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Trousdale Estates mansion sells for $42M after price cuts

Deal continues series of high-end sales that end much lower than original ask. After a couple of price cuts, the mansion at 1108 Wallace Ridge in Beverly Hills’s Trousdale Estates enclave sold for $42 million, according to listing sites. The recent sale was the latest in a string of 2022 deals where ultra luxe mansions in Los Angeles sold for much less than their ask. The seven-bedroom, 14-bathroom mansion was initially listed in April 2021 for $65 million. About 10 months later, it was relisted for $54.8 million. The 18,169-square-foot mansion finally sold for $2,312-per-square-foot in a deal that was posted on listing sites July 22. Representing the buyer was the husband-and-wife team of Branden and Rayni Williams of The Beverly Hills Estates. The couple declined a request for comment. The identity of the buyer was not revealed. The Williamses also worked on the seller’s side along with Aaron Kirman and Michael Chen, both of Compass. The partnership which developed the Wallace Ridge home was led by Chen. The listing agents also did not answer requests for comment. A comparable house for sale is a 18,000-square-foot mansion located at 1047 North Bundy Drive. The Brentwood area manse was listed June 18 for $48 million, or $2,666 per square foot. The listings at both 1047 North Bundy and 1108 Wallace Ridge hit the market during a year when many ultra luxe properties have not sold for their asking price. Two of the biggest examples are custom spec mansions The One and 777 Sarbonne, which were put together by high-end developers such as Nile Niami and Alex Khadavi. Both megamansions were put up for auction after bankruptcies and sold for about half of their original listing price. For example, 777 Sarbonne was listed for $87 million, but sold at auction for $46.5 million. During a sales hearing for 777 Sarbonne, the bankruptcy judge Sheri Bluebond remarked that every major property in the Bel Air neighborhood of 777 Sarbonne had sold under its asking price. High-end properties in other exclusive L.A. neighborhoods also recently sold under asking price. Grammy winner Adam Levine and his supermodel wife Behati Prinsloo sold a 3-acre Pacific Palisades estate for $51 million, which is one of the priciest Los Angeles residential sales of the year. However, its ask was $57 million. Another celebrity-driven deal that made a splash was pop star Robbie Williams’ $49 million purchase of the mansion at 312 North Faring Drive in Holmby Hills. The home was purchased in March, but was listed originally in January for $58 million. The mansion at 1108 Wallace Ridge also has a celebrity angle. Hip hop star Drake rented the house for a short time in 2021. Amenities include a screening room and a gym. Designed by architecture firm SAOTA, the house includes unique designs such as a 20-foot cascading water wall, which is placed behind a 150-year-old olive tree imported from Italy. https://therealdeal.com/la/2022/07/26/price-cuts-finally-sell-trousdale-estates-mansion-sells-for-42m/

$65 Million Beverly Hills Spec House Features a 150-Year-Old Olive Tree in an Interior Courtyard

Location: Beverly Hills, California Price: $65 million This new build in the tony Trousdale Estates neighborhood of greater Los Angeles offers a boatload of high-end finishes and amenities, including a pool with a junior Olympic-sized lap lane, a home theater, a wellness center and a gym, and a Zen-like interior courtyard with a 20-foot cascading wall of water and a 150-year-old olive tree imported from Italy. “The house took six years to build,” said designer-developer and listing agent Michael Chen. “It’s incredibly private for Trousdale.” The property was developed by Luxford Investment Group, which is headed by Mr. Chen, in collaboration with SAOTA Architects. The design firm Vesta did the staging. The two-story home, which Mr. Chen has named “Elementi,” on Wallace Ridge is being sold furnished. “Eighty percent of the furniture is imported from Italy,” he said. All of the stone is also Italian. “I lived in Italy for two years and was very inspired by Italian design—their millwork and all of the design details,” Mr. Chen said. The front entrance features a floating marble bridge with decorative vertical louvers, and the formal dining room is suspended over the lower-level courtyard. The open-plan great room has marble details and motorized glass doors that pocket all of the way into the walls to reveal panoramic views from downtown Los Angeles to the Pacific Ocean. The main kitchen features Gaggenau appliances, Dada cabinetry and a 14-foot-long leathered marble island that looks like a floating piece of stone. The butler’s kitchen, which has its own entrance, also has Gaggenau appliances and Dada cabinets as well as back-to-back Viking stoves with 16 burners and two hoods. The collosal 3,000-square-foot primary bedroom suite has dual bathrooms and a 400-square-foot private terrace with a spa. The suite’s seating area could also work as an office, Mr. Chen said. A floating custom spiral staircase coated in Venetian plaster leads to the lower level. The centerpiece of this floor is a “large entertaining location,” Mr. Chen said. “It’s pretty much a bar downstairs, but it’s a very classy bar.”

