From top left, clockwise: The beach house on Malibu’s Carbon Beach, Daryl Katz and the Malibu home, a sleek modernist manse in Bel Air, and Brad Grey, Bruce Karsh and the Holmby Hills estate (Credit: Richard Meier & Partners Architect LLP, Wikimedia Commons, John Pawson, IMDB, and Zillow)
In the world of Los Angeles high-end residential real estate, 2018 was a banner year for many. Celebrities and other not-so-famous but very wealthy individuals sold their homes, mansions and compounds at eye-popping amounts. This year’s top residential sales were recorded in tony neighborhoods like Malibu — which recorded five of the top 10 trades — Bel Air and Beverly Hills.
While many of the prices were sky-high, homes also sold at heavy discounts from their original asking price, signaling uncertainty in some aspects of the ultra-luxury market. A Bel Air home that recorded the third-highest sale, $85 million, was originally on the market last year for $125 million.
The most expensive trade in 2018 — Hardrock Cafe co-founder Peter Morton sold his Carbon Beach estate in Malibu in April — shattered L.A. County records, setting a mark that hasn’t been surpassed.
Overall, the top 10 residential sales totaled $605.7 million. The Real Deal compiled the list off closed sales in L.A. County in 2018, as reported by Redfin and PropertyShark.
22000 block of Pacific Coast Highway | $110M | Malibu
Natural gas billionaire Michael S. Smith and his wife, Iris, broke L.A. County records in April when they paid a jaw-dropping $110 million for Peter Morton’s house in Carbon Beach. The Hard Rock Cafe co-founder had acquired the two parcels in the 1990s. The Malibu home includes a 4,600-square-foot main house with four bedrooms, four bathrooms, a screening room and a garden. There’s also a 2,300-square-foot, two-story guesthouse. Smith is chairman and CEO of Houston-based Freeport LNG, and also runs a private investment firm.
25000 block Pacific Coast Highway | $85M | Malibu
Billionaire Daryl Katz, chairman of Katz Group of Companies, snagged Kurt Rappaport’s home in February for $85 million. The Scott Mitchell Studio-designed modern home spans 15,000 square feet. Located on the Pacific Coast Highway overlooking the ocean, the residence includes six bedrooms, seven bathrooms, two guest suites and an expansive backyard. The 168-foot-long infinity pool is among the longest in the state. Rappaport, co-founder of Westside Estate Agency, completed the home in 2012. He paid $6.8 million for the land in 2007.
10000 block of Chalon Road | $85M | Bel Air
Hideki Tomita’s $85 million April acquisition in Bel Air tied for second place on this year’s list. Tomita, who founded a job search and recruitment company in Japan, bought the home from Ellen Bronfman Hauptman and her husband Andrew Hauptman, heirs of the Seagram Company fortune. It first listed in 2017 for $125 million. The property includes a 19,000-square-foot main house and a 6,600-square-foot guest house, each with five bedrooms. The main house was designed by John Pawson and built in 2009. It features a theater, gym and spa. The grounds include a pool and tennis court.
300 block of North Carolwood Road | $69M | Holmby Hills
In May, Bruce Karsh, co-founder of L.A.-based Oaktree Capital Management, bought this Holmby Hills estate owned by former movie studio executive Brad Grey for $68.8 million. It was completed in 2016, a year before the former Paramount Pictures chairman died of cancer. The Howard Backen-designed residence on Carolwood Drive has two kitchens, a gym, swimming pool with hot tub and Pilates studio. Grey and his wife, Cassandra Huysentruyt Grey, bought the property through a trust in 2010 for $18.5 million.
600 block of Nimes Road | $56M | Bel Air
A French Chateau-inspired residence dubbed Le Belvedere traded for $56 million in May. Max Fowles-Pazdro, an L.A.-based investor, purchased the 35,000-square-foot home, which has 10 bedrooms. It sits on 2.2 acres of prime Bel Air land. An entity named State Management and Development — controlled by Russell Welsh — sold the property. It was formerly owned by developer Mohamed Hadid, who is now under investigation by the FBI for another mansion he’s developing. The Nimes Road property features a Turkish hammam, a Moroccan-themed room for entertaining, a screening room decorated with murals and a ballroom that seats more than 200. The grounds include a 70-foot infinity pool, a pond with swans, and has city and ocean views.
26000 block Pacific Coast Highway | $49M | Malibu
La Villa Contenta, a Malibu estate famously rented by Beyoncé and Jay-Z, sold for $48.7 million to an executive at a private investment firm in August. The seller was developer Richard Weintraub, president and CEO of Weintraub Real Estate Group. Behdad Eghbali, a founding partner at Santa Monica-based Clearlake Capital Group, purchased the estate through an entity. Spread across 6.5 acres, the sprawling gated compound has 14 bedrooms and 10 bathrooms. It also features a wine cellar, screening room, ballroom and guesthouse. Some of the more intricate furnishings in the home include 18th century chandeliers, carved marble and mosaic floors.
33000 block Pacific Coast Highway | $45M | Malibu
Celebrity couple Cindy Crawford and Rande Gerber parted with their Malibu home in June for $45 million. The buyer, Adam Weiss, runs a hedge fund based in New York. Built in 1944, the oceanfront home has four bedrooms, five-and-a-half bathrooms and a media room. Amenities on the property’s 3.2 acres include a tennis court, fire pit, open-air pavilion and a swimming pool. The couple paid $50.5 million for the home and the parcel next door in February 2015, property records show. Together, the two lots total 5.9 acres.
22000 block of Pacific Coast Highway | $38M | Malibu
In the least surprising news, Oracle co-founder Larry Ellison picked up another home in Malibu this year. The billionaire paid $38 million to acquire a beachfront home from Joel Silver, a Hollywood film producer. The two-story home features five bedrooms and six bathrooms. There’s also a tennis court outside. After the Silvers dropped their asking price from an initial $57 million, the deal closed in March. Ellison already owns several properties in the neighborhood, including the Nobu Malibu and a $48 million mansion he acquired last year.
900 block of North Alpine Drive | $35M | Beverly Hills
Ellen DeGeneres and Portia de Rossi unloaded their Beverly Hills mansion for $35 million, more than twice what they paid for it three years ago, in September. The buyer, Sue Gross, is the ex-wife of billionaire hedge fund manager Bill Gross. Spanning 5,280 square feet, the property has four bedrooms and eight bathrooms. It’s located next door to another property Gross owns, which she paid $20 million for earlier this year.
800 block of Loma Vista Drive | 34M | Beverly Hills
An entity controlled by Richard Feldstein, actor Jonah Hill’s father, paid $33.9 million for this Beverly Hills property in May. The seller was Michael Stern, property records show. Spanning 10,000 square feet, the home includes seven bedrooms and eight bathrooms. There’s also a tennis court, putting green, swimming pool and detached guest house.
Source: The Real Deal Los Angeles