The buyer scored an impressive deal on the Peter Choate-designed mansion, which was initially offered at $33 million.
Up in the rarefied air of the ultra-high-end real estate segment, the market slowdown has hit with a major thud. And particularly so in Los Angeles, where numerous eight-figure homes continue to languish on the market. To get deals done, sellers have become creative in their strategies, and all-cash buyers have been scoring some impressive discounts.
Back in September, this breezy contemporary mansion came to market with a $33 million price tag. Located on one of Santa Monica‘s poshest streets, the property is certainly impressive, spanning more than half an acre and featuring a glass-walled house with six bedrooms and seven baths in 9,300 square feet of living space.
But with no takers, the home’s ask was slashed to $29 million in October. Earlier this month, the place closed escrow at $22.5 million—roughly 32% under the original list. According to a source close to the deal, the sellers agreed to the lowball offer because of the terms: a very short two-week escrow, all cash and with no contingencies, plus a free two-month leaseback term for them.
Delaram Rivani of Carolwood Estates represented both the sellers and the buyer, though she declined to identify either party. But according to public records, the sellers are Lebanese asset manager Ahmed Tayeb and his wife Cherine Magrabi Tayeb, both well-known art collectors. The discount-hunting buyer is Andrew Lessman, a vitamin mogul widely known for his numerous appearances on the Home Shopping Network (HSN).
Built in 1981 and crafted by the acclaimed late architect Peter Choate, the freshly updated house sits behind gates and manicured hedges. Though somewhat forbidding from the street, the place is cheerfully sun-filled inside, with enormous skylights, vaulted ceilings and abundant wall space ripe for a major-league art collection. Highlights include a vast great room with various living and dining areas, a renovated marble kitchen with premium appliances, and a master retreat equipped with views over the Riviera Country Club golf course and Santa Monica Mountains.
Out back, the lush grounds frame a sparkling lap pool and spa. For those prone to grand-scale entertaining, there’s a fire-pit and multiple al fresco dining areas, plus an indoor movie theater and a wet bar serviced by an 800-bottle wine storage space.
Lessman, 66, has lived in the Santa Monica area for years. And he’s certainly not new to high-end real estate; back in 2012, he bought a $13 million Malibu home atop Paradise Cove that was sold just five years later for $38.5 million to Richard and Laurie Stark, the owners of Chrome Hearts.
