The purchaser secured a remarkable bargain on the Peter Choate-crafted estate, originally listed at $33 million.
In the exclusive realm of ultra-high-end real estate, the market slowdown has made a resounding impact, especially in Los Angeles, where numerous multimillion-dollar homes remain unsold. Sellers are employing creative strategies to close deals, and cash buyers are reaping substantial discounts.
In September, this elegant modern mansion, situated on a prestigious street in Santa Monica, entered the market with an initial price of $33 million. Spanning over half an acre, the property boasts a striking glass-walled residence offering six bedrooms and seven baths across 9,300 square feet of living space.
However, finding no interested buyers, the property's price dropped to $29 million in October. Just this month, the residence was sold for $22.5 million—a substantial 32% reduction from its initial listing price. A source familiar with the transaction revealed that the sellers accepted the significantly lower offer due to its favorable terms: a remarkably short two-week escrow period, a cash payment with no contingencies, and an additional two-month leaseback period provided to the sellers at no cost.
Representing both sides of the transaction was Delaram Rivani of Carolwood Estates, although she opted not to disclose the identities of either party. Nevertheless, public records reveal that the sellers are Ahmed Tayeb, a Lebanese asset manager, and his wife Cherine Magrabi Tayeb, esteemed for their collection of art. The buyer, known for seeking favorable deals, is Andrew Lessman, a prominent figure in the vitamin industry and a familiar face on the Home Shopping Network (HSN).
Crafted by the late acclaimed architect Peter Choate in 1981, the recently renovated residence is secluded behind gates and meticulously maintained hedges. While its exterior may appear imposing, the interior exudes a cheerful ambiance, flooded with sunlight through immense skylights and boasting vaulted ceilings and ample wall space ideal for showcasing an extensive art collection.
Noteworthy features include a generously proportioned great room accommodating various living and dining spaces, a modernized marble kitchen fitted with high-end appliances, and a master suite offering sweeping views of the Riviera Country Club golf course and the Santa Monica Mountains.
Beyond the residence, the verdant grounds encompass a dazzling lap pool and spa. Perfect for large-scale gatherings, the outdoor amenities include a fire pit, numerous al fresco dining spots, along with an indoor movie theater and a wet bar complemented by an 800-bottle wine storage area.
Having resided in the Santa Monica region for an extensive period, the 66-year-old Lessman is no stranger to luxury real estate. In 2012, he acquired a Malibu residence overlooking Paradise Cove for $13 million. Just five years later, he sold the property for $38.5 million to Richard and Laurie Stark, the proprietors of Chrome Hearts.
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