The European-style home is located in the Hollywood Hills’ coveted Bird Streets. The sale marks a breakthrough for a market that’s been crippled by high interest rates and a mansion tax.
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An LA spec mansion located in the Hollywood Hills’ coveted Bird Streets has been purchased by a buyer from Asia for $62.8 million, marking the city’s biggest sale of the year thus far, The Wall Street Journal reported.
The 23,000-square-foot estate was developed by Brandon and Deborah Shainfeld of Alpha Empire Designs. The couple initially paid $11.2 million for the property in 2017, then demolished the existing home and built the new, European-style estate.
The spec home hit the market in October for $78 million and was repped by Kurt Rappaport and Andreas Elsenhans of Westside Estate Agency. Helen Chong and Susanna Leung of Haylen Group represented the buyer.
The buyer was not identified but was reportedly involved in another big-ticket deal in LA recently, according to The WSJ’s sources, paying about $23.7 million for a mansion on Tanager Way in February.
The estate includes eight bedrooms and 18 bathrooms across a main house and a guesthouse. The gated property includes numerous courtyards and maintains a private atmosphere while allowing for city views.
Hints of Paris can be found in the home’s grand archways, courtyards, manicured lawns and shrubbery. Garage doors were painted blue in reference to Chanel’s flagship location in The City of Light. The grounds also feature an infinity pool, outdoor kitchen and a pickleball court.
Inside, a two-story entryway features a sweeping staircase. The home also includes a full spa with gym, sauna, cold plunge and lap pool; separate chef’s kitchen; home theater; and a library/home office.
In addition to co-founding Alpha Empire Designs, Brandon Shainfeld is a managing partner at Platinum Mile Ventures, a venture capital firm that invests in food and consumer-tech companies.
The property has some celebrity ties as well and was once owned by acclaimed director John Schlesinger, who was behind well-known films like Midnight Cowboy and Sunday Bloody Sunday, among others.
LA has seen few transactions upwards of $50 million in the last year following the new “mansion tax” going into effect last April, coupled with higher interest rates. Data from Douglas Elliman and Miller Samuel shows home sales in LA have been on a downward slide for the past eight consecutive quarters.
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