The property, which sits behind iron gates at the end of a long drive, includes a European villa-style main house with an Olympic-size indoor pool, a spa and massage rooms, as well as an outdoor pool with a waterfall, according to a listing description on the website of listing agents Stephen Resnick and Jonathan Nash, who were formerly of Hilton & Hyland but have since moved to Carolwood Estates. Saghian alongside Stuart Vetterick of Hilton & Hyland. Rayni and Branden Williams of The Beverly Hills Estates and Aaron Kirman of Compass represented the seller, while the Williamses also represented Mr. The enormous property spans around 105,000 square feet with 20 bedrooms, a 30-car garage, a bowling alley, five swimming pools and a beauty salon. The buyer was Richard Saghian, the chief executive of fast-fashion giant Fashion Nova. Outstanding debts on the property totaled around $190 million at the time of the auction, records show. The property was the brainchild of embattled real-estate developer Nile Niami, who ran afoul of his lenders on the project amid cost overruns and eventually put the property into bankruptcy in October 2021. (The price including the auction premium was $141 million.) Once slated to list for an asking price of $500 million, the property eventually sold at a no-reserve auction conducted by the company now known as Sotheby’s Concierge Auctions.
The $126 million sale of a Bel-Air estate known as The One in March marked the end of a nearly decadelong saga that had captivated the Los Angeles real-estate community. Listed: Auctioned off with no reserve outstanding debts on the property totaled $190 million More: ‘White Lotus’ Star Sells Los Angeles Home for Nearly $7.7 Million Read on for a closer look at some of the year’s biggest deals, which were concentrated in three states, New York, California and Florida. “It has nothing to do with the normal housing market.” The flurry of major transactions, despite a general normalization of the broader market, rising interest rates and recession jitters, shows that, at the very highest end, the ultraluxury market “is separated from reality,” Mr. While that’s down from 48 in 2021, it’s still the second highest total on record and a significant uptick from the 23 recorded in prepandemic 2019, according to Miller Samuel’s Jonathan Miller. In total, there were 44 sales across the U.S. There were at least seven deals closed for $100 million or more in 2022, down from the eight closed the prior year, according to data from appraisal firm Miller Samuel and The Wall Street Journal’s reporting. Still, some of the country’s richest buyers managed to log big-ticket deals. The luxury real-estate market may have returned to earth slightly in 2022 following a whirlwind pandemic-induced free-for-all in 2021.
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