Luxury Home Market in Los Angeles County Sees Quiet Week
Largest Contract: Holmby Hills Megamansion
A Holmby Hills megamansion with a troubled past marked the largest contract in a quiet week for the luxury home market in Los Angeles County. The house, located at 530 South Mapleton Drive, has a listing price of $39.8 million and features over 30,000 square feet of living space.
Troubled Past
The property was forfeited to the U.S. government as part of a settlement reached last year relating to a 2022 case brought by the Department of Justice against Gagik Khachatryan. The former Armenian politician and his family were accused of taking more than $20 million in bribes from businessman Sedrak Arustamyan. The money was given in exchange for special tax treatment.
Home Features
The home sits on over an acre bordering the Los Angeles Country Club and features 11 bedrooms, 27 bathrooms, a movie theater, salon, several pools, bars, pool house, and staff quarters. It originally hit the market in April 2022 for $63.5 million before moving on and off the market.
Eklund Weekly Luxury Report
The Eklund Weekly Luxury Report Los Angeles reported that five homes went into contract last week, with a total asking dollar volume of $77.3 million. The report also noted that 26 new listings entered the market, bringing the total number of active listings to 875.
New Listings
The largest of the new entrants is 1108 Wallace Ridge in Beverly Hills’ Trousdale Estates neighborhood. The property, which last sold in 2022 for $42 million, is now asking $53 million. The seven-bed, 14-bath home features more than 18,000 square feet of living space, including a 20-foot water wall feature, 150-year-old olive tree from Italy, wellness center, and a 2,000-bottle wine cellar.
Conclusion
The luxury home market in Los Angeles County saw a quiet week, with only five homes going into contract. However, the largest contract was marked by a Holmby Hills megamansion with a troubled past. The property, which features over 30,000 square feet of living space, was forfeited to the U.S. government as part of a settlement relating to a 2022 case.
FAQs
Q: What was the largest contract in the luxury home market in Los Angeles County last week?
A: The largest contract was marked by a Holmby Hills megamansion with a listing price of $39.8 million.
Q: What was the troubled past of the Holmby Hills megamansion?
A: The property was forfeited to the U.S. government as part of a settlement relating to a 2022 case brought by the Department of Justice against Gagik Khachatryan.
Q: What features does the Holmby Hills megamansion have?
A: The property features over 30,000 square feet of living space, including 11 bedrooms, 27 bathrooms, a movie theater, salon, several pools, bars, pool house, and staff quarters.
Q: How many new listings entered the market last week?
A: A total of 26 new listings entered the market last week, bringing the total number of active listings to 875.
