Fawaz Alhokair Bought Bel Air’s $94 Million Billionaire Estate
There’s an odd dichotomy in California’s high-end real estate market. While other traditional luxury areas like the Bay Area and coastal Orange County have been mired in a slight sales slump over the past year, driven by multiple factors – a tumultuous stock market, political uncertainty and more — L.A.’s ultra-luxe segment has been on a tear, notching no fewer than six transactions of $90 million or more over the past eight months. And down at the $30+ million level, too, sales are exceptionally brisk; last year saw a record 19 deals closed in that range.
High-profile buyers like Jeff Bezos and media mogul Lachlan Murdoch grab most of the media headlines, of course, but no small thanks for the sizzling market are due to L.A.’s influx of billionaire Arabs seeking a part-time residence. Money is currently flooding out of the Middle East, and a substantial portion of it is slipping into Tinseltown luxury real estate.
Within the last two years, Iraqi Kurdistan’s ruling Barzani family paid $47 million cash for two Beverly Hills mansions, and a Saudi prince paid $52.2 million for a hilltop Bel Air compound. The late William Hearst’s titanic L.A. estate has been on the market for years, but Saudi Prince Abdullah bin Mosaad bin Abdulaziz Alsaud is — or was — keenly interested in the property, which is currently listed at $125 million.
And then there’s the infamous Spelling Manor, which set a California record when it sold for nearly $120 million last July. Though the buyer’s identity remains officially unconfirmed, it’s been widely speculated to be either a Saudi or a member of the Al Nahyan clan, Abu Dhabi’s unfathomably rich royal family.
Impressive as they are, none of those estates can quite match the sheer glitzy opulence of the Bel Air behemoth that sold for $94 million last October. Aptly dubbed Billionaire and built on speculation by powerhouse developer Bruce Makowsky, the blocky estate offers 38,000 square feet of living space, 21 bathrooms, 12 bedrooms, two elevators lined in alligator skin, a four-lane bowling alley, a James Bond-themed movie theater and a rooftop helipad where a “non-functioning” helicopter was parked.
There’s also an underground automobile museum, a giant candy wall, two outdoor infinity pools, putting greens, an indoor wellness suite, a $2 million outdoor retractable theater screen, two wine cellars and fire extinguishers filled with Dom Pérignon. The property also offers cinematic views of L.A.’s Century City skyline and the Pacific Ocean, naturally.
In 2018, Billionaire debuted on the market with a $250 million pricetag, making it the most expensive U.S. house on sale at that time. It instantly became social media’s latest viral superstar, and a marketing video filmed by Tri-Blend Media racked up nearly 10 million views. During an open house event, more than 1,000 guests attended and the line of cars attempting to access the hilltop estate stretched all the way down to Sunset Boulevard. Within two hours, the raucous event was shut down by cops. Billionaire lingered unsold for nearly two years, undergoing substantial price chops. When it finally found a buyer for $156 million off the original ask, the hefty 62% discount was much ballyhooed in the press.
https://variety.com/2020/dirt/moguls/fawaz-alhokair-bought-bel-airs-94-million-billionaire-estate-1203515314/