In May, Los Angeles County's high-end real estate market saw signs of cooling with just four sales north of $10 million.
Despite two sales above $20 million, L.A. County’s high-end market showed signs of cooling during May. Homes selling at a discount were a common theme for L.A.’s priciest deals, with all the top properties trading for significantly less than the original asking price. Here’s a larger look.In a deal between two limited liability companies, a newly built mansion on North Bedford Drive traded for $8 million less than the asking price of $31.5 million.
The Georgian-inspired home by architect Richard Manion originally sought as much as $36.5 million when it first came to market last year.Walnut cabinetry, starburst-patterned marble floors and a dining room ceiling embellished with silver leaf are among features of note. The six-bedroom, 10-bathroom floor plan has a formal living room with an adjacent bar, a chef’s kitchen with two islands, a theater, a wine cellar and a gym.
Set behind gates on more than an acre, the single-story house was previously owned by Kim Lubell, who co-founded the True Religion denim brand. Lubell sold the house in 2015 for $18.45 million after asking as much as $26.5 million for the property. Built in 2001, the five-bedroom, six-bathroom house features a U-shaped design that surrounds a courtyard entry. Inside, there are cathedral-style ceilings with distressed beams, hand-plastered walls, a chef’s kitchen and an office. Three stone fireplaces were imported from Europe.
Outside, ocean views create a backdrop for a putting green, sports court and swimming pool. A private stairway leads from the property to Malibu Road.Christopher Cortazzo of Compass was the listing agent. Jonathan Nash of Hilton & Hyland represented the buyer, a limited liability company.
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