June 28, 2022 #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

Banning Construction of New Gas Stations in Los Angeles?

June 28, 2022

June 28, 2022

Motion from LA City Councilmember Paul Koretz calls for banning the building of any new gas pumping facilities By Sam...

Three-Car Sawtelle Crash Sends Six to Hospital

June 28, 2022

June 28, 2022

79-year-old woman in critical condition following Saturday afternoon crash A three-car crash on Sawtelle Boulevard over the weekend sent six...

Developer Begins Construction on National Boulevard Housing Project

June 24, 2022

June 24, 2022

Six-story development underway near the intersection of National and Canfield By Dolores Quintana Helio has begun construction on a new...

The Los Angeles Real Estate Market May Finally Be Slowing Down

June 24, 2022

June 24, 2022

Real estate sales drop 21 percent in past year By Dolores Quintana The Los Angeles real estate market is showing...

Redevelopment Complete of Former Westside Pavilion Macy’s

June 24, 2022

June 24, 2022

Developer announces complete of West End at Pico and Overland Developer HLW, on behalf of GPI Companies and in partnership...

LA City Council Approves Bicycle ‘Chop Shop’ Ban

June 23, 2022

June 23, 2022

Bonin one of three dissenting votes on law prohibiting individuals from assembling or disassembling bicycles in public.  By Sam Catanzaro...

The LAPD Police Concert Band in Westwood This Weekend

June 23, 2022

June 23, 2022

Sunday, June 26 concert set at Westwood Library By Ashley Sloan Los Angeles Police Department is hosting its third annual...

Column: LA Election Results Remain Tight, Close & Competitive Come the Fall Runoffs!

June 23, 2022

June 23, 2022

By Nick Antonicello The results for the June 7th Primary continue to trickle-in with not much change:  In that special...

Unsung Menu Item at Westwood Restaurant Highlighted by New Yorker Magazine

June 22, 2022

June 22, 2022

Essay an ode to ham sandwich at The Apple Pan By Dolores Quintana  An essay in The New Yorker magazine...

The Book Jewel Celebrates Pride Month as a Community

June 22, 2022

June 22, 2022

Westchester bookstore hosting series of events this month The Book Jewel in Westchester is hosting several events this month that...

Outdoor Movies Return to the Skirball

June 22, 2022

June 22, 2022

“Ratatouille” coming to the big screen July 1 Outdoor movies have returned to the Skirball Cultural Center!  “Enjoy movie magic...

Free Summer Screenings at UCLA

June 22, 2022

June 22, 2022

Public programs run through Sept. 30 at the Billy Wilder Theater at the Hammer Museum Marisa Soto/UCLA Newsroom The UCLA...

Mountain Lion Killed by Vehicle Near the Same Spot Her Mother Was Fatally Struck in 2018

June 21, 2022

June 21, 2022

P-54 killed on Las Virgenes Road last Friday By Sam Catanzaro Not too far from where her mother was hit...

The ‘Venue’ Development Tops-Out in Palms

June 18, 2022

June 18, 2022

Development sits on the T-shaped property at 3664 – 3688 Overland Avenue and at 3667 – 3673 Keystone Avenue By...