The Hidden Costs of Owning a Home: 7 Best Ways to Budget for Unexpected Expenses

Continue reading

After a dramatic seven-year renovation, an $87 million mansion hits the market in Bel-Air

KEY POINTS 777 Sarbonne Road in the Bel-Air section of Los Angeles recently hit the market with an asking price of $87,777,777. Many of the home’s architectural details were designed in measurements that are multiples of seven, and it took seven years to renovate the property. The Bel-Air mansion’s makeover was nearly a total teardown, its owner said. Only one wall from the old house is still standing. The home’s dramatic view of Los Angeles is protected by an easement. Seven is a magical number for one of Bel-Air’s priciest spec homes. The glass and marble palace located at 777 Sarbonne Road in Los Angeles hit the market last month with an asking price of $87,777,777. The triple sevens in its address and price tag are just the beginning. Many of the home’s architectural details were designed in measurements that are multiples of seven. There’s a giant front door made of glass that stands 14 feet tall and the ceilings in the massive living room are 21 feet high. At the end of the driveway, three oversized sevens measure 7-feet, 7-inches tall. The seven-bedroom, 11-bath residence is owned by cosmetic surgeon Dr. Alex Khadavi. “Seven is a number and theme that has affected me in every important aspect of my life,” Khadavi said in an interview, “from the age I came to America, to the floor level of my condominium.” Khadavi, who came to the United States in 1979 from Tehran, is 48. And notably, the home has been seven years in the making, and its dramatic before-and-after photos reveal a startling transformation. CNBC first reported on the property in 2014, when the site was home to an outdated stucco mansion purchased by Khadavi for $16 million. The doctor’s real estate broker, Aaron Kirman, told CNBC that a couple of months after Khadavi bought it, he received a $24 million offer from a developer who was looking to buy the unimproved property to tear down the old home and build a new one in its place. Instead of accepting the offer, which was an $8 million profit from his purchase price, Khadavi decided to develop it himself. He hired Ali Rad Design and began a seven-year journey to give the old mansion a facelift. “Facelift is an understatement, but yeah, seven years and so many millions, I don’t even want to know how many,” said Kirman, who now co-lists 777 Sarbonne with Mauricio Umansky of The Agency RE.

Compass’ Aaron Kirman taps dedicated team for Orange County

Compass luxury broker Aaron Kirman has launched a dedicated Orange County team, tapping former NFL cornerback Morgan Trent and his eight-person group to the expansion effort. Trent Luxury, which formed in May, will now enter an Orange County market that has seen a surge in pricey home sales, as has much of Southern California. Kirman announced the move last week. Trent has been with Beverly Hills-based Aaron Kirman Group since early 2018. Kirman said the OC team doesn’t have a physical office, but plans include opening one in the next year. The team intends to scale up to around 50 brokers, Kirman said, an ambitious goal considering the Kirman Group’s total broker count now stands at around 85. “We’re expanding, but selectively,” he added. CNBC Listing Impossible Show Starring Aaron Kirman Debuts For top LA resi agents, it’s strictly posi vibes

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.

Beverly Hills Estate Hits The Market For $65 Million – Payment Via Bitcoin Preferred!

A $65 million estate hitting the market in Beverly Hills isn't necessarily a newsworthy event. In fact, this happens several times a year on average. But this property in particular, known as Elementi and located in the uber-exclusive Trousdale Estates subdivision, is offering buyers the ability to purchase the house with Bitcoin rather than cash or loans. This is a trend that is on the rise. The largest-known real estate cryptocurrency deal happened in June in Miami when a penthouse valued at $22.5 million was paid for in Bitcoin. The listing agent for Elementi, Aaron Kirman of Compass said: "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." Kirman is co-listing the property with Adam Rosenfeld of Compass and developer Michael Chen. Chen added:

A Redwood-Clad Mid-Century Gem in Los Angeles Comes Fully Restored

Notable talent agent Greg Cavic and his wife, Jessica Cavic, have updated the 1960s home by architect Robert Skinner he Rowan Residence is a Mid-Century Modern masterpiece by architect Robert Skinner, nestled within the enviable Beverly Hills gated enclave of Hidden Valley Estates. Built in 1961, the iconic home was photographed in 1964 by Julius Shulman and featured in Taschen’s tome “Modernism Rediscovered,” according to listing agent Tori Barnao. The seller is noted talent agent Greg Cavic, whose clients include actors like Will Ferrell and Chris Pratt, according to Mr. Barnao. He and his wife, Jessica Cavic, bought the home in 2012 from the architect Bruce Beckett—who had owned it since the late ’60s—and hired the well-regarded Los Angeles architect John Bertram to undertake a restoration, in collaboration with interior designer Sarah Shetter and Judy Kameon of Elysian Landscapes. “Bertram dove deep into the project, extensively researching the home’s original plans and referring to the Julius Shulman photographs in order to perform as authentic a restoration as possible,” Mr. Barnao said. “Any element of the restoration that doesn’t directly reflect the original plans at least maintains a ’60s vibe, honoring the time period.” More: Inside This Beverly Hills Family Room, Glamour and Practicality Meet Halfway The restoration incorporated redwood tongue-and-groove interior and exterior siding, Douglas fir furniture-grade custom cabinetry, terrazzo flooring and specialty lighting, while balancing personal spaces with a sprawling central open-plan warren of common spaces. Walls of glass throughout—combined with an impressive outdoor space complete with pool, lounge area and verdant gardens—facilitate an indoor-outdoor lifestyle.

