L.A. Mansion Sells for $50 Million
October 08, 2010 - Los Angeles
By Juliet Chung and Candace Jackson from The Wall Street Journal Asia
A Los Angeles mansion that originally listed for $85 million has sold for $50 million. It's believed to be one of the highest-priced residential real-estate sales in the U.S. so far this year.
The home, which was owned by real-estate developer Mohamed Hadid, first listed for $85 million in 2009 but most recently asked $72 million.
Public records list the buyer as Sarp Turanligil, owner of a Turkey-based yacht and furniture production company.
A representative for Mr. Turanligil says he never owned the home, but was managing some business for a company that bought the home and is no longer affiliated with the property.
The home has changed titles twice since it was purchased in June, to two different limited-liability corporations, according to public records.
The 48,000-square-foot home, known as Le Belvedere, has 11 bedrooms and 14 bathrooms as well as a ballroom that can seat 250.
The home has 19 fireplaces, a 5,000-bottle wine cellar, a Turkish hammam, a swan pond and a 70-foot long infinity pool.
The estate, on 2.2 acres in Los Angeles's Bel Air neighborhood, requires a staff of about 15, says Mr. Hadid. "It has to be managed like a hotel," he says.
Joyce Rey of Coldwell Banker Previews International had the listing.
This article has been republished from Wall Street Journal
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