Month: November 2019

The 50,000-square-foot Beverly House (Credit: Jade Mills Estates) The owner of a famed Beverly Hills mansion who has for years tried to sell the massive property, is hoping to avert foreclosure by asking a bankruptcy court to let him relist it. In a federal court filing, real estate investor Leonard Ross claims he can get…

Home prices are on the rise, and homeowners are opting to stay in their homes longer (Credit: iStock) The pace of rising home prices quickened in September and existing home sales ticked up 1.9 percent. Average home prices in cities across the nation rose 3.2 percent compared with the same period in the previous year,…

Steve Wynn and the Wynn Las Vegas Resort (Credit: Getty Images) Disgraced casino mogul and billionaire Steve Wynn is now set to pay $20 million in damages to settle a shareholder lawsuit after alleged sexual misconduct. The damages that Wynn will pay, with an additional $21 million from insurance carriers for Wynn Resorts employees, must…

AIDS Healthcare Foundation Executive Director Michael Weinstein with a rendering of Crossroads of the World Harridge Development has swatted away the latest lawsuit against its Crossroads of the World megaproject in Hollywood. A judge has tossed the lawsuit from the AIDS Healthcare Foundation, which sought to overturn the city-approved residential towers development from beginning work…

The Mountain States saw the fastest home-price growth of any region (Credit: iStock) Millennials in search of more affordable digs are heading west, swapping Brooklyn for Boulder. And institutional investors are taking the hint. Apartment building rental income nearly doubled between 2004 and 2018 in the eight Mountain States, according to a report from Trepp…

Adept Urban’s 388 Cordova Street in Pasadena Will Los Angeles ever be a luxury condo metropolis? Zoning laws, building costs and buyers’ preference for more space have all conspired to keep L.A. homes close to the ground. But there are signs that the local condo market is gaining some steam. The $21 million sale of…

Robert Shapiro, along with two of Woodbridge Group’s former luxury properties, and at right, a federal prison. (Credit: iStock) UPDATED, Oct. 15, 11:04 a.m.: When developer Robert Shapiro pleaded guilty in August to leading a $1.3 billion real estate Ponzi scheme, he faced up to 25 years in prison. On Tuesday, a federal court judge…

Bruce Makowsky sold his mansion for $156 million less than its original asking price Josh Flagg warned him. When Bruce Makowsky listed his Bel Air spec mansion for $250 million in 2017, Flagg, a broker at Rodeo Realty not involved in the listing, said that the property would sell for less than $100 million. “Bruce…

NAR President John Smaby and the Chartwell Estate, first shopped as a pocket listing in 2017 (credit: NAR) UPDATED 11:15 a.m., Nov. 11: The National Association of Realtors’ board approved a controversial policy that could drastically cut down on pocket listings, a popular practice in the world of luxe real estate. A roughly 120-member NAR…

From left: California Governor Gavin Newsom, Governor of New York Andrew Cuomo, and California Assembly Member David Chiu (Credit: Getty Images, iStock, and Wikipedia) With a little more than 48 hours before the clock ran out, three of New York’s most powerful landlords made a desperate, last-ditch phone call to Gov. Andrew Cuomo. By that…