A hedge fund titan’s sale of a Beverly Hills mansion took a 21 percent price chop.
Mitchell Julis, co-founder of investment management firm Canyon Capital Advisors, sold his 13,500-square-foot manse at 1109 Calle Vista Drive for $33.2 million, or $2,473 per square foot. It was listed for $49.9 million in January 2021.
The property took a price chop in February 2022 to $42.5 million. The listing agent was Victoria Risko. The buyer was represented by Risko and Jen Puz. Both Risko and Puz are affiliated with Sotheby’s International Realty. The agents did not reply to a request for comment by press time.
Price chops are not uncommon for any house on the market, said Aaron Kirman, a Compass agent who led The Real Deal’s list of top Los Angeles brokers of the past year. In a recent interview, he noted that prices have been softening in the wider market in the past few months.
However, pricing for custom houses represent a completely different ball game.
“Pricing high-end, custom homes is a challenge. It goes beyond any price-per-square-foot model. It takes architecture, design and uniqueness into consideration,” he said. “The current market dictates what the best price is for a home, and what the most able buyer is willing to pay.”
Kirman had no association with the deal for 1109 Calle Vista Drive.
The property fits in the middle of comp prices recommended by the Redfin listing site. Comparisons include 1108 Wallace Ridge, a Beverly Hills spec house developed by the Luxford Group. The 18,000-square-foot trophy home sold for $42 million, or $2,312 per square foot. A 7,800-square-foot home at 920 Foothill Road in Beverly Hills sold for $19 million, or $2,433 per square foot.
Julis and his wife Joleen bought 1109 Calle Vista Drive for $10.3 million in 2012. They knocked down the existing structure and worked with architect Richard Manion to build the current manse. The rebuild includes landscaping and custom structures such as a Zen garden, an Italian tea house, as well as a 70-foot pool and a tennis court. The grounds feature 29 fruit trees and a 2,200-square-foot garden.
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