Developer Barry Shy is once again looking to part with a Beverly Hills mansion that’s been on and off the market since 2016–and he’s once again cut the price.
The property, located at 1024 Summit Drive just north of Sunset Boulevard, was originally listed for $34.5 million. Shy is now attempting to sell the 12,000-square-foot property for $20 million, according to brokerage firm The Agency. The home, which has had a series of price cuts, resurfaced after nearly two years off the market. It was recently rented for $49,900 per month.
The seven-bed, nine-bath home was built in 1924 and then redesigned in 1950 by architect William S. Beckett. The property was “fully reimagined” in 2015, and has features such as a hair salon, billiards room, massage room, theater and a walk-in wine cellar. The master suite on the second level has a terrace overlooking Beverly Hills. The outdoor space, meanwhile, has a garden and an infinity pool.
Adi Perez, one of the brokers in charge of the listing, said that Shy is looking to sell the home because he thinks it’s too big for him. Shy bought the property for $10.6 million in 2013, property records show. It was once owned by a granddaughter of oil tycoon Jean Paul Getty.
Aside from the Beverly Hills property, Shy owns a number of high-rise residential buildings in Downtown Los Angeles. His portfolio includes 939 Lofts, a 12-story, 151-unit condo building next to the Ace Hotel, and 601 Main Street, a 38-story, 452-unit residential tower on the southwest corner of 6th and Main Street.
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