only originated recently as a counterpoint to minimalism. In many ways, minimalism is a discipline more than a style; it demands a rigid adherence to specific principles of austerity and restraint. You can immediately identify a minimalist space because it follows certain conventions. Therefore, itâs fair to say that maximalism is based on the oppositeâon defying convention and flouting normsâmuch like this whimsical mansion.
From mosaicked floors that look like a collaboration between Kandinsky and Hundertwasser, to staircases that seem to float, to bold blocks of color that serve as shelving and storage, this home demonstrates how unique and unfettered maximalism can be. Thereâs no ârightâ way to do it; rather, it allows spaces to speak for themselvesâand their ownersâand cultivate the curiosity of their inhabitants.
Today, the word âbaroqueâ is shorthand for lavish and often synonymous with maximalism, though it hearkens back to a distinct movement in the 18th century when opulent adornment was highly sought-after. Since then, these baroque sensibilities have remained firmly in placeâfrom the excess of Victorian design to the extravagance of Art Nouveau and Art Deco. Such is the timeless appeal of maximalism. By being free rather than fixed, and dynamic rather than static, it celebrates anachronisms, as seen in this opulent triplex.
Built in 1830, the home stands as a tribute to maximalism across the ages. The meticulous detail in the architecture is unparalleled, with finely crafted pilasters and cornices, along with a mirrored ceiling and striking skylight. And the materials, such as the brocade upholstery, gilded accents, and crystal chandelier, are almost deliriously luxurious.
A âmore is moreâ mentality may be conducive to conspicuous displays of wealth, but thatâs not the purpose of maximalism. While an intricately furnished interior might be impressive, itâs far more important that itâs invigorating. Maximalism is fundamentally focused on jubilance. The point is to decorate with what feels right to you, and not what has been deemed ârightâ by trendsetters and tastemakersâan ethos thatâs alive and well in this stately townhouse.
With statement prints juxtaposed alongside sleek neutrals, and ornately papered cabinetry set next to simple yet eclectic ceramics, this residence showcases the ease with which maximalism transcends time and trends. Rooms are relaxing but also exciting, personal while also universal; there may be references from many periods and places contained within four walls, but the result is a space unlike anywhere else in the world.
Itâs no surprise that maximalism is a powerful means of self-expression, and is meant to be subjective. If an artwork or keepsake conjures a fantastic feeling or a beautiful memory, then it belongsâand this enables maximalist spaces to mix colors and textures even if they contrast, and blend design and decor even if theyâre from different decades or centuries. The only criterion that matters is that it makes you happy, and who couldnât be constantly delighted in an apartment like this wild wonderland?Â
Created in the style of traditional Milanese workshops from the late 1800s/early 1900s, this surrealist loft designed in collaboration with Toiletpaper utilizes captivating visuals to emphasize and expand the scale of the space, ushering the eye upwards and outwards, vertically and horizontally, with statement art pieces and one-of-a-kind collectibles. There always seems to be something novel to discover, as no two vantage points provide the same view.
Too often, trends are cyclical; as they recur, they return their followers to an earlier moment instead of fuelling forward momentum. But thatâs not the case with maximalism. It remains relevant because even as it references its history, it endows every artist, architect, designer, and decorator with something fresh and new to work with thatâs theirsâand theirs alone.
Santa Barbaraâs exclusive community of Hope Ranch is no stranger to impressive estates with on peaceful tree-lined lanes with breathtaking vistas. This majestic Mediterranean-inspired compound ups the ante, providing what amounts to a personal private resort: a regal villa of some 8,100 square feet, a two-bedroom guesthouse, a pool accompanied by a pool house, and numerous other diversions. Enveloping it all is a veritable forest of flourishing floraâincluding a towering decades-old lilac that furthers the sense that, much like its Old World predecessors, this retreat has been in this place for generations.
