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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.
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