Los Angeles was punctuated by similar extremes that permeated throughout the California real estate market in 2013. Soaring home prices, plummeting foreclosures, brisk demand, and scarce supply contributing to a surge in “California’s median home price in May, marking the largest year-over-year price increase in 33 years,” according to the California Association of Realtors.
A continued revival in the luxury real estate market saw the $32.75 million sale of a 48,000 sq. ft. Beverly Hills estate known as Le Palais – The Crescent Palace, come in as the 4th highest price paid for a home in the United States in 2013.
News of a potential influx of Chinese buyers snapping up luxury real estate properties across the United States created headlines throughout the year and according to Forbes; “by most estimates, they are snatching up high end real estate in Los Angeles, San Francisco, and New York, in particular.” However, it seems that at the top-end of Los Angeles’s ultra-high-end luxury home market in 2013, Chinese buyers did not dominate sales with most purchases coming from other domestic and international buyers.
Here is our top 10 list of the most expensive luxury real estate sales in Los Angeles for 2013:
1. $32.75 Million – 904 N Crescent Dr, Beverly Hills, CA 90210
|Size||48,000 sq. ft.|
|List Date||July 11, 2012|
|Sold Date||June 13, 2013|
|Tax Value||$47,062,132 (2013)|
|Property Taxes||$108,632 (2013)|
|Seller||Mohamed Hadids – Beverly Hills Builder and Former Ritz-Carlton Developer|
|Buyer||Lola Karimova-Tillyaeva – Daughter of Uzbekistan President Islam Karimov|
The most expensive home sold in Los Angeles in 2013 is located directly across the street from the iconic Beverly Hills Hotel. Described as a timeless estate of grandeur and radiance, Le Palais (The Crescent Palace) was conceived and realized by Beverly Hills based developer Mohamed Hadid. A regular on The Real Housewives of Beverly Hills, Mr. Hadid earned a significant portion of his wealth from formerly designing, building, and owning Ritz-Carlton Hotels around the world. Built entirely from the ground up on spec, Le Palais is an international masterpiece created with a level of opulence that rivals the finest estates in the world. Originally listed for $58 million, this exquisite residence was reportedly purchased by Lola Karimova-Tillyaeva, the daughter of Uzbekistan President Islam Karimov on June 13, 2013 for $32.75 million.
2. $29.6 Million – 918 N Roxbury Dr, Beverly Hills, CA 90210
|Size||13,885 sq. ft.|
|List Date||August 11, 2011|
|Sold Date||November 26, 2013|
|Tax Value||$27,042,192 (2013)|
|Property Taxes||$298,052 (2013)|
This gated Mediterranean estate with a rare 1.3-acre lot on one of the most coveted streets in Beverly Hills was the second most expensive home sold in Los Angeles in 2013. Originally listed for sale at $40 million on August 11, 2011, this extraordinary 13,885 sq. ft. 9-bedroom, 11-bathroom residence, designed by renowned architect Kevin Clark, was sold for $29.6 million on November 23, 2013. In addition to the main house, there is a complete 2 bedroom guest house on the property along with a pool, spa, and loggia. Private lush grounds with expansive grassy yard, tranquil fountains, and vegetable plus rose gardens created a luxurious retreat within the heart of prestigious Beverly Hills.
3. $28.8 Million – 1050 Moraga Avenue, Bel Air, CA 90049
|Area||Bel Air – Holmby Hills|
|Size||7,724 sq. ft.|
|List Date||February 6, 2013|
|Sold Date||August 27, 2013|
|Tax Value||$817,835 (2013)|
|Property Taxes||$10,847 (2013)|
|Seller||Thomas Jones – Former CEO of Northrop Grumman|
|Buyer||Rupert Murdoch – Billionaire Australian News Corp Media Mogul|
Known as the Moraga Vineyard, this 13-acre property was once home to iconic Hollywood film director Victor Fleming, renowned for his highly acclaimed films Gone with the Wind and The Wizard of Oz, who used it as a horse ranch in the 1930’s and 1940’s. Frequent guests during that time included Clark Gable, Vivian Leigh, Ingmar Bergman, and Spencer Tracy. Thomas Jones, the Chief Executive of Northrop Corporation, purchased the estate in 1959, turning the property into a terraced vineyard and the first commercial winery to be bonded in LA after Prohibition ended in 1933. The famed sundrenched hillside estate, just 5-miles from the Pacific Ocean, sits at an elevation of 600 to 900 feet above sea level providing sensational views across Bel Air. The famed property, which was owned since 1959 by Jones, was listed for sale on February 6, 2013 for $29.5 million and quickly snapped up by Rupert Murdoch for $28.8 million on August 27, 2013. Murdoch celebrated his purchase with the following Twitter post on May 10, 2013, “About to celebrate buying beautiful small vineyard right in LA. Great wine, Moraga, owned by great Angelino, Tom Jones. Time cover, 1961!”