In fact, the residence dates to the early days of the 21st century and was painstakingly rejuvenated by a cadre of superior architects, builders, and designers in 2015. Historic European architectural influences are on bold display here, recalling getaways in the Spanish countryside or other sun-soaked coastal locales abroad: earthy barrel roof tiles, stucco walls, graceful arches, iron-railed balconies, and colorful ceramic tile accents. The interiors have a palatial quality thanks to vaulted beamed ceilings, outsize stone fireplaces, towering windows, classical hardwood and terra-cotta-tile floors, and wrought-iron fixtures, railings, and fittings. Nevertheless, the spaces remain inviting and enjoyable, from the august ocean-view living room and a formal dining room served by two kitchens to the easygoing family room. Atop a supple spiral staircase, the ownerâs oasisâa bedroom and a sitting roomâgazes out over the pool, terra-cotta rooftops, and the leafy treeline toward islands and the ocean through two sets of sliding glass doors leading to a lengthy balcony. The indulgent ownerâs bath includes a steamshower, a soaking tub, and two boutique-rivaling walk-in closets. Serenely secluded, the three-bedroom guest wing is accompanied by its own delightful living area.
As a matter of course, Mediterranean-style retreatsâregardless of which side of the ocean theyâre planted onâassign a significant role to alfresco spaces. That custom certainly holds true hereâin Southern California, outdoor living is a year-round pursuitâand on these lush acres, scores of vibrant plantings surround patios, a series of cascading terraces, an outdoor kitchen, a refreshing pool, and a secluded spa, greatly augmenting the square footage dedicated to open-air gathering and relaxing. The property, naturally, enjoys the peace of mind of gated security. And with its extensive collection of amusements and diversionsâa well-equipped fitness center, a pool house ideal for hosting alfresco festivities, a tennis court, garden beds and a chicken coop to please the green thumbs and urban homesteaders, and a treehouse appealing to the young and young at heartâthe estate feels utterly timeless and destined to be a private personal paradise for generations to come.
Prestigious car events have long been synonymous with style and luxury. The recipe for success? Cars. Design. Style. Elegance. RM Sothebyâs has joined with Sothebyâs and Moda Events in building ModaMiami, a new destination for car enthusiasts encompassing the rare, prestigious, and eclectic, combined with other luxury entertainments.
Over the multi-day affair, enthusiasts can enjoy what they love most: rare, unique, and awe-inspiring vehicles, from the auction preview on Thursday, February 29, to the final show day on Sunday, March 3. No two days will be alike as nearly 300 cars will grace the showfield throughout the weekend, including 150 hand-selected vehicles touting their rare histories and desirable attributes, 100 super-specced supercars and hypercars as part of our exclusive 100 Club, and a special âcentenary plus oneâ celebration and showcase honoring the life, legacy, and work of legendary automaker Carroll Shelby.
Other event features include a tour of Miamiâs finest food offerings, refreshments and comforts provided by the Casa Tua Club Lounge, a retail space by Sothebyâs, and live entertainment.
Pumpkin Key, a 26-acre private island off of Key Largo, was recently listed for $75 million. The opportunities at 10 Cannon Point Road are plentiful, according to the listing, which promises no less than a “private retreat, legacy investment or a sanctuary for generations.”
The listing features a single-family home built in 1985, a 5,200-square-foot property with 12 bedrooms and 12 bathrooms.
The island has a pool house, three separate apartments, a dockmaster office, a white sand beach and two tennis courts, which can be converted into a helipad. There are also 12 lots on the waterfront — each spanning one acre — and a 23-slip marina large enough to accommodate a mega yacht.
Owners of the island won’t need to rough it, as there’s modern infrastructure on the island, including fiber optic cable.
The listing includes an additional waterfront home on the mainland with a 100-foot dock and membership in the Ocean Reef Club, which is a four-minute boat ride away from the island. The luxury club has a private airport, two golf courses, a 175-slip marina, tennis & lawn sports facilities, a fitness center, salon and spa, medical center, oceanfront inn, and various shopping and dining options.
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While the listing has only been on the market for a few days, it jumped on and off the market several times in recent years at a higher price point of $95 million. Two years ago, there was a contingent offer, according to Zillow, which evidently fell through.
Compass’ Liz Hogan has the listing. A representative for the listing declined to provide the identity of the seller.
