Launch of the auction for the Bel Air mansion
Another week, another auction of a bankrupt Bel Air mansion.
Just over a week after a bankruptcy judge greenlit the $126 million bid for The One megamansion, Concierge Auctions has scheduled an offer for 777 Sarbonne Rd. 20,000 square foot home on a one acre estate located a short drive from The One.
The Sarbonne Road property currently has a listing price of $87 million, with a reserve of $50 million for the auction, meaning any lower bid will be rejected.
Bidding is scheduled to begin April 22 and run through April 26, according to Chad Roffers, president of Concierge Auctions. Auctions will only take place on ConciergeAuctions.com, where registered participants will be able to view updated offers in real time.
The auction house said it would get a 5% buyer’s premium to add to the sale price, according to Concierge, with the advertiser and buyer’s agents splitting co-breaking costs of 2%. The listing agents are Aaron Kirman, President of Compass International Estates, and Mauricio Umansky of the agency.
Kirman said that home will be marketed to the “top 0.0001%” of the world’s wealthy.
“Usually my job is to find the right buyer to pay a high price for a trophy home,” Kirman said. “My experience is that auctioning is good for people who have a limited time frame and are willing to let go of a layer of control.”
Since a reserve price has been listed for the 777 Sarbonne auction, chances are the seller won’t have to cut their hair, said Scott Talkov, attorney and president of Talkov Law. , specializing in real estate and bankruptcy litigation.
“Theoretically, a seller has set a limit in advance – ideally he should be satisfied if he gets the reserve price,” Talkov said. “There is a chance that they could get an extraordinary price at the auction, or [at least] leave with enough to satisfy them.
Renowned cosmetic surgeon Alex Khadavi has developed the bespoke 777 Sarbonne over the past decade. He designed the 7-bedroom, 11-bathroom, 20,000-square-foot home as a showcase of luxury.
The house – dubbed Palazzo di Vista – features a glass elevator placed near a koi pond, a hydraulic and retractable DJ table, a multi-sensory art gallery for non-fungible tokens, tequila bars, wooden vanities marble, a hot tub, as well as a breathtaking view of Los Angeles.
The property was ranked fifth in The Real Deal’s Top 10 Los Angeles Properties of 2021 list.
Khadavi filed for Chapter 11 bankruptcy in 2021.