4. $27.5 Million – 1146 Tower Rd, Beverly Hills, CA 90210
|Size||14,000 sq. ft.|
|List Date||February 7, 2013|
|Sold Date||October 28, 2013|
|Seller||Hassan al-Bolkiah Mu’izzaddin Waddaulah – Billionaire Sultan of Brunei|
This extraordinary 14,000 sq. ft. 8-bedroom, 11 bathroom estate in Beverly Hills, with a royal pedigree, achieved the fourth highest home sale price in Los Angeles during 2013 when it sold for $27.5 million on October 28, 2013. Its owner, Hassan al-Bolkiah Mu’izzaddin Waddaulah, who is more commonly known as, the Sultan of Brunei, fancifully viewed the estate as a pied-à-terre. The residence overlooks the legendary 260-room Beverly Hills Hotel, which the Sultan purchased back in 1987 for $185 million, adding a further $150 million to the price, in order to undertake a posh renovation and restoration. The billionaire Southeast Asian royal is a renowned ardent collector of lavish luxury estates around the world and reportedly even owns a collection of over 7,000 high performance cars worth over $5 billion alone.
5. $24 Million – 107 N Delfern Dr, Los Angeles, CA 90077
|Area||Bel Air – Holmby Hills|
|Size||10,005 sq. ft.|
|List Date||December 4, 2012|
|Sold Date||August 16, 2013|
|Tax Value||$7,282,800 (2013)|
|Property Taxes||$91,364 (2013)|
|Seller||Jeremy Renner – Actor (The Borne Legacy/Avengers/The Hurt Locker)|
|Buyer||Nick Candy – Luxury British Property Developer and Candy & Candy owner|
Academy Award winning Actor Jeremy Renner, best known for his roles in Hollywood blockbuster movies such as The Hurt Locker, The Borne Legacy and The Avengers, also has a penchant for investing in luxury real estate. Renner and his LA based business partner have been involved in numerous high-priced developments over the past decade. Originally purchased for $7 million in 2010, his latest housing remodel project at 107 N Delfern Drive in Los Angeles was designed in conjunction with his business partner, Kristoffer Winters. The 10,005 sq. ft. 6-bedroom, 11-bathroom Art Deco mansion was styled with a roaring-20’s theme that was fit for a 21st-century Howard Hughes. Originally offered for sale at $27.95 million on December 4, 2012, the uber-styled residence caught the eye of super-star British luxury property developer and (Candy & Candy) interior designer, Nick Candy who promptly purchased the property for $24 million on August 16, 2013.
6. $23.5 Million – 730 Sarbonne Rd, Los Angeles, CA 90077
|Area||Bel Air – Holmby Hills|
|Size||19,485 sq. ft.|
|List Date||June 19, 2012|
|Sold Date||October 22, 2013|
|Tax Value||$8,020,617 (2013)|
|Property Taxes||$91,476 (2013)|
|Seller||Timothy Morrison – Architect|
|Buyer||Kola Aluko – Nigerian Energy and Aviation Tycoon|
A lyrical representation of a regal Italian Villa, the residence at 730 Sorbonne Road was built by Architect Tim Morrison to capture the glamour and refinement of the Golden Era of architecture, reminiscent of the grand old estates of Bel Air. An extraordinary example of great Italianate architecture, the extravagant gated estate is sited on a sprawling, steeply sloped, street-to-street lot that offers magnificent city and ocean views. The 19,485 sq. ft. 9-bedroom, 14-bathroom residence includes a 3-story elevator equipped primary villa that includes three principal guest/family bedrooms on the upper floor, plus an exceptionally spacious 2,200 square foot master suite. The lower level features three additional bedroom suites, a media room, gym, and staff quarters. The private/lush grounds include an incredible outdoor living room overlooking an open-air infinity pool with head-on city views. An 8-car garage with a mosaic-tiled car wash finishes off some of the patently bespoke extreme luxury refinements presented in this architectural triumph. Originally listed for sale at $29 million on June 19, 2012, this spectacular estate was sold for $23.5 million on October 22, 2013 to Kola Aluko, a Nigerian energy and aviation tycoon. The Nigerian businessman has recently been on a buying spree, purchasing several top-of-the-line trophy properties in New York and Los Angeles.
