A Pacific Palisades spec mansion was snapped up in a $32.3 million sale, marking the neighborhood’s priciest deal in more than a year.
The trade of 538 Chautauqua Boulevard beats anything sold in the Palisades in 2023 and holds the record so far for 2024, Compass agent Jacqueline Chernov said.
The six-bedroom, 12-bath mansion, which sits on about half an acre, hit the market in late May for $34 million, with Compass’ Chernov, David Berg, F. Ron Smith and Kristin Alexander the listing agents for developer Yaniv Nehemia’s company JNY Investments. Douglas Elliman’s Cory Weiss represented the buyer, which property records indicate is a trust.
The purchase price isn’t far off from the $35 million Nehemia told The Real Deal he hoped to sell the Palisades estate for in 2022 when it was under construction.
Chernov also represented the developer on the purchase of the land where the home sits for $6.6 million in November 2020.
Highlights include Taj Mahal slab stone finishes, 12-foot ceilings on the home’s main level, infinity pool, cabana and a theater.
Chernov said the home attracted multiple bidders, including what she described as a national buyer and a local party. The home also wooed an international buyer, who viewed the property multiple times but ultimately did not make an offer, according to Chernov.
The sale speaks to the neighborhood’s growing luxury status, Chernov pointed out.
“I feel a lot of that’s due to the Caruso Village [Palisades Village] and the high-end stores that he has attracted to the Village,” Chernov said. “So buyers in the past that maybe would have gravitated towards Beverly Hills are coming here.”
The high-end retail center includes a mix of luxury and contemporary brands such as Bottega Veneta, Saint Laurent, Isabel Marant, Anine Bing and A.L.C.
Chernov also said air quality and proximity to the beach proved strong selling points for the home. However, she added those are factors that have helped attract many to the Palisades in general from places such as New York, Chicago and San Francisco.
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