Bidding for the Azria Estate hit the market this spring with a lot of buzz. And then, silence.
Some three months since New York auctioneer Concierge Auctions ended bidding on the Holmby Hills mansion, long the backdrop of Oscar parties and fashion events, a billionaire investor and fashionista have squared up in court over the property.
On one side is Yucaipa Companies founder and Managing Partner Ron Burkle, who filed a lawsuit in late June for breach of contract and to close on his winning $30 million bid. On the other side is former BCBGMaxAzria chief creative officer Lubov Azria, who Burkle is suing in Santa Monica Superior Court to complete the deal.
Burkle, whose net worth is estimated by Forbes at $3.3 billion, alleges terms that hadn’t been known at the time of bidding materialized post-auction. Attorneys for Azria contend Burkle is trying to fashion a new deal, according to court documents.
The property in question sits at 10250 West Sunset Boulevard. It’s known as the Azria Estate in reference to its owners, the late Max Azria, founder of the apparel firm BCBG, and his wife Lubov.
It’s a piece of L.A. architectural history, spanning 30,000 square feet and designed in the 1930s by Paul Williams, the architect behind the homes of Frank Sinatra, Lucille Ball and other Hollywood stars. The mansion sits on a nearly 3-acre lot that also includes gardens, a greenhouse, guest house and infinity pool.
Soured deal
Over the years, the Azria Estate had been listed and relisted with an ask as high as $88 million in 2019. A more creative approach to selling the property came when bidding began May 9 through Concierge Auctions. Bidding closed May 23.
That’s when the dispute began.
Burkle agreed to an opening $30 million bid “as a favor to Concierge Auctions to get the process started,” Yucaipa General Counsel Robert Bermingham wrote in a May 28 email to Concierge Auctions, according to documents submitted in court. When Burkle found out he had the winning bid, Bermingham went on to write, he was “a bit surprised” but would continue with the sale process.
The email went on to point out changes to the purchase agreement, including the removal of a provision allowing for the property to be leased back to Azria following the close, liens removed from the title, a walk-through as a condition of closing and the close date adjusted from June 13 to June 28 to reflect a full 30 days.
Lead counsel for Burkle and Azria did not respond to requests for comment.
Concierge Auctions General Counsel Aaron Gordon responded by email to Bermingham the next day, relaying responses from Azria’s attorneys, including the closing date should not be changed, a walkthrough was not a contingency to closing during bidding and no renegotiation following the walk-through, according to court documents.
“I think time is of the essence in execution,” Gordon wrote.
Concierge Auctions, through a spokesperson, declined to comment on the legal matter.
In early June, Burkle’s counsel was sent a notice of default for failing to execute the sale contract, making the earnest money deposit and paying a $1.8 million buyer’s premium to Concierge Auctions.
Kirsten Worley, who was hired as Azria’s legal counsel for the auction, alleged in a June email that Burkle was attempting to propose a “new deal” and that “Ms. Azria has no interest in trying to negotiate new deals with a party, which has failed to do what he said he would do the first time.”
She later warned on June 17 that Azria has the right to relist the property “to mitigate damages.”
Last month, the home reappeared on the market with a $55 million ask, listed by The Beverly Hills Estates’ Branden and Rayni Williams.
A spokesperson for the brokerage did not respond to a request for comment.
The next case management conference is scheduled in Santa Monica court in November.
Should the dispute be resolved and Burkle closes at the $30 million purchase price, he walks away with another architecturally significant home to add to his growing collection.
That includes the Frank Lloyd Wright-designed Ennis house in Los Feliz, which he sold in 2019 for a record $18 million. He also owns Greenacres in Beverly Hills and paid a record $29 million in 2022 for Bob Hope’s Toluca Lake residence.
The Wall Street Journal reported in a 2021 profile on Burkle’s real estate holdings that the investor favors a good deal. He bought Bob Hope’s Palm Springs property for $13 million, down from the original $50 million list. Michael Jackson’s Neverland in Los Olivos was priced at $100 million, with Burkle paying $22 million for it in 2020.
“I tend to have too many houses in California,” Burkle told the Wall Street Journal.
Read more
- Label this a bargain–price cut on late designer’s estate
- Fashion mogul asks $85M for Beverly Hills estate
- Max Azria has relisted his Holmby Hills mansion for $3M more
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