March 29, 2024 #1 Local News, Information and Event Source for the Century City/Westwood areas.

Seller of Bel Air Mansion Furious After Property Flops at Auction

Mansion on Sarbonne Road in Bel Air fails to meet $50 million reserve price

By Sam Catanzaro

The seller of an extravagant Bel Air mansion is furious after the property flopped at a recent auction, with the highest bid coming in at $42 million under the listing price. 

The mansion, located at 777 Sarbonne Road in Bel Air, was auctioned online by Concierge Auctions earlier this month for $87.8 million. The final bid accepted in the five-day auction was $46.8 million. 

The home’s seller is Alex Khadavi, a celebrity dermatologist and developer. Khadavi put the property on the market last year and, as reported by CNBC, he filed for Chapter 11 bankruptcy protection two weeks after. 

Despite amenities including a hydraulic DJ booth, a black marble car showroom and a glass and marble bridge above the foyer, the auction this month failed to meet the $50 million reserve, the lowest price Khadavi would entertain.

As reported by CNBC, Khadavi owes tens of millions of dollars to several creditors. He was hoping the auction would produce a sale large enough to cover this debt. 

Normally, a seller does not need to accept a bid below the reserve price. Khadavi’s property, however, is more complicated because it’s part of bankruptcy proceedings. The highest existing offer on the mansion will be considered by the court. If the court approves the sale, it will move forward, whether Khadavi likes it or not.

Khadavi told CNBC that he believes his deal with Concierge Auctions prevented bidding from starting below the $50 million reserve price. He is now attempting to find an offer that exceeds the top bid. In addition, he tells CNBC that he is considering legal action against Concierge Auctions. 

Concierge Auctions had no comment for CNBC on why bids started below the reserve, other than a statement from the company’s president, Chad Roffers. 

“After a spirited auction, the bidding is closed and the high bid is in the hands of the Trustee. With over 80 qualified showings in the last 60 days, we are confident market value was delivered,” Roffers said. 

If the court approves the sale, the final deal will include a 5 percent auction fee, paid by the buyer. That would bring the total price to just over $48 million, making it the fourth most expensive home ever to sell at market.

Related Posts

(Video) Series A Coffee Now Open in Beverly Hills at 8328 Wilshire Blvd

March 29, 2024

March 29, 2024

Located in the space that formerly housed a Coffee Bean and Tea Leaf. Try the Black Pearl Iced Coffee. @centurycitywestwoodnews...

Los Angeles County Braces for Heavy Rain, Snow, and Possible Thunderstorms Over Weekend

March 28, 2024

March 28, 2024

National Weather Service Issues Alerts for Flooding and Possible Tornado  According to the latest reports from the National Weather Service...

Two Men Charged in Murder of Sidney Barrett Morris at L.A. Live Restaurant

March 28, 2024

March 28, 2024

DA Gascón Announces Charges; LAPD Chief Choi Expresses Condolences.  Los Angeles County District Attorney George Gascón announced murder charges Tuesday...

Disney Employee in Custody After Knife Incident on Fox Lot

March 28, 2024

March 28, 2024

LAPD Responds to Report of Aggressive Behavior The Los Angeles Police Department has taken a staff member of Disney into...

Cantonese Dim Sum Master Chef Tony Opens Hollywood Dim Sum at TCL Chinese Theatre

March 27, 2024

March 27, 2024

Experience Exquisite Dim Sum Creations in the Heart of Hollywood 97 years after its founding, the TCL Chinese Theatre will...

Fleurs et Sel Bakery Opens Storefront in West Adams, Welcomes Customers Three Days a Week

March 27, 2024

March 27, 2024

Indulge in Freshly Baked Cookies at the New West Adams Location Fleurs et Sel Bakery, known for its delectable cookies...

Easter Specials Guide: Brunch Spots, Desserts, and More in West Los Angeles

March 27, 2024

March 27, 2024

Discover the Best Easter Eats and Treats in LA for Your Holiday Celebration Easter is almost here, so here are...

(Video) Director Adam Wingard Talks About His Influences While Making GODZILLA X KONG: THE NEW EMPIRE

March 27, 2024

March 27, 2024

Director Adam Wingard Talks About His Influences While Making GODZILLA X KONG: THE NEW EMPIRE at the Beyond Fest Screening...

World Famous Director Caught in Traffic During Raid on Sean Combs Estate

March 26, 2024

March 26, 2024

Exclusive Neighborhood Faces Disturbing Scene and Street Blockage World-renowned director Ridley Scott found himself caught in the midst of traffic...

Attorney for Sean “Diddy” Combs Denounces Investigation as “Witch Hunt”

March 26, 2024

March 26, 2024

Legal Representative Criticizes Probe Amid Federal Sex Trafficking Inquiry An attorney representing Sean “Diddy” Combs criticized the investigation into the...

Historic Union Contract Ratified by Thousands of Hotel Workers At 34 Hotels

March 26, 2024

March 26, 2024

UNITE HERE Local 11 Negotiates Agreement Ensuring Wage Increases  Hotel workers, who spearheaded the largest hotel strike in modern U.S....

Human Rights Campaign’s Los Angeles Dinner Celebrates LGBTQ+ Advocacy and Unity

March 25, 2024

March 25, 2024

Notable Figures Gathered to Champion LGBTQ+ Rights and Combat Discrimination By Aneesha Pappy  The Human Rights Campaign (HRC), the nation’s...

California Bars and Nightclubs Must Offer Drug Testing Devices Starting July 1

March 25, 2024

March 25, 2024

New Law Mandates License Holders to Provide Drug Testing Kits to Patrons Beginning July 1, establishments with Type 48 licenses...

Opinion: West Los Angeles Needs to Care about Veteran Homelessness

March 25, 2024

March 25, 2024

By Kelly Kravchuk  Veteran homelessness is a public health concern that impacts my West Los Angeles community. As a USC...

Federal Agents Raid Property Linked to Music Mogul Sean “Diddy” Combs In Holmby Hills

March 25, 2024

March 25, 2024

Authorities Conduct Searches in Los Angeles as Part of Ongoing Sex Trafficking Probe Federal agents from the Department of Homeland...