Beverly Hills mansion sells for $24.2M, among priciest deals of 2023
City logs 60% decline in home sales above $10M as buyers perceive "downward trend".
A mansion at 802 Foothill Road in the Beverly Hills Flats traded for $24.2 million on Dec. 15., according to listing sites. The 17,000-square-foot home on more than half an acre ranked among the top four priciest trades in Beverly Hills in 2023, a year of relatively scant ultra luxe home sales.
802 Foothill was sold by James Previti, CEO of homebuilder Frontier Enterprises. The entrepreneur bought the home for about $11.2 million in 2019. In September 2022, it was listed for $35 million. The price was reduced to about $30 million in June 2023.
Aaron Kirman of AKG Christie's International Real Estate and Tim Smith of Coldwell Banker Realty represented the seller. Kirman and Matt Adamo, also of AKG Christie's International Real Estate, represented the buyer, who was not identified. Kirman did not answer requests for comment.
Built in 2022, the house offers amenities such as a cinema, a home gym with a sauna, a steam room, a game room, a wine cellar with a tasting room and an elevator.
802 Foothill is tied for the fourth priciest Beverly Hills trade of the year. In October, 445 Walker Street also sold for $24.2 million. Ranking third priciest in Beverly Hills is 613 Canon Drive, which sold for $24.6 million. 812 Bedford Drive sold for $25 million. The priciest sale in Beverly Hills is 717 Palm Drive, which sold for $33 million.
The high-end sales occurred during a down year for luxury homes. There were 28 trades for homes priced over $10 million in Beverly Hills this year, a 61 percent drop compared to last year. There were 71 sales of ultra luxe homes in 2022, according to research conducted by brokerage Amalfi Estates.
The Measure ULA wealth transfer tax in Beverly Hills' neighboring city of Los Angeles and interest rates affected sales in Beverly Hills, said Rochelle Atlas Maize of Nourmand & Associates. She sold 802 Foothill to Priviti in 2019.
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