A Beverly Hills Estate Is Asking $65 Million, or The Bitcoin Equivalent, To Take It Off The Market

Multimillion-dollar homes in Beverly Hills aren’t rare, but this $65 million Beverly Hills estate at 1108 Wallace Ridge (called Elementi) in the exclusive Trousdale Estates neighborhood, is officially accepting the Bitcoin equivalent to take it off the market. “Crypto is something the sellers are very interested in, and it’s a growing movement that I believe will be incorporated into the residential sphere,” says listing agent Aaron Kirman of Aaron Kirman Group at Compass, who is co-listing the property with developer Michael Chen and Adam Rosenfeld at Compass. Purchasing real estate with cryptocurrency is on the rise, and America’s largest-known cryptocurrency deal happened in Miami in June with the sale of the city’s most expensive penthouse, valued at $22.5 million. While purchasing real estate with cryptocurrency dates as far back as 2014, it hasn’t quite infiltrated the mainstream. “We are seeing a trend, certainly with sellers, that are now much more open to taking cryptocurrency and open to that type of transaction, which we have not seen at any level before,” Kirman says. While Kirman reiterates they are not here to change the system, he does find it interesting that more and more sellers are willing to take alternate forms of currency. “I believe that escrow should not take six months, escrow should take three days,” says Chen, the home’s developer and a cryptocurrency investor himself. “Historically, it’s still on such an old system. Now, you can transfer $10 million in two seconds versus going through a central bank.” The home was built by Chen, founder of Luxford Development Group, in the exclusive Trousdale Estates neighborhood, a private gated enclave home to celebrities like Jennifer Aniston, Elvis Presley, Ellen DeGeneres and Jane Fonda, as well as tech founders and executives. Chen, who has designed sets for Warner Brothers, as well as furniture in Milan and other luxury developments in Southern California, started building the home six years ago.

