Another week, another auction of a bankrupt Bel Air mansion.
A little more than a week after a bankruptcy judge gave a green light to the topping $126 million bid for The One megamansion, Concierge Auctions scheduled bidding for 777 Sarbonne Rd. It’s a 20,00-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 mark of $50 million for the auction–meaning any lower bid will be rejected.
Bidding is slated to start on April 22 and run until April 26, according to Chad Roffers, president of Concierge Auctions. Bidding will only take place at ConciergeAuctions.com, where registered participants will be able to watch offers get updated in real time.
The auction house said it will get a 5 percent buyer’s premium to be added to the price of the sale, according to Concierge, with the listing and buyer’s agents splitting a 2 percent co-broke fee. The listing agents are Aaron Kirman, president of international estates of Compass, and The Agency’s Mauricio Umansky.
Kirman said that this house will be marketed to “the top .0001 percent” of the world’s wealthy.
“Generally, my job is about finding the right buyer to pay a premium price for a trophy house,” Kirman said. “My experience is that the auction is a good thing for people who have a limited time frame and are willing to give up a layer of control.”
Since a reserve price was listed for 777 Sarbonne’s auction, there’s a good chance that the seller will not have to take a haircut, said Scott Talkov, an attorney and president of Talkov Law, which specializes in real estate and bankruptcy litigation.
“Theoretically, a seller has set a limit in advance–ideally, they should be satisfied if they get the reserve price,” Talkov said. “There’s a chance they can get an extraordinary price at the auction, or [at least] walk away with enough to make them satisfied.”
Celebrity cosmetic surgeon Alex Khadavi developed 777 Sarbonne on spec over the past decade. He designed the 7 bedroom, 11 bathroom, 20,000-square-foot home to be a showcase for luxury.
The house–dubbed Palazzo di Vista–features a glass elevator placed by a koi pond, a hydraulic, retractable DJ table, a multi-sensory art gallery for non-fungible tokens, tequila bars, marble vanities, a soaking spa tub, as well as commanding views of Los Angeles.
The property was ranked fifth in The Real Deal’s 2021 top 10 list of Los Angeles’ priciest home listings.
Khadavi filed for Chapter 11 bankruptcy in 2021.
The post Next on luxe auction block: Alex Khadavi’s spec mansion appeared first on The Real Deal Los Angeles.
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