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A hilltop Los Angeles mansion with a retractable roof and two panic rooms sold for $ 83 million, breaking residential sales records in Los Angeles’ Westside.
Although the house was never officially offered for sale, it had previously been marketed as an $ 88 million pocket listing, and was also briefly offered for rent at the start of the COVID-19 pandemic, asking $ 350,000 per month. Real estate sources say the new owner’s fortune comes from his cryptocurrency holdings, although the billionaire buyer’s name – and whether he has ever moved into the hugely extravagant mansion – remains a mystery for now.
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Simon berlin
Crypto moguls are a relatively new phenomenon, but they’ve already started making big inroads into the flashiest part of the high-end real estate market, especially Los Angeles. In May, a $ 28.5 million mansion in Hollywood Hills sold to Olaf Carlson-Wee, the first employee of Coinbase. Last year famed bitcoin billionaire Josh Jones, founder of what was briefly the world’s largest bitcoin exchange, fell $ 25.8 million on a brand new estate in Brentwood. And in May, Jeffrey Feinberg, hedge fund manager and leading crypto investor bought another Brentwood property for $ 44 million, $ 1 million more than asking price. For now, Forbes estimates there are at least 12 official cryptocurrency billionaires in the world.
Built over several years at an undisclosed but surely exorbitant cost, the Palisades House is the largest and grandest product to date from Los Angeles mega-mansion developer Ardie Tavangarian. But this is certainly not his first contact with billionaires – in 2019, he sold an equally extravagant Bel Air home for $ 75 million to Liang “Johnson” Zhang, a mainland Chinese heir to a mining and real estate fortune. And last year, Tavangarian paid a total of $ 61.9 million for four Bel Air homes owned by Elon Musk.
Speaking of Musk, he reportedly visited the Pacific Palisades project in early 2020, when it was leased out at the aforementioned $ 350,000 per month, but it’s unclear whether he – or someone else, by the way – actually took the leap into real estate.
Simon berlin
In the Westside of Los Angeles, an area generally considered to include the Palisades, Brentwood and Santa Monica, the $ 83 million deal blows all other recorded sales out of the water. In fact, the most expensive deal wasn’t signed until early this year, when a historic Santa Monica estate transferred for just under $ 49 million—Over 40% less than the unprecedented price of Palisades.
Records reveal Tavangarian purchased the one-acre Headland property in 2013, paying $ 7.3 million. Located at the end of a quiet cul-de-sac in the pocket of the Riviera district of Pacific Palisades, the place is surrounded by green hills and famous neighbors. Next door is the $ 26 million primary residence of Tom Hanks and Rita Wilson; Also on the same street are properties owned by Sam Harris (from the “Making Sense” podcast) and great financier Matt Barrett.
High tech gadgets are a central theme of the field; the master suite upstairs is accessible via a retinal scanner, like a James Bond movie. Apart from that, the master bedroom has a one-of-a-kind retractable roof that offers a view of the starry sky, either through a giant sunroof or through the glass protection. And while that doesn’t seem like the most practical feature, the ceiling doubles as a projection screen, showing movies to people relaxing in bed.
Simon berlin
Other amenities include state-of-the-art smart home and security systems, a fully stocked wine cellar, and a garage with a car turntable that doubles as a dance floor and ballroom.
On the outside, the property has a $ 2 million curved wall that appears to come straight out of the infinity pool. There is also a party-ready spa capable of accommodating a dozen people, several cabanas, outdoor loggias with enough space for outdoor entertaining, and a ‘sauna’ with views of the surrounding mountains.
Inside, the 20,000 square foot centerpiece consists of six spacious bedrooms. Inexplicably, there are also a whopping 18 bathrooms – overkill, perhaps, but certainly practical.
Check out more images of the property below.
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