Beverly Hills Estate agent Nicole Praxen said he holds a “constant display” of the $118 million mansion at Bel Air.
Credit: Beverly Hills Estate
This version of the article first appeared on CNBC’s Inside Wealth Newsletter. This is Robert Frank, our weekly guide to Net-Worth Investor and Consumer. Sign up to receive future editions directly in your inbox.
When actor and entrepreneur Mark Wahlberg sold his Beverly Hills mansion for $55 million in 2023, many brokers said the prices were low.
Wahlberg had listed the 30,500-square-foot home for $87.5 million, but cut prices to close before the looming mansion tax in Los Angeles came into effect.
He should have probably waited.
The home was the most expensive sale in June, flipping over for $63 million, giving sellers profits after occupying the LA mansion tax. This time, buyers: Paris Hilton and her husband Carter Leum have their Malibu home destroyed by wildfires.
US media personality Paris Hilton will be attending the Vanity Fair Oscars Party held on March 10, 2024 at the Wallis Annenburg Center for the Performing Arts Center in Beverly Hills, California.
Michael Tran | AFP | Getty Images
According to Redfin, Los Angeles real estate dominated the charts of the top 10 most expensive homes sold in June. Of the 10 top sellers, five were in California, three in Beverly Hills, one in Bel Air and the other in Atherton.
Nicole Praxen, an agent at Beverly Hills Estate, said the fire-stricken buyers remain a major driver of luxury real estate sales in LA. However, she said that increasing demand, particularly from foreign buyers from China, is also driving transactions in Beverly Hills and Bel Air.
“I think this strength continues based on the activity I’m currently seeing,” she said. “We’ve been showing non-stop every day,” she said the $118 million list on Bel Air Road and the $68 million list on Flicker Way are both highly interested.
Plaxen was a listing agent for the sale of the $32 million LA specs by Fashion Nova CEO Richard Saghian. Saghian will use the facility as a temporary home and finish up improving his Bel Air Mega Mansion, known as one of them. Saghian purchased more than 100,000 square feet in 2022 for $126 million. This is $141 million in fees and fees.
Plaxen said another LA property recently sold the market for around $60 million, with other high-end listings rapidly appearing in the market.
“People aren’t just looking, they’re putting pens on paper,” she said.
Florida, which normally dominates the top 10 list, won three top 10 sales in June, including a $38.8 million sale from Palm Beach Spec House.
Here’s the list of the other top 10 US tops for June, according to Redfin:
71 Beverly Park, Beverly Hills, CA 90210: Sale for $63.1 million Dr. E. San Marino, Miami Beach, FL 33139: Sale for $46 million. 2, Glenbrook, NV 89413: Dr. Palm Beach, FL sold for $37.5 million: $33,480: $33,3 million, for sale for $1,120. 90210: Dr. Ridgeview sold for $3.2 billion, Atherton, California, 94027: Sold for $31.8 million