LA MANSIÓN WALLACE RIDGE EN BEVERLY HILLS PODRÍA SER TUYA SI TIENES MIL BITCOINS

La valoración del bitcoin hoy en día superó los 62 mil dólares, un aumento de tres mil dólares son respecto a algunas semanas. Teniendo en cuenta esto, si estás en busca de una nueva casa y te interesa Beverly Hills solo vas a necesitar mil bitcoins para ser el nuevo dueño de Wallace Ridge, es eso o puedes pagar con 65 millones de monedas normales. La propiedad ultramoderna forma parte de una tendencia reciente en las que los propietarios de bienes raíces están dispuestos a aceptar dólares o criptomoneda para la compra de una casa. Esta mansión en particular ubicada al sur de California es exagerada, pero de muy buen gusto, con una arquitectura envidiable y una elegante carpintería italiana. Solo la entrada cuenta con una losa flotante de mármol, una pared de agua de 20 pies y si no te convence al interior la suite principal en voladizo que se siente como flotar sobre la piscina lo hará. El tema de mármol y piedra se ubica en las siete habitaciones de Wallace Ridge, una enorme isla personalizada decora el bar y la iluminación LED ilumina y pone el ambiente. En el baño de la suite principal una bañera Pibamarmi hecha con mármol Nero Marquina y la ducha revestida en el mismo material te espera, eso sin olvida la chimenea en la gran sala y la cava con espacio para dos mil botellas. La terraza del dormitorio principal ofrece las mejores vistas de Los Ángeles, especialmente desde la bañera de hidromasaje; el vestidor es sumamente amplio y su tragaluz llena la habitación de luz natural, eso sin mencionar que muebles italianos decoran la mayor parte de la propiedad. Como si necesitarás más motivos para querer ser el nuevo propietario, la residencia tiene un patio acristalado de estilo zen donde un olivo de 150 años traído de la Toscana crece como una escultura y un spa como espacio para masajes, sauna y una sala de vapor. Por otro lado, su sala de proyección tiene capacidad para 24 personas y la sala de entretenimiento tiene 4 pantallas en donde podrás ver tus partidos al mismo tiempo o todos juntos en una sola imagen. La cotización está en manos de la agencia de bienes raíces Aaron Kirman en Compass de Michael Chen y Aaron Kirman.

This Ultra-Modern Beverly Hills Mansion Can Be Yours for 1,000 Bitcoins—or $65 Million

Today’s bitcoin valuation in US dollars topped $62,000, up $3,000 from just a few weeks ago. If you’ve been deep into the crypto craze and amassing bitcoin, all you need is about 1,000 of them to buy this stunning Beverly Hills estate. Or you could just use regular old coin—$65 million worth. The property is part of a recent uptick seen in real estate owners willing to take either dollars or cryptocurrency for the purchase of a home. This particular slice of Southern California heaven is over-the-top—but still tasteful—in nearly every thoughtful detail, from the architecture to the sleek Italian millwork and cabinetry. The entrance features a floating slab of marble, which is a hint to some of the other highlights built into the home, such as a 20-foot stone wall of water and a cantilevered primary suite that feels like it’s floating over the pool. The marble-and-stone theme continues throughout the seven-bedroom mansion. A massive custom island for the bar is book-matched to look like a single block of stone. The island and the beautiful rack behind it both have integrated LED lighting to put the spot on singular bottles and set the mood. In the primary suite’s bathrooms, a Pibamarmi tub is made with Nero Marquina marble and the shower is lined with book-matched Calacatta marble. You’ll find more of it gracing the fireplace in the great room, as well as the floor of the stunning wine cellar, which holds 2,000 bottles. The main kitchen—yep, there’s more than one—features a 14-foot leathered-stone island imported from Italy and floor-to-ceiling cabinets from Dada. All appliances are by Gaggenau. The table—included—has a custom top from Poliform and a hanging cube light fixture by Baxter. The space also connects to a casual hangout room with a fireplace and modular sofa by B&B Italia. Sliding glass pocket doors retract and open on to the terrace. The second butler’s kitchen can be accessed by staff through the garage and is made for major entertaining with its dual Viking stoves that have a total of 16 burners. Concrete finishes give it a more commercial feel, but the fittings are still all ultra-luxe, with cabinets again by Dada and Gaggenau appliances.

A ‘Natural’ Beverly Hills Mansion Seeks $65 Million

A Beverly Hills megamansion with a 15-foot-tall waterfall wall and a monochromatic wine cellar is coming on the market for $65 million. Other features of the pricey mansion: a bridge at the entryway hovers over a man-made stream that runs underneath the entire house and bronze-colored louvers that reflect light. The property also includes a movie theater, a dining room positioned on a skybridge that overlooks a courtyard, an office and a large pool. The property was developed by Luxford Investment Group, a real-estate development company headed by investor Michael Chen. Mr. Chen’s group purchased the site of the property in 2014 for $15 million, records show. He said he spent about six years designing and building the property, which is about 18,200 square feet and has seven bedrooms. He said most of the finishes were flown in from Italy, and an 150-year-old olive tree was flown in from Tuscany as a centerpiece for an interior courtyard.

