As told in The Wall Street Journal, A brand new Bel-Air megamansion has sold for $75 million-one of the largest deals ever closed in Los Angeles, according to people with knowledge of the deal. The buyer hails from China, those people said.
Earlier this month, a Holmby Hills estate formerly owned by television producer Aaron Spelling sold for about $120 million, setting a record for the priciest home ever sold in the Los Angeles area.
The deals help bolster sentiment about a real-estate market that has been struggling under an oversupply of ultraluxury homes.
The seller of the $75 million Bel-Air property is Ardie Tavangarian, founder of Arya Group, a Los Angeles-based design and construction firm. When he listed the home, Mr. Tavangarian said he had designed and built it for his own family. But as the project became ever more elaborate and expensive, he opted to sell it instead.
The property listed in November for $88 million. Mr. Tavangarian couldn't be reached for comment.
The eight-bedroom house is about 25,000 square feet and has an additional 20,000 square feet of outdoor decks, patios and gardens. Mr. Tavangarian designed a two-story covered deck at the rear of the home that serves like a picture frame through which to view the city skyline. A gas fire pit runs along the bottom of the frame. There is also a movie theater, a game room and a state-of-the-art car elevator that allows the owner to stack cars vertically.
Branden Williams, Rayni Williams, Jeff Hyland and Judy Feder of Hilton & Hyland had the listing. Mauricio Umansky and Jon Grauman of the Agency represented the buyer.
Write to Katherine Clarke at
-- Wall Street Journal
A 31,000-square-foot mansion by developer Donald Bolin of Bolin Development hit the market last week with an asking price of exactly $100 million.
Dinosaur Fossil Decorates Big Beverly Hills Home
A Southampton NY home on storied Meadow Lane is coming on the market for $38 million.
A $75 Million Bel-Air Behemoth