Pandemic-induced market slowdown means there are deals to be found on luxury real estate — for buyers that still have the means to pursue them, of course. In the desirable Beverly Hills Flats neighborhood, a mansion originally listed last summer at $45 million sold for $24 million last week, property records reveal, a nearly 50% discount but still one of the largest transactions recorded in the area over the last few months.
Somewhat surprisingly, the buyer is not a Hollywood mogul or high-profile CEO but rather a little-known local businessman who runs a large, L.A.-based manufacturing operation that specializes in the manufacture and supply of fresh and frozen food to the grocery and restaurant industries.
Built on speculation by developer Essam Ali, with design by Roman James, the contemporary structure carries all the latest tech wizardry, including a state-of-the-art security system, Lutron and Crestron smart home lighting and automation systems, and a Delos wellness system that optimizes indoor air and light quality.
Accented by mature palm trees, the home’s black-and-white façade is a blocky, lego-like bonanza that makes it look more akin to a Miami office building than a private L.A. home. Inside, custom finishes include a Fendi-branded kitchen, a soundproof home theater with space for 16, and a seven-car attached garage with a 58-foot wall animation, turntable, and surround sound — yes, even the automobiles enjoy five-star accommodations.
The estate also offers an upstairs master suite with adjoining dual bedrooms and dual walk-in closets, a negative-edge swimming pool with waterfall feature, a gym, sauna, elevator, marble wet bar, and 16,000 square feet of open-concept interior space spread across three distinct levels, including a living room with a Hermes chandelier.
In addition to his lavish new Beverly Hills digs, records reveal the food businessman buyer maintains at least two other multimillion-dollar L.A. homes. Back in 2017, he paid $11.6 million for a contemporary mansion sited directly above the iconic Sunset Strip; earlier this year, he spent another $3.3 million on a contemporary home in the centrally-located Fairfax District.