Barry’s, Greenleaf CEOs Relist 1920s Los Angeles Chateau for $11.99 Million

Barry’s CEO Joey Gonzalez and his husband, Jon Rollo, CEO and chef of Greenleaf Kitchen & Cocktails, have put their historic 1920s chateau back on the market for $11.99 million. Located in the tony Hancock Park section of Los Angeles, the six-bedroom, six-bathroom home, which they bought in 2016 for $6.95 million, according to property records, has been restored with a mix of original period details and modern updates. “Real estate has always been both our passions. In addition to growing our respective companies,” Mr. Gonzalez, who heads the fitness company formerly known as Barry's Bootcamp, said in a statement. “We’ve found joy in discovering architectural homes that we could restore and reimagine into modernity.” The ground level includes a grand foyer with a wraparound staircase; a wood-paneled library with built-in cabinets and detailing; a spacious, modern chef’s kitchen; and a garden bar with glass doors that open out into the backyard dining and entertaining areas, according to listing photos. The property stands on 32,000 square feet, and the outdoor space has been renovated to include multiple dining and entertaining areas, an outdoor fireplace, a large pool, and well-manicured citrus, vegetable and cutting gardens.

A ‘Natural’ Beverly Hills Mansion Seeks $65 Million

A Beverly Hills megamansion with a 15-foot-tall waterfall wall and a monochromatic wine cellar is coming on the market for $65 million. Other features of the pricey mansion: a bridge at the entryway hovers over a man-made stream that runs underneath the entire house and bronze-colored louvers that reflect light. The property also includes a movie theater, a dining room positioned on a skybridge that overlooks a courtyard, an office and a large pool. The property was developed by Luxford Investment Group, a real-estate development company headed by investor Michael Chen. Mr. Chen’s group purchased the site of the property in 2014 for $15 million, records show. He said he spent about six years designing and building the property, which is about 18,200 square feet and has seven bedrooms. He said most of the finishes were flown in from Italy, and an 150-year-old olive tree was flown in from Tuscany as a centerpiece for an interior courtyard. Mr. Chen said he was partially inspired by a trip he took to Big Sur, which led him to want to incorporate nature into the home’s design.

Beverly Hills new-build featuring 150-year-old olive tree asks $65 million

It’s difficult to pinpoint the most opulent feature of 1108 Wallace Ridge, a soon-to-be-listed architectural masterpiece in Beverly Hills’ Trousdale Estates community. Is it the 20-foot ledge stone water wall fed by an exterior moat? The painting by contemporary artist George Condo worth an estimated $2.5 million? If you ask us, it’s the 150-year-old olive tree imported from Tuscany that required a 110-ton crane and a 15-person crew to reach its final destination in the home’s open-air, central courtyard. Named ‘Elementi,’ the 18,000-square-foot estate was envisioned by Michael Chen of the design-development firm Luxford Group in collaboration with SAOTA Architects. Asking $65 million or the bitcoin equivalent, this new construction residence offers six bedrooms and a spectacular master retreat featuring dual ensuite bathrooms and a custom closet that rivals any Rodeo Drive boutique. The entrance creates an unforgettable first impression with a marble walkway that floats over a water feature. Stepping through the oversized, pivoting front door reveals panoramic views that stretch from Downtown Los Angeles to the Pacific Ocean. The design concept was inspired by the section of the Pacific Coast Highway that passes through Big Sur, celebrated for its iconic bridges and mountainside tunnels. Once inside, you’ll discover a double-height atrium commanded by the gnarled olive tree, which first took root in the 1870s. The space boasts enormous slabs of Italian marble, a trickling waterfall, and sliding glass panels that can disappear into the adjacent wall. Another statement-making feature is the custom spiral staircase covered in Italian Venetian plaster with lightly-veined marble steps.

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