Mohamed Hadid-Built Beverly Hills Mansion Sells For $36 Million

Key Takeaways:

– A 48,000-square-foot Beverly Hills megamansion developed by Mohamed Hadid has sold for about $36 million in an off-market transaction.
– The buyer’s identity is not known, but they were represented by Lea Porter of the Beverly Hills Estates and Zac Mostame of Carolwood Estates.
– The megamansion, known as Le Palais, is situated on about an acre of land across the street from the Beverly Hills Hotel.
– The property features seven bedrooms and has a hand-carved French limestone exterior.
– The homeseller was an entity tied to Lola Karimova-Tillyaeva, daughter of former Uzbekistan President Islam Karimov, and her husband, Timur Tillyaev.
– The sale marks a highlight for greater LA’s luxury market, which has slowed in the last year due to market shifts, interest rates, and new luxury taxes.
– The number of single-family home sales in the area was down 28.9 percent during Q4 2023 compared to the previous year.
– The median sale price for a single-family home during that quarter was $7 million, a 13 percent decline on an annual basis.

inman:

The off-market sale is a highlight for greater LA’s luxury market, which has slowed in the last year in response to market shifts, interest rates and new luxury taxes.

Mark your calendars for the ultimate real estate experiences with Inman’s upcoming events! Dive into the future at Connect Miami, immerse in luxury at Luxury Connect, and converge with industry leaders at Inman Connect Las Vegas. Discover more and join the industry’s best at inman.com/events.

A 48,000-square-foot Beverly Hills megamansion developed by Mohamed Hadid in 2011 has sold for about $36 million in an off-market transaction, The Wall Street Journal reported on Wednesday.

The homeseller was an entity tied to Lola Karimova-Tillyaeva, daughter of former Uzbekistan President Islam Karimov, and her husband, Timur Tillyaev. The property was acquired by the entity in 2013 for $32.75 million, according to records. The buyer’s identity is not known, but they were represented by Lea Porter of the Beverly Hills Estates and Zac Mostame of Carolwood Estates.

Hadid is known throughout LA for his larger-than-life spec homes and for being the father to supermodels Gigi and Bella Hadid.

The megamansion, known as Le Palais, is situated on about an acre of land across the street from the Beverly Hills Hotel. Property records suggest the property, which has a hand-carved French limestone exterior, features seven bedrooms.

After the collapse of the Soviet Union in 1991, Islam Karimov was elected president of Uzbekistan, and his presidency was extended through national referendums and elections (the fairness of which were questioned by the international community) for 25 years.

Karimova-Tillyaeva is a former diplomat, philanthropist and founder of the perfume company Harmonist Maison de Parfum, the company’s website states.

The sale marks a highlight for greater LA’s luxury market, which has slowed in the last year in response to market shifts, interest rates and new luxury taxes. The number of single-family home sales was down 28.9 percent during Q4 2023 from the same period the year before, according to Miller Samuel and Douglas Elliman. During that quarter, the median sale price for a single-family home was $7 million, a 13 percent decline on an annual basis.

Get Inman’s Luxury Lens Newsletter delivered right to your inbox. A weekly deep dive into the biggest news in the world of high-end real estate delivered every Friday. Click here to subscribe.

Email Lillian Dickerson


Source link

Property Chomp's Take:

Have you heard the news? A stunning 48,000-square-foot megamansion in Beverly Hills has been sold in an off-market transaction for approximately $36 million. Developed by Mohamed Hadid in 2011, this luxurious property, known as Le Palais, is a true gem in LA's luxury real estate market.

The seller of this exquisite estate was an entity tied to Lola Karimova-Tillyaeva, daughter of former Uzbekistan President Islam Karimov, and her husband, Timur Tillyaev. They had acquired the property back in 2013 for $32.75 million. The buyer's identity remains unknown, but they were represented by Lea Porter of the Beverly Hills Estates and Zac Mostame of Carolwood Estates.

Mohamed Hadid is renowned in LA for his larger-than-life spec homes and happens to be the father of supermodels Gigi and Bella Hadid. Le Palais, situated on about an acre of land across from the Beverly Hills Hotel, features a hand-carved French limestone exterior and boasts seven bedrooms.

This sale comes as a glimmer of hope for LA's luxury market, which has experienced a slowdown in the past year due to market shifts, interest rates, and new luxury taxes. According to Miller Samuel and Douglas Elliman, single-family home sales in the area were down 28.9 percent during Q4 2023 compared to the previous year. Additionally, the median sale price for a single-family home declined by 13 percent on an annual basis to $7 million.

However, this off-market sale demonstrates that there is still demand for luxurious properties in LA. Despite the challenges faced by the luxury real estate market, Le Palais proves that there are buyers willing to invest in exceptional properties.

For those interested in the world of high-end real estate, Inman offers a range of upcoming events that are worth marking on your calendar. Connect Miami, Luxury Connect, and Inman Connect Las Vegas are all opportunities to dive into the future of the industry, immerse in luxury real estate experiences, and converge with industry leaders. To learn more and join the best in the business, visit inman.com/events.

In the meantime, let's celebrate this notable sale and hope that it marks a turning point for LA's luxury market. With the right mix of exceptional properties, market conditions, and buyer interest, the luxury real estate scene in LA can regain its momentum and continue to thrive. Exciting times lie ahead for those who appreciate the finest in real estate.

Leave a Reply

Your email address will not be published. Required fields are marked *