Construction is scheduled to begin next month on a hilltop redevelopment in Bel Air that could become Los Angeles’ next reality TV star.
Mark Atalla and Andrew Abas of Carlyle Capital, who bought the property in November for $7.34 million, plan to demolish the existing structure to make room for a 14,000-square-foot estate, Atalla said. Bravo TV will feature the development on the next season of “Million Dollar Listing Los Angeles.”
Josh Altman, a star of the show and an agent with Douglas Elliman, represented both Carlyle Capital and the seller.
Carlyle will redevelop the property on Bellagio Road with developer Ilan Sharone, according to Carlyle. They plan to complete the new home in 18 months and list it for $30 million.
The seller was a trust for the family of Alan Silverbach, who was considered a pioneer in international film distribution for 20th Century Fox. He died last year.
Carlyle, a private lender, funded a $7 million loan to buy the property through an entity called 123 Bellagio, property records show.
A vacant single-family structure built in 1941 currently stands on the 37,500-square-foot lot. It was redone in the 1980s, when a member of the band Fleetwood Mac bought the property for a family member. Silverbach later took over the property, Atalla said.
He declined to comment on how the development will be featured on the show.
Bel Air is one of L.A.’s priciest neighborhoods, and is filled with expensive spec homes. Last month, Thai developer Duangpatra Bodiratnangkura started shopping his 18,850-square-foot Bel Air mansion for $56 million.
Josh and his brother Matt Altman – who recently announced they are relocating to a 3,320-square-foot space near Beverly Grove – are the top-producing team for Douglas Elliman in L.A.
Source: The Real Deal Los Angeles