TRD: LA’s ultra luxury homes came with big price tags in 2022
Forget market turbulence — celebrities and billionaires still made record residential deals
Sales of luxury homes plummeted in late 2022, with a 38.1 percent drop in the three months that ended Nov. 30, according to a year-over-year data comparison by Redfin. But Los Angeles’ ultra-luxury market continued to make headlines. Rising interest rates and inflation did not dampen the appetite for palatial estates in Malibu, Bel-Air or other luxe enclaves, said Stephen Shapiro, co-founder of Westside Estates Agency, a major brokerage in Los Angeles’ ultra-luxe market. “Those with huge net worth will satisfy their desire to buy, regardless of market conditions,” he said.
Here is a list of the most expensive home sales for 2022 in the L.A. market.
28060 Sea Lane Drive | $91M
A couple of weeks before 2022 ended, video game pioneer Jon Burton sold his 11,000-square-foot Malibu mansion located about a half mile away from Byron Allen’s Paradise Cove estate.
The deal for the eight-bedroom, 11-bathroom mansion penciled out to $5,668 per square- foot. The listing also offered a guest house that may stretch out to more than 5,000 square feet. The mansion’s initial asking price was $125 million. The grounds of the estate are located on more than 6 acres and includes a private road and 229 feet of beachfront.
The identity of the buyer was not revealed. Kurt Rappaport of Westside Estate Agency and Lisa Laughlin of Sotheby’s International Realty served as the listing agents.
9904 Kip Drive | $75M
In March, hip-hop star Drake, whose full name is Aubrey Drake Graham, spent $75 million, or $3,091 per square foot, for a more than 24,000-square-foot listing in the Beverly Hills Post Office enclave. The property features a main house, a guest house and quarters for the house staff. The grounds also include a tennis court and a mosaic-tiled pool. The seller, British pop star Robbie Williams, initially asked $85 million for the house.
Kurt Rappaport of Westside Estate Agency served as the listing agent.
9137 Cordell Drive | $70M
An address where Ronald Reagan lived during the 1940s, 9137 Cordell sold in September to an undisclosed buyer. The listing was sold by a group linked to Vancouver Canucks Chairman Francesco Aquilini.
Listing sites and agent websites did not give much information on the home’s square footage and its amenities. The house went through an extensive remodel in 2017. The three-level home was constructed on a lot that stretches out to almost three-quarters of an acre.
Kurt Rappaport of Westside Estate Agency represented the buyer.
Click here to read the full article on therealdeal.com.