February 15, 2025 Your Source for Brentwood News

Seller of Bel Air Mansion Furious After Property Flops at Auction

Mansion on Sarbonne Road in Bel Air fails to meet $50 million reserve price

By Sam Catanzaro

The seller of an extravagant Bel Air mansion is furious after the property flopped at a recent auction, with the highest bid coming in at $42 million under the listing price. 

The mansion, located at 777 Sarbonne Road in Bel Air, was auctioned online by Concierge Auctions earlier this month for $87.8 million. The final bid accepted in the five-day auction was $46.8 million. 

The home’s seller is Alex Khadavi, a celebrity dermatologist and developer. Khadavi put the property on the market last year and, as reported by CNBC, he filed for Chapter 11 bankruptcy protection two weeks after. 

Despite amenities including a hydraulic DJ booth, a black marble car showroom and a glass and marble bridge above the foyer, the auction this month failed to meet the $50 million reserve, the lowest price Khadavi would entertain.

As reported by CNBC, Khadavi owes tens of millions of dollars to several creditors. He was hoping the auction would produce a sale large enough to cover this debt. 

Normally, a seller does not need to accept a bid below the reserve price. Khadavi’s property, however, is more complicated because it’s part of bankruptcy proceedings. The highest existing offer on the mansion will be considered by the court. If the court approves the sale, it will move forward, whether Khadavi likes it or not.

Khadavi told CNBC that he believes his deal with Concierge Auctions prevented bidding from starting below the $50 million reserve price. He is now attempting to find an offer that exceeds the top bid. In addition, he tells CNBC that he is considering legal action against Concierge Auctions. 

Concierge Auctions had no comment for CNBC on why bids started below the reserve, other than a statement from the company’s president, Chad Roffers. 

“After a spirited auction, the bidding is closed and the high bid is in the hands of the Trustee. With over 80 qualified showings in the last 60 days, we are confident market value was delivered,” Roffers said. 

If the court approves the sale, the final deal will include a 5 percent auction fee, paid by the buyer. That would bring the total price to just over $48 million, making it the fourth most expensive home ever to sell at market.

Related Posts

UCLA Suspends Pro-Palestinian Student Groups Following Protest at UC Regent’s Home

February 13, 2025

February 13, 2025

Chancellor Cites Potential Student Code Violations; Student Groups Reject Allegations UCLA has suspended two pro-Palestinian student organizations following a protest...

Flash Flood Warning Issued for Burn Areas, LAFD Officer Swept off Road by Debris

February 13, 2025

February 13, 2025

Storm Damage Closes Pacific Coast Highway, Officials Urge Caution Not even members of the LAFD are being spared from the...

Brentwood Crime Report: February 1, 2025 – February 8, 2025

February 13, 2025

February 13, 2025

By Senior Lead Officer Matthew Kirk For the first week of February 2025, Senior Lead Officer Matthew Kirk has written...

Culver City Police Investigate Disturbing Incident in Culver City Park

February 13, 2025

February 13, 2025

Police Secure Area as Investigation Unfolds on Thursday Morning The Culver City Police Department received a call around 7:23 a.m....

Here are Your Last Minute Ideas if You Still Haven’t Planned Your Valentine’s Day Date

February 13, 2025

February 13, 2025

Luscious Cookies, Delightful Drinks, Full Dinners at Home or In House, We’ve Got Them Okay, maybe you have been a...

Beloved Baldwin Hills Family-Owned Restaurant Post & Beam to Close After 13 Years

February 12, 2025

February 12, 2025

Community Icon Shuts Doors as Baldwin Hills Crenshaw Plaza Redevelopment  In yet another loss for the Los Angeles culinary community,...

Santa Monica Hotel Event Space Offers Affordability, Accessibility

February 12, 2025

February 12, 2025

Elevate Your Events with Versatile Venues and Exceptional Service Coastal stays and eclectic event spaces don’t have to be expensive....

Flour Pizzeria & Cafe to Bring Brooklyn-Style Pizza to Brentwood This Week

February 12, 2025

February 12, 2025

Family-Owned Favorite from the Palisades to Open on San Vicente  Flour Pizzeria & Cafe, a restaurant from Pacific Palisades run...

(Video) The Willows Students Bring a 50-Foot Dragon to Life Through Art and Teamwork

February 12, 2025

February 12, 2025

Kristy Acero, The Willows DK-4th Grade Art teacher, led her students in a large-scale, collaborative project, with each grade creating...

ART& 2025: NeueHouse Unveils Inspiring Lineup Celebrating Feminine Leadership

February 12, 2025

February 12, 2025

Four-Day Event in Venice Beach Explores Creativity, Activism, and Cultural Impact NeueHouse has unveiled the schedule for ART& 2025, a...

Brentwood Community Council Meeting For February, First Meeting After Palisades Fire

February 11, 2025

February 11, 2025

Local Leaders, Crime Updates, and Community Discussions on the Agenda The Brentwood Community Council will host its next meeting on...

Canned Tuna Pulled from Shelves Over Botulism Contamination Risk

February 11, 2025

February 11, 2025

El Segundo Seafood Company Issues Voluntary Recall Through FDA Tri-Union Seafoods has issued a voluntary recall of certain canned tuna...

Powerful Storm to Bring Heavy Rains, Possible Debris Flow to Los Angeles

February 11, 2025

February 11, 2025

Officials Warn of Risks, Urge Residents to Prepare for Severe Weather A Pacific storm system is expected to bring widespread...

Retailers Impose Egg Purchase Restrictions as Supply Chain Disruptions Cause Concern

February 10, 2025

February 10, 2025

Egg Limits Are Back – What’s Causing the Shortage? Retailers across the United States, including Costco and Trader Joe’s, have...

Esteemed Brentwood Entertainment Reporter Sam Rubin Honored at Major Awards Ceremonies

February 10, 2025

February 10, 2025

Industry Pays Tribute to a Broadcasting Legend With Special Recognition The late Sam Rubin, a longtime and beloved entertainment reporter...