David Hasselhoff’s dermatologist is selling a mansion full of NFT art

Non-fungible tokens, which are units of data stored on blockchain, have recently become a trendy form of modern art. Now they're part of an $88M mansion listing The Palazzo di Vista mansion in Bel Air, which celebrity dermatologist Dr. Alex Khadavi designed, has hit the market for $88 million and comes with an impressive collection of art — both on canvas and as non-fungible tokens known as NFTs. The seven-bedroom and eleven-bathroom estate, which sits on a hill overlooking Bel Air, was built by Khadavi in partnership with Ali Rad Design Group for resale as a resort-style home. With views stretching from the San Gabriel Mountains to the Channel Islands, the Palazzo is as heavy on amenities as a home can be. Features include a floating wrap-around deck, a glass elevator, an outdoor koi fish pond, a retractable DJ table in the living room, a spa, a gym, several pools (one of which is integrated with the home’s music system), a wine room and a champagne tasting room. The house, which Khadavi listed for $87.77 million in May, is also remarkable for another reason: the buyer will also receive a $7 million art collection full of rare and unique art. Curated by MDP Art Curators, the artwork includes pieces by Ghost Girl, Andy Moses, Shane Guffogg and Jimi Gleason. The home also displays a gallery of non-fungible tokens, or data units stored digitally on the blockchain. The gallery of artwork appear as normal paintings but are stored in an online repository of information. “NFTs are obviously the hottest thing in the art world and one of the most relevant art forms today,” Aaron Kirman, the Compass listing agent representing the property alongside The Agency founder Mauricio Umansky, told Inman. “Obviously art and home go hand in hand and people that have the most expensive art collections are also buying the most expensive homes. Real estate agents have to be on top of the latest trends to get our clients the highest prices. Right now, those trends include NFTs.”

Former NFL Pro Turned Luxury Real Estate Agent Morgan Trent Announces Trent Luxury, A New Team of Agents at Aaron Kirman Group

LOS ANGELES, May 18, 2021 /PRNewswire/ -- Morgan Trent, former NFL cornerback turned luxury residential real estate agent, announced today Trent Luxury, a new team of agents at Aaron Kirman Group at the tech-leading real estate company, Compass. Trent, who is based in Aaron Kirman Group's Beverly Hills headquarters and specializes in the luxury market in Los Angeles and Orange County, has sold over $175 million since starting his real estate career in 2018, and sold over $70 million in 2020 alone. He and his team of seven have already closed $30 million in sales to date in 2021, including this prime Brentwood Park estate for $16,525,000 and a private off-market deal in Beverly Hills for $8,000,000. "In some way or another, I've been a part of a team my whole life," said Trent. "It's great to take the leadership skills that I have learned on the field for many years and translate that into sales. Trent Luxury works similarly to that of football teams –– everyone works together to help the company perform its best. Working hard separates me from 95 percent of my competition, and that's clearly what helped me earn the 'Top Producer in 2020 with the Aaron Kirman Group.'" Trent's currently listing a new construction Brentwood Park estate for $25,900,000 and a Bel-Air Crest residence for $10,995,000. After playing college football for the University of Michigan from 2005 to 2008, Trent was drafted to the NFL in 2009 and played with the Cincinnati Bengals for three years. In 2012, Trent moved to Orange County where he worked with Stephen Ross, real estate developer and owner of global real estate firm The Related Companies, before transitioning into buying and selling real estate with Compass in 2018 and soon joined Aaron Kirman Group. Trent's clients include executives, professional athletes and entertainers. Founded by Aaron Kirman, President of International Estates at Compass, Aaron Kirman Group has grown into a multibillion dollar-producing real estate team –– $726 million in 2020 alone –– built on a single guiding principle: to build a team where a group of like-minded individuals could support one another to rise together in competing within the most dominant and competitive market in the world. Based in Beverly Hills, California, Aaron Kirman Group is consistently ranked among the top 10 top producing teams by Wall Street Journal and Real Trends, setting price-per-square-foot records throughout Southern California. Check out Aaron Kirman and his team on their raved-about new show, Listing Impossible on CNBC. For more details, visit www.aaronkirmangroup.com or on Instagram @aaronkirman.group. Trent can be reached at morgan@trentluxury.com, 949.975.9300 and https://www.instagram.com/trentluxury. CONTACT: Wicked+ Alicia Mistry alicia@wicked.is SOURCE Aaron Kirman Group

Jesse Metcalfe’s WeHo bungalow strikes a chord with music manager David Benveniste

By NEAL J. LEITEREG JUNE 26, 2018 10:34 AM PT Actor Jesse Metcalfe has sold a freshly renovated home in West Hollywood’s Norma Triangle area for a little over $1.807 million. The buyer, according to public records, is music manager and real estate investor David Benveniste. The single-story bungalow, which dates to 1924, presents a contemporary face with modern fixtures and hardware, greige hues and skylights. The original hardwood floors were restored and given a light stain during the renovation. The 1,300 square feet of interior includes an open living room and two master suites and an additional half-bathroom. A granite-topped island/bar anchors the new-look kitchen, which features a wall of custom cabinetry.


Palm Springs has been a celebrity playground for decades ... and it's also where the former home of Howard Hughes, one of the world's weirdest and wealthiest people, just changed hands. Hughes' sleek mid-century home has sold for $1.3 million ... not bad for an area that regularly fetches 7 figures. The 3 bedroom, 3 bath gem was built in 1957 and had been a vacation rental before hitting the market for the first time in decades.

Other Features