A 21,000-square-foot hilltop mansion in Bel-Air features an asking price of $150 million, more than twice what its owner paid two years ago.
George Ruan, a co-founder of online coupon company Honey, is selling the nine-bedroom house he bought as an unfinished, fixer-upper in 2020 for $60 million, the Wall Street Journal reported.
The concrete home, designed by South Africa-based SAOTA with Woods + Dangaran in Los Angeles, sits on a half-acre promontory with head-spinning views of Downtown Los Angeles and the Pacific Ocean.
Agent Aaron Kirman of Compass holds the listing, which doesn’t appear to have been posted.
Ruan, whose company was acquired by PayPal in 2020 for $4 billion, bought the unfinished property from developer Viewpoint Collection, then completed a major renovation, Kirman said.
Owner Ruan never lived in the house and wants to sell it because he spends more time outside of Los Angeles, Kirman added. The asking price reflects the work Ruan did to complete the home.
“A lot of money, time and energy has been spent to bring it to where it is,” Kirman said. “It is a rarefied property.”
The contemporary, two-story home has a staff area and a one-bedroom guesthouse with its own pool.
The main house has a gym and spa with Japanese dipping pools on the first floor. The main floor has a theater and library, with a dining room featuring wood panels that pivot to close off the room.
Kirman called the property “the ultimate entertainer’s pad,” with an infinity pool, outdoor kitchen, cabana area and sunken fire pit.
Prices in Bel-Air and Holmby Hills hit new highs during the first quarter, with the typical single-family home listing at $11.6 million, up more than 175 percent year-over-year, according to appraisal firm Miller Samuel.
Last year, sales of homes for more than $100 million exploded, ignited by low interest rates and a surge in wealth created through stock-market gains.
In Malibu, venture capitalist Marc Andreessen and his wife, Laura Arrillaga-Andreessen, paid a record $177 million for a beachside estate, then bought two more for a total of $255 million. Coinbase CEO Brian Armstrong paid $133 million for a 19,000-square-foot Bel-Air perch.
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