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After first being placed on the market for $39.9 million in 2020, a spec mansion in Beverly Hills has sold for just $30.1 million, in what the buyer’s agents called “a great deal,” The Wall Street Journal reported on Tuesday.
Developer Adnan Sen of Sen Properties first bought the property in 2016 for $8.75 million and then developed the mansion, which sits on nearly 1 acre. The property’s architect was West Coast-based William Hefner.
The home’s buyer was David Nagel, CEO of real estate company Decron Properties, which acquires, develops and manages apartment, office and retail buildings in California, Arizona and Washington.
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Dustin Nicholas and Jackie Feldmar-Cohenca of Nicholas Property Group represented the buyer in the deal. Pate Stevens of The Agency represented the seller.
When the home first hit the market for $39.9 million, it was also offered for rent at $165,000 per month, according to Zillow.
In addition to the 16,000-square-foot, nine-bedroom main house, the property features a one-bedroom guesthouse. The main house includes a chef’s kitchen and a catering kitchen, plus an outdoor barbecue space. Other amenities include a 12-seat theater, a wine cellar, a “glam room” and a gym.
The home’s design encourages indoor-outdoor living with several floor-to-ceiling windows and glass pocket doors. The grounds feature a pool, cabana and fire pits. A gallery garage has the capacity to house 10 vehicles. The property is just a short drive away from the Golden Triangle’s shops and restaurants, as well as West Hollywood and the Sunset Strip.
When asked about the property sitting on the market for a few years, Nicholas told The WSJ the original ask of nearly $40 million was “a little too aggressive.”
Indeed, luxury sales have slowed and prices have dropped in Beverly Hills in the last year, according to data from Miller Samuel and Douglas Elliman. As of Q4 2023, the number of single-family home sales in Beverly Hills declined 28.9 percent year over year, and the median sale price dropped 13 percent year over year from $8.05 million in Q4 2022 to $7 million in Q4 2023.
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