July 4, 2022 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

Bel Air Office Building Bought by Getty Trust

July 2, 2022

July 2, 2022

The site contains 12,000 feet of recreation and outdoor workspace By Dolores Quintana The two-story building in Bel Air at...

State Officials Approve LA’s Updated Housing Element

July 1, 2022

July 1, 2022

255,000 new units to be built under new plan By Dolores Quintana  As of June 30, the City of Los...

Bel Air Real Estate Developer Guilty of Fraud, Bribery and Obstruction for Paying $500,000 in Cash to City Officials

July 1, 2022

July 1, 2022

David Lee charged in connection to José Huizar bribes A real estate developer and one of his companies were found...

Los Angeles City Attorney Says His Office Is Cracking Down on Illegal Fireworks

June 30, 2022

June 30, 2022

Fines up to $1,000 for violaters, City Attorney says ​​Amid historically dry conditions brought on by California’s severe drought, Los...

LA City Council Approves $25 Per Hour Wage Hike for Certain Healthcare Workers

June 30, 2022

June 30, 2022

Law would apply only to workers at privately owned facilities By Sam Catanzaro Los Angeles City Council this week approved...

Two Big Rigs and Truck Crash on 405 Near Brentwood

June 30, 2022

June 30, 2022

Monday night crash involved two big rigs and truck At least two patients were taken to a local hospital following...

Jennifer Garner Selected as Grand Marshall for Pacific Palisades Fourth of July Parade

June 30, 2022

June 30, 2022

Parade will begin at 2 p.m. Sunday By Dolores Quintana Actress Jennifer Garner has been announced as the Grand Marshal...

Central Coast Brewery Makes Westside Acquisitions

June 29, 2022

June 29, 2022

Figueroa Mountain Brewing acquires Broxton Brewery, The Stalking Horse and more. Staff, current beer taps to remain on board at...

Brentwood Getting Two New Pizzerias

June 29, 2022

June 29, 2022

Full Proof Pizza, Upper Crust Pizza plan Brentwood restaurants  By Dolores Quintana There will be two new locations of very...

Six Family-Fun Westside Fourth of July Events

June 29, 2022

June 29, 2022

Fireworks, parades, runs and more taking place across the Westside  By Ashley Sloan  Pacific Palisades  The Pacific Palisades will be...

Zuma Creek Bridge Rebuilt After Being Destroyed in Woolsey Fire

June 28, 2022

June 28, 2022

Trail and new bridge reopened on May 13.  The new Zuma Creek Bridge is the latest accomplishment in a long...

Two Additional Beach Patrol Officers Assigned to Pacific Palisades

June 28, 2022

June 28, 2022

Officers will patrol the area through the summer By Sam Catanzaro Two additional police officers will be coming to the...

Banning Construction of New Gas Stations in Los Angeles?

June 28, 2022

June 28, 2022

Motion from LA City Councilmember Paul Koretz calls for banning the building of any new gas pumping facilities By Sam...

L.A City Council Votes Tentative Minimum Increase For Healthcare Workers: Brentwood Beat – June 27th, 2022

June 27, 2022

June 27, 2022

Local news and culture in under 5 minutes.* L.A City Council Votes Tentative Minimum Increase For Healthcare Workers* Celebrity Gynecologist...

Brentwood Oasis Mansion Lists for $48 Million

June 24, 2022

June 24, 2022

Bundy Drive property hits market By Dolores Quintana The Brentwood Oasis, a behemoth of a mansion owned by billionaire hedge...