7. $23 Million – 1000 N Crescent Dr, Beverly Hills, CA 90210
|Size||19,590 sq. ft.|
|List Date||May 17, 2012|
|Sold Date||January 24, 2013|
|Tax Value||$11,292,961 (2013)|
|Property Taxes||$124,956 (2013)|
|Seller||Georges Marciano – Co-Founder of Guess (Designer Fashion Brand)|
The former Harry Cohn Estate at 1000 North Crescent Drive in Beverly Hills was built in 1927, in a Mediterranean Revival style by master architect Robert Farquhar for bank executive Robert Rogers. The famed head of Columbia Pictures, Harry Cohn resided in the residence from 1946 to 1958. In 1978, singer and television talk-show host Mike Douglas (born Michael Delaney Dowd Jr.) and his wife Genevieve Dowd purchased the property and lived there until 1984. After a brief ownership by real estate investor Sachiko T. Bower, the 2.1-acre estate was purchased by Georges Marciano, co-founder of Guess Inc. in October 1988. One of Beverly Hills most fascinating Old Hollywood Estates, the property is situated just north of the Beverly Hills Hotel. The 7-bedroom, 9-bathroom, 19,590 sq. ft. residence was put up for sale on May 17, 2012 for $24.5 million Marciano as part of his personal bankruptcy filing. The home was sold with court approval on January 24, 2013 for $23 million.
8. $22.25 Million – 33 Strand Beach Drive, Dana Point, CA 92629
|Size||9,000 sq. ft.|
|List Date||March 15, 2013|
|Sold Date||June 7, 2013|
|Tax Value||$11,750,131 (2013)|
|Property Taxes||$139,216 (2013)|
The most expensive home sold in Orange County during 2013 took the #8 spot of the most expensive homes sold in greater Los Angeles last year. Located between San Clemente and Laguna Beach at The Strand in Dana Point, Southern California’s newest gated beachfront community just south of the Ritz-Carlton in Monarch Beach, this recently completed extraordinary Pacific Island-style residence overlooks one mile of Pacific Ocean frontage with beachfront. The stunning 9,000 sq. ft. contemporary oceanfront mansion offers an exotic resort ambiance with 4 bedrooms and 7 bathrooms that seamlessly transition from indoor to outdoor spaces over 3 levels. Originally offered for $24.9 million on March 15, 2013, this exquisite home was quickly sold for $22.25 million on June 7, 2013.
9. $20 Million – 1 Electra Ct, Los Angeles, CA 90046
|Area||Sunset Strip – Hollywood Hills West|
|Size||9,204 sq. ft.|
|List Date||July 16, 2012|
|Sold Date||December 27, 2013|
|Tax Value||$4,183,937 (2013)|
|Property Taxes||$52,802 (2013)|
|Seller||Eddy Aslanian – Internet News Pioneer/Venture Capatilist|
|Buyer||Megan Ellison – Film Producer/Daughter of Billionaire Larry Ellison of Oracle|
Film producer Megan Ellison, daughter billionaire Larry Ellison of Oracle Corp, purchased this starkly modern contemporary city-view home for $20 million on December 27, 2013 as well as an adjacent 3-acre parcel of land for $10 million. The combined purchase price of $30 million is considered by some to be the second highest “single sale value” in Los Angeles last year. Designed by architect Richard Schwarz and built in 1990, the 9,204 sq. ft. home has 6 bedrooms, 8 bathrooms, 2 guest apartments, heated balconies, a grotto swimming pool with spa, sand volleyball court and its own private street gated with parking that can accommodate 25 within the gate and street parking that can accommodate hundreds. Well known in the LA nightlife circles for hosting lively parties, the residence played home to Lou Ferrigno in the movie “I Love You, Man,” and was the backdrop of a 2013 holiday car commercial for Infiniti.
10. $19.5 Million – 9425 Sunset Blvd, Beverly Hills, CA 90210
|Size||17,000 sq. ft.|
|List Date||May 24, 2012|
|Sold Date||October 24, 2013|
|Tax Value||$14,253,107 (2013)|
|Property Taxes||$156,972 (2013)|
|Seller||Madonna – Singer/Songwriter – Best-Selling Female Recording Artist|
Best-selling female recording artist and pop superstar, Madonna sold her 17,000 sq. ft. Beverly Hills estate for $19.5 million on October 24, 2013. First offered in early 2012 as a pocket listing, Madonna purchased the 1.14-acre property for approximately $12 million from actress Sela Ward in 2003. The pop icon spared no-expense rebuilding and expanding the estate to include 9 bedrooms and 15 bathrooms with lavish features including a two-story dining room, a gym, a theater/screening room, an art studio, a grand bar, a north/south aligned lighted tennis court, a resort style swimming pool with adjacent cabana, intimate gardens and ample parking for guests and staff along with pampered grounds that include a 500-ft. gated tree-lined drive. A state-of-the-art security system provided the Material Girl with ample privacy in the meticulously maintained residence.