Opendoor CEO Pays $32 Million for Zoltan Pali’s Orum Residence

Opendoor‘s mission statement is “to empower everyone with the freedom to move.” And it’s probably a good guess that Eric Wu — the CEO and cofounder of that $5 billion real estate tech startup — was feeling plenty empowered when he recently paid about $32.3 million for the Orum Residence, an all-glass Los Angeles mansion. Soaring high in the Bel Air hills, the boldly styled home slices through the clouds like a three-pronged scythe.

The off-market deal closed last week, though the house had previously been on the market for years and was consequently photographed and videotaped for numerous publications. (Last year, Beyoncé and Jay-Z filmed an advertisement for Tiffany & Co. onsite.) With nearly 19,000 square feet, the huge and hugely idiosyncratic structure was designed by Zoltan Pali, the noted Los Angeles architect best known for his avant-garde buildings.

And the Bel Air home is no exception to Pali’s list of dynamic works. From certain angles it resembles a giant glass airplane propeller, with three distinct wings jutting out from a single central node. Occupants enjoy panoramic views dancing across the L.A. skyline, from the downtown high-rises to the Getty Center.

Despite its architectural pedigree and abundance of style, the mansion struggled to attract a buyer. Completed in 2018, it languished on the market for well over three years, and the initial price tag slid from a lofty $56 million down to $42 million. The final sale price represents a nearly 43% discount off the original ask.

Built on speculation by Thai heiress and real estate developer Dang Bodiratnangkura, the wife of Olympic figure skating champion Evan Lysacek, the 9-bed, 15-bath structure itself took four years to complete. Records show originally paid $6.1 million for the property in 2014, and demolished the existing home. It reportedly took more than a year to secure permits for the aggressively contemporary new construction.

But inside, the home’s decor is far more demure than its flamboyant exterior would suggest, with a muted color mix of whites, grays and taupes. Still, there are numerous bespoke amenities — a cedar sauna, a massage room, a 1,000-bottle wine cellar, a home theater with Dolby Sound, plus a state-of-the-art automation system with the lights, HVAC, televisions, sound and motorized sliding doors controllable via touch pads. A basement-level garage is joined by two elevators that whisk occupants to the three-story home’s various levels, and a central “floating” staircase zig-zags its way up from the foyer to the penthouse level.

Out back, there’s a substantial swimming pool lit by LEDs; an outdoor kitchen services the wraparound patios, as do two fire pits. The substantial motorcourt and separate grassy lawn provide ample space to host galas and other large-scale events.

Now in his late 30s and a longtime resident of San Francisco’s posh Pacific Heights neighborhood, Wu started Opendoor in 2014. The San Francisco-based company went public in December 2020, briefly making the veteran tech entrepreneur a billionaire.