SELLER: Sam Nazarian
LOCATION: Los Angeles, Calif.
PRICE: $33.5 million
SIZE: 10,616 square feet, 5 bedrooms
YOUR MAMA’S NOTES: Buckle your real estate safety belts, butter beans, because the swanky Bel Air estate that hospitality mogul Sam Nazarian just bought off-market for $25 million from entertainment industry power player Brad Grey has popped back up for sale on the open market with a substantially higher and — let’s be honest — downright ballsy asking price of $33.5 million. No, children, that is not a typo. Mister Nazarian and his advisers, with no indication of any improvements, have indeed seen fit to slap a $33.5 million pricetag on an admittedly very deluxe and remarkably photogenic spread in a plum pocket of Bel Air that sold just weeks ago for $25 million. We’re not sure why anyone would think a property purchased for $25 million one week might be worth $33.5 million the next, but such are the wild, wooly and often inexplicable real estate ways of the world’s one percent.
What this property gossip loves the most about this whole thing is that current listing hyperbole reads: “Rarely does an estate of this quality and magnitude become available for purchase.” Really? Rarely? Someone might need to define ‘rarely’ for Your Mama because in actuality Mister Grey acquired the then newly built mansion in March 2009 for $22 million, the damn place was available for purchase on the open market from September 2013 to June 2014 with an published asking price of $27.5 million and was later shopped around as a not particularly secret whisper listing so, really, it’s not a rare occurrence at all, is it?
Current online listings, which curiously make use of many of the same images used to market the property by Mister Grey, show the stately Colonial pile was designed by L.A.-based mansion expert Richard Manion, sits on a gated 1.12-acre parcel, measures in at 10,616 square feet and includes a double-height foyer, a huge formal living room that converts to a screening room, a spacious formal dining room and a paneled library with wet bar. Extensive family and service quarters contain a cook-friendly kitchen, breakfast room, family room, well-stocked gym and a Pilates studio as well as a separate room for security systems and personnel. There are a total of five bedrooms and six full and two half bathrooms that include a sizable master suite with dual bathrooms and dressing rooms and a private terrace that overlooks the lushly manicured backyard.
So, children, we ask y’all: Is this spectacular increase in desired value for the Grey/Nazarian estate simply emblematic of a still exploding top-end real estate market or is it an overt signpost that the current real estate bubble is about to burst? Discuss.
Listing photos: Westside Estate Agency