RH Chief Gary Friedman sells Beverly Hills estate

Estate gets $24M in off-market deal offered as opportunity to renovate house or tear it down

That’s some restoration project.

Gary Friedman, chairman and chief executive officer of RH, formerly Restoration Hardware, is taking his toolbox elsewhere after selling a Beverly Hills estate as a potential teardown.

Friedman recently sold 1360 Summitridge Pl. for $24 million, or $2,087 per square foot, according to Zillow and Weston Littlefield, who represented the buyer and the seller. Friedman bought the 2.8 acre estate for $15 million in 2019.

The real estate site classifies the property as vacant land. A description of the site said it offers an opportunity to renovate a structure currently on the property, or tear it down and build something new on the site with a promontory with commanding views of Los Angeles.

An LLC called Summitridge Place was listed as the buyer. Littlefield and Alex Howe of Aaron Kirman Group at Compass represented the seller in what they described as an off-market deal.

Littlefield and Howe declined to comment for this story.

A structure on the site was designed in 2013 by prominent architecture firm Marmol Radziner, based in the Sawtelle district on L.A.’s Westside. The structure has four bedrooms, six bathrooms, a library, media room and guest quarters with a separate entrance, according to an undated description. The structure also offered a rooftop garden and saltwater infinity pool.

Located at the end of a cul-de-sac on Summitridge Place, the property is a street away from a house formerly owned by movie star Lana Turner that is listed with a sale pending. The last asking price for this house was $46.5 million, according to Zillow.

Friedman has made headlines for purchasing other multimillion dollar properties in Beverly Hills. In January 2020, he bought a $37 million estate in an area of the city known as Beverly Hills Post Office. The 11,000-square-foot estate includes 5 beds and 9 baths, according to media reports. Friedman bought the property from former Northrop Grumman CEO Kent Kresa. The aerospace chief built the house on spec.

With its beginnings as a retailer of high-end hardware and fixtures, RH has been a purveyor of high-end and luxe furniture, lighting and textiles for more than a decade.

https://therealdeal.com/la/2022/05/03/rh-chief-gary-friedman-sells-24m-beverly-hills-